- at least 10 transactions with three or more vendors (e.g., purchase PPE assets, raw materials, and inventories). - Include both cash purchase and credit purchase - For credit purchase, start with purchase order - Maintain some balance in account payable accounts
- at least 10 transactions with three or more customers. - Include both cash sale and credit sale - For credit sale, start with invoice (or estimate) - Maintain some balance in account receivable accounts
- Open a credit card account to handle some of your purchase transactions. • Create other necessary transactions to make your business alive and thriving (e.g., borrowing money from a bank, providing credit to your customers) .
- at least two types of adjusting entry (e.g., depreciation, bad debt).
Carefully design all the transactions to make it more realistic (e.g., reasonable product or service price, no overdraft of your bank account).
• You will pay off all sales tax liability.
• Payroll accounting is not required. You may issue checks to employee and record salary expenses.
• Generate financial reports and export results (see the export list on page 7)
. • Write a short letter to shareholders. Introduce the company and its business strategy, and discuss some of the important transactions during 2019. Analyze the 2019 performance and explain how you will improve financial results in the next few years (letter size, double line, font size 12, no more than 2 pages)
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