Sole Proprietorship Company Accounting Assignment Help With Solution

Sole Proprietorship Company Accounting Assignment Help With Solution

Final Project Instructions
Your company is a sole proprietorship that sells various specialty parts to other companies. As the company’s chief accounting officer, your assignment is to finish the year-end closing and prepare financial statements for the year.
1. Using these instructions, and the assumptions, accounting policies, chart of accounts and transaction descriptions provided in the template, perform the following steps using the Excel template provided:
Part 1 – Review the template, complete the bank reconciliation and post the trial balance.
a. Download the Excel template from Shared Files and review it in detail. If you have any questions, be sure to ask your instructor.
b. Then click on the Bank Reconciliation tab, and complete the bank reconciliation for the month of December, using the information and reconciliation form provided. If there are any transactions that are identified that will require adjustment in your general ledger, make note of them for use when preparing adjusting entries in Week 6.
c. The General Ledger page contains all the general ledger accounts and unadjusted balances for December 31. Transfer all the account balances to the Preliminary Trial Balance columns on the Trial Balance page. Be sure your trial balance is in balance before proceeding.


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Part 2 – Complete the inventory pricing analysis and depreciation schedule.
a. Click on the Inventory Calculation tab, and use the worksheet provided to determine the December 31 inventory cost. Your company uses the average cost method and a perpetual costing system. Compare your final cost with the cost in the general ledger, and note any differences for use when preparing adjusting entries in Week 6.
b. Click on the Equipment Schedule tab and use the worksheet provided to calculate depreciation on the company’s equipment for the year. You will use the depreciation amount when preparing adjusting entries in Week 6.
Part 3 – Prepare adjusting entries, post to the trial balance and complete the trial balance.
a. Click on the transactions tab, and review the descriptions for the eight adjusting entries you will prepare. Click on the General Journal tab and use the journal form provided to prepare your adjusting entries. Be sure to provide a brief description for each entry.
b. Post your adjusting entries in the Adjustments column of the Trial Balance, and calculate new balances for each account in the Adjusted Trial Balance columns. Make sure your trial balance is still in balance.
c Extend all the adjusted balances to either the Income Statement or Balance sheet columns, as appropriate. At this point both the Income Statement and Balance Sheet columns will not balance by the amount of net income for the year.
Part 4: Prepare financial statements and closing entries.
a. Using the information in the Trial Balance, and the Income Statement, Owner’s Capital and Balance Sheet pages, prepare these three financial statements for the year. You will need to prepare them in that order. Be sure that the Balance Sheet does balance before you finish.
b. Using the journal form on the Closing Entries page, prepare all necessary closing entries for the year.

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