Singh Ski School
A Case Analysis
For ACCT1036
Instructions:
Hello Everyone,
For this case:
1. Complete the assignment in Excel and submit through the Blackboard dropbox. An Excel template has been posted in Blackboard.
This assignment follows the accounting cycle in each step. Specifically:
1. Analyze: Determine if the action represents an economic transaction of the Ski School, determine which accounts are affected, do they increase or decrease, do they need a debit or a credit entry, and for how much.
2. Journalize: Write up the transaction in proper journal entry format.
3. Post: record the transaction in the account records of each account in the general ledger.
4. Summarize in a trial balance. Ensure that the accounts are listed in the correct order; specifically, Assets first in order of liquidity; Liabilities in the due first order; Owner’s equity account(s); then revenues, and finally expenses.
5. Adjust the accounts, make whatever adjusting entries are necessary to ensure that revenues and expenses are recorded in the correct fiscal year.
6. Summarize in an adjusted trial balance (same as 4, but with the adjusted account balances).
a. The ‘optional’ step of preparing a worksheet is included in this assignment.
7. Report in financial statements, preparing them in the correct order; specifically first the income statement, then the statement of changes in owner’s equity, and finally the balance sheet.
8. Close the books. Prepare the four required closing entries required at the end of each fiscal year.
a. Close revenue accounts to the income summary account
b. Close the expense accounts to the income summary account
c. Close the income summary account to the capital account
d. Close the drawings account to the capital account
9. Summarize in a Post closing Trial Balance.
Best of luck!
Deirdre
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more