Penn foster graded project exam 061689

06168900: Graded Project Instructions & Worksheets 1

Don't use plagiarized sources. Get Your Custom Essay on
Penn foster graded project exam 061689
Just from $13/Page
Order Essay

Lesson 1: Business

Accounting and You

OVERVIEW

The focus of this project is for the student to keep a set of books through an accounting period to perform the following functions:

n Set up the books of accounting

n Analyze and record transactions

n Post the journal entries to general ledger accounts

n Generate an unadjusted trial balance

n Calculate, journalize, and post adjusting entries

n Generate an adjusted trial balance

n Generate financial statements

n Create and post closing entries

n Generate a post-closing trial balance

INSTRUCTIONS

Use the explanation below and the information in the assumptions section to complete the steps in the requirements for this accounting project. XXXXX XXXXXson recently left his job at a local pool company to open his own pool and spa maintenance business. XXXXX XXXXXson took all of the money he and his wife had in their personal savings account and used it to open Aqua Elite, Inc., on May 1, 20XX.

Assume that the following transactions for the first three months of operations for the Hanson’s Aqua Elite, Inc., are true and accurate.

Assumptions

n Because Aqua Elite, Inc. is a new startup business, the beginning balances in all the general ledger accounts are zero to start.

n The length of the accounting periods are three months using a fiscal calendar year. (A fiscal calendar is on a yearly basis other than a calendar year—January 1st to December 31st. For example, a fiscal calendar year can be May 1, 2009, through April 30, 2010). Therefore, posting to the general ledger, adjustments and closing entries are made on a fiscal quarterly basis.

n Accounts Receivable and Accounts Payable subsidiary ledgers aren’t being used. Any references to invoicing, receipts, or payments “on account” assume changes to the running balance in the Accounts Receivable and Accounts Payable general ledger accounts.

n Payroll calculations aren’t necessary. Assume the salary is the gross pay with no deductions taken. Therefore, the net pay is the same as the gross pay, requiring a simplified journal entry to record the expense.

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

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.

Money-back guarantee

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 more

Zero-plagiarism guarantee

Each 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 more

Free-revision policy

Thanks 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 more

Privacy policy

Your 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 more

Fair-cooperation guarantee

By 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

Order your essay today and save 15% with the discount code LOCKDOWN