Practice Set - Assignment 1 - Service Business Accounting Cycle

2191 Words Feb 6th, 2014 9 Pages
HUMBER COLLEGE
THE BUSINESS SCHOOL
ACT 103- FINANCIAL ACCOUNTING I
ACCOUNTING CYCLE ASSIGNMENT – INDIVIDUAL
GRADE VALUE
DUE DATE: OCTOBER 2013
EACH STUDENT IS REQUIRED TO SUBMIT THE HARD COPY
(TYPED) OF THE ASSIGNMENT AT THE BEGINNING OF THE CLASS.
DAUE DATE IS NOT NEGOTIABLE.
PRACTICE SET – (YOUR NAME) ACCOUNTING SERVICES

Service Business Accounting Cycle
Assume that you are starting a new business, (YOUR NAME) Accounting Services, with a new partner, Harry Fowl. Harry has had some existing business and you are leaving a position at a larger firm. You’ve decided for liability purposes to set yourself up as a small corporation. You agree to set up shop at the start of December to allow yourselves time to get ready for the
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13
Prepared by:
Kerwin Leopold

Leanne Machado
Sarah Jane Mango

TABLE OF CONTENTS
General Journal - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

3

General Ledger (T Accounts)- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

6

Trial Balances- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

8

Income Statement- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

9

Statement of Shareholders’ Equity- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

10

Statement of Financial Position - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

11

GENERAL JOURNAL

PAGE
1

DATE
1

DEC

3

DEC

7

DEC

DEC

13

DEC

15

17

DEC

20

DEC

23

DEC

Cash
(Advertising for December on local radio)

25
26

DEC

29
30

DEC

32
33

DEC

34
35
36
37

DEC

38
39
40

DEC

41
42
43
44
45
46

9,000.00

1008 Cheque

DEC

9
10

1009 Cheque

1,500.00

1009 Cheque

11

1,500.00

12
13

5,800.00
745.00

14
15

6,545.00

16
17

1010 Cheque

3,600.00

1010 Cheque

18

3,600.00

19
20

395.00

21

395.00

22
23

1011 Cheque

395.00

1011 Cheque

24

395.00

25
26

13 Cash

500.00

27

500.00

28
29

14 Cash

15 Cash
Accounts Receivables
Fees Income
(Sold Services for Cash

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