Unit 1: Accounting for a Service Business Organized as a Proprietorship
Duration of Days: 79
Steps in accounting cycle
How to prepare and maintain accurate records: General Journal, General Ledger, Trial Balance, Worksheet
How to create financial statements
The steps for closing the fiscal period
Identify and analyze business transactions.
Record and create business transactions and record in a general journal.
Post transactions from the general journal to the general ledger.
Create and balance the unadjusted trial balance in the worksheet
Fix any errors found on adjusted trial balance
Create and record adjusting journal entries in the worksheet, record in general journal and post in general ledger accounts.
Create financial statements calculations on the worksheet
Create an Income Statement
Create a Statement of Owner's Equity
Create a Balance Sheet
Complete the closing process to get the accounting records to start a new fiscal period.
The students will complete a real world accounting simulation or reinforcement problem that will include the completing of the accounting cycle for a service business.