Question

During this unit you will be working on a final project in order to bring together everything that you've learned. You should be thinking about this unit project as you participate in each lesson, then submit the project at the end of the unit. In this project, imagine you are the new accountant for The Matrix Computer Service and you need to use the attached accounting stationery to complete the accounting procedures.

Goal

Set up accounting records and complete the accounting cycle for The Matrix Computer Service.

Role

As the new accountant forThe Matrix Computer Service, you need to use the attached accounting stationery to complete the accounting procedures.

Audience

Your work will be reviewed by any government involved in the accounting procedures of The Matrix Computer Service. The more accurate the information and the records of the business are, the better the management can make more informed decisions concerning the business

Situation

The Matrix Computer Service is owned by Charles Stoudamyer. It has been in business for three months. The business is structured as a sole proprietorship and provides computer services to individuals or small businesses. The business earns revenue from three different areas; 1-hardware repair, 2-software repair, and 3-computer basic training. You are taking over the accounting work as of February 28 (not leap year).

Purpose
Your purpose and responsibilities as the accounting clerk are as follows:

Open a general ledger account for each account in the chart of accounts.
Analyze each business transaction.
Enter each business transaction in the general journal starting on page
Post each journal entry to the appropriate general ledger accounts.
Prepare a trial balance (in the worksheet) and complete a 6-column worksheet.
Prepare the following financial documents: --Income Statement --Statement of Change in Owner's Equity --Balance Sheet
Journalize and post the closing entries Use the general journal you used for all the daily transactions and the bank service charge. Include it at the bottom.
Prepare a post-closing trial balance.Use these attached documents, the charts of accounts and transaction schedule following:
[Files attached]




[Picture here]



Standards and Criteria for Success

Your performance needs to pull together all the concepts and procedures you have learned in this unit.

1 Accuracy of the general journal
2 Accuracy of the general ledger
3 Proper reconciliation of the bank statement
4 Completion of the 6-column worksheet
5 Accuracy of the financial documents
pleasee hellppp

Answer 1

explained down

Step-by-step explanation:

A specialty journal records special events or transactions related to the particular journal. There are mainly four kinds of specialty journals – Sales journal, Cash receipts journal, Purchases journal

, and Cash disbursements journal. The company can have more specialty journals depending on its needs and type of transactions, but the above four journals contain the bulk of accounting activities.

All other transactions not entered in a specialty journal account for in a General Journal. It can have the following types of transactions:

Accounts receivables

Accounts payable

Equipment

Accumulated depreciation

Expenses

Interest income

and expenses, etc.

Table of contents

What is General Journal?

General Journal Accounting

General Journal Format

General Journal Examples

Flow Process

Uses

Technological Advances

Conclusion

General Journal Video

Recommended Articles