MGMT 210 ERAU Accounting Cycle for New Business Worksheet – Description
You’ve just secured a new client in your accounting practice, Howard’s Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily, Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete accounting cycle to prepare the financial statements for the HFRM.
Use this table to help ensure you use the correct worksheet for each requirement.
RequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 – Journal Entries2Post Journal Entries to the General Ledger2 – General Ledger3Prepare a Trial Balance3 – Trial Balance4Prepare the Adjusting Entries4 – Adjusting Entries5Post Adjusting Entries to the General Ledger2 – General Ledger6Prepare an Adjusted Trial Balance5 – Adjusted TB7Prepare the Financial Statements6 – Financial Statements8Prepare the Closing Entries7 – Closing Entries9Post Closing Entries to the General Ledger2 – General Ledger10Prepare the Post Closing Trial Balance8 – Post Closing Trial Balance11Compute Ratios11 – Ratios12Interpret the Ratios12 – Interpretation of Ratios
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project.
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