Assignment: Accounting 201 Review Cornelian Window Washing

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Presentation transcript:

Assignment: Accounting 201 Review Cornelian Window Washing Download the Accounting 201 review. The company is Cornelian Window Washing and its business is washing windows (that means Service Revenue, not Sales Revenue).

Cornelian Window Washing Assignment Review the Chart of Accounts Read The instructions— Required: complete the assignment and submit ONE document: Journal Entries T Accounts with ending balances Trial Balance with totals Statements Answer questions Then, next day, complete a Peer Review

Cornelian Window Washing Let’s do the first transaction together. July 1st, 2011 Issued $9,000 of common stock for $9,000 of cash. JOURNAL ENTRY: Debit Credit CASH $9,000 COMMON STOCK $9,000 To record investment in company Be sure to include descriptions on all Journal Entries for Assignments and Exams (however, not required for Homework)

Cornelian - Post to T Accounts Common Stock Cash 9,000 9,000

Cornelian Window Washing Now do the rest of the Journal Entries And post to T accounts

Cornelian Window Washing Then the adjustments And post them to T accounts Then total up the T accounts and note the ending balance on the debit or credit side

Cornelian Window Washing Then prepare the Trial Balance Need a review? Check out Chapters 1-4 Be sure to put the total on the Trial balance for both columns, debit and credit.

Cornelian Window Washing Now it’s time to prepare the statements Income Statement Retained Earnings Balance Sheet

Cornelian Window Washing Don’t forget to answer the questions! Submit it by the due date. ONE DOCUMENT ONLY, PLEASE! The following day, return to your assignment and select Peer Review. You will review someone else’s work.

What’s next…. Work on your Accounting 201 Review assignment Continue to read Chapter 8, review the PowerPoint Slides, and coursepack. Then, complete the Reading Notes, Ch 8 Homework, and quiz and the handouts and lecture slides.