1/5 ASSIGNMENT 1 Financial Accounting Review & Financial Statement Analysis BACC 222: Cost Accounting Systems for Managerial Decisions Summer 2016 Background Accountants no longer make manual entries in a General Journal o GeneralLedger. However, within modem accounting Software, an equivalent process occurs. 1. Journal entries, representing financialtransactions, are compied in the General Joumaldatabase 2. Journal amounts are transfered into the General Ledger database 3. Balances in the General Ledger accounts are carried forward to a Trial Balance 4. Adjusting Journal Enries (AJEs) are compiedin the General Journaldatabase 5. Amounts from Adjusting Journal Enties (AJEs) ae added to the GeneralLedger database 6. Balances in the General Ledger accounts are camied forward to an Adjusted Trial Balance 7. The Adjusted Trial Balance amounts are formattedinto the inancial statements To help you experience the complete process, this assignment requires you toaeate General Journal entries, General Ledger entries, ANEs, a Trial Balance, an Adjusted Trial Balance, and financial statements. Use the folowing tact pattern to complete the appropriate tabs in the A1 Workbook, posted on Blackboard. A. Mega Computer Repair Service is owned by Jay Cuter. On December 31, 2011. atthe end ofthe iscal year.this was the Trial Balance: MEGA REPAIR SERVICE Trial Balance December 31, 2011 S 8000 15000 Prepaid Rent Accounts Payable S19000 SS9000 Summarized transactions for January 2012 were as lolows: Advertising costs paid in cash.SI,000. 2. Additional supplies acquired on aocount Sl.200. 3 Miscellaneous expenses paid in cash, S2000. 4 Cash collected from customers in payment of accounts receivable SI4000 5. Cash paid to creditors for accounts payable dueSISD00 6. Supplies used during JanuarySA000. Repair services performed during January:for cash S6000,on account S9000. 7 9 Jay's drawings during January were S3000. Tab 1 1. Prepare Journal entiesto record each of the January transactions omit memo explanations) 1.Enter the TrialBalance amounts as beginning balances in the MegaRepai Service Ledger accounts 2. Post the Journal entries to the Ledger accounts Tab 3 1. Prepare the January 31, 2012 Trial Balance