1.Complete the assignment in Excel and submit through the Blackboard dropbox.An Excel template has been posted in Blackboard.

This assignment follows the accounting cycle in each step.Specifically:

1.Analyze:Determine if the action represents an economic transaction of the Ski School, determine which accounts are affected, do they increase or decrease, do they need a debit or a credit entry, and for how much.

2.Journalize:Write up the transaction in proper journal entry format.

3.Post:record the transaction in the account records of each account in the general ledger.

4.Summarize in a trial balance.Ensure that the accounts are listed in the correct order; specifically, Assets first in order of liquidity; Liabilities in the due first order; Owner's equity account(s); then revenues, and finally expenses.

5.Adjust the accounts, make whatever adjusting entries are necessary to ensure that revenues and expenses are recorded in the correct fiscal year.

6.Summarize in an adjusted trial balance (same as 4, but with the adjusted account balances).

a.The 'optional' step of preparing a worksheet is included in this assignment.

7.Report in financial statements, preparing them in the correct order; specifically first the income statement, then the statement of changes in owner's equity, and finally the balance sheet.

8.Close the books.Prepare the four required closing entries required at the end of each fiscal year.

a.Close revenue accounts to the income summary account

b.Close the expense accounts to the income summary account

c.Close the income summary account to the capital account

d.Close the drawings account to the capital account

Summarize in a Post closing Trial Balance.