Accounting Case @ Learning Team 50 is a case-within-a-case structure that serves to highlight common misconceptions among students new to the material on one level and, simultaneously, common accounting oversights among entrepreneurs on the other. The internal case explores the first two financial years of a frozen yogurt start-up company, for which, as with many start-ups, proper and detailed accounting records become a priority only when financial statements or tax returns are due. The case challenges you to construct financial statements from pieces of information about events that took place during the year, to appreciate the importance of proper financial records and to recognize how key components of the financial statements relate to each other from period to period. It also critically tests your understanding of proper transaction recording.

Your assignment

1) Review and correct the journal entries prepared by Sim (exhibit 2) to ensure the entries accurately capture the events that happened in the year 2013. Please submit the corrected journal entries.

2) Prepare the journal entries that accurately capture the events that happened in the year 2014. Prepare the Balance Sheet and Income Statement for the year ending December 31, 2014. No need to submit the statement of cash flows.

Please use excel to prepare and submit journal entries and financial statements.

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