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MINI PBFETLE -2 = Main Task Complete the accounting cyde within an assigned time frame. Summary of Steps - Record transactions in various journals. - Post individual transactions to various ledgert. - Prove the special journals and post the column totak. - Prove cash. - Prepare schedules of accounts receivable and accounts payable. - Complete the work sheet. - Prepare finandial statements. - Journalire and post the adfusting and closing entries: - Prepare a post-desing trial balance. Why ll's imporbant Whether you are taking a test or working at a job, yoe will have time constraints. Completing the Accounting Cycle for a Merchandising Corporation Go Fly a Kite Inc. Go Fly a Kite Inc. Company Background: The Ramspart family owns and operates a wholesale-retail merchandising business organized as a corporation. The business, called Go Fly a Kite Inc., sells a vartery of kires and paper airplanes to regional and local toy store businesses. Your teacher will assign a due date for this project. Working with Go Fly a Kite Inc, will give you an opportunity to complete the accounting cycle within an assigned time frame. Keeping the Accounting Records for Go Fly a Kite Inc.; Go Fly a Kite Inc, uses special journals and a general joumal to record its business activity. Max Martin, Go Fly a Kite's previous accounting cletk, has already journalized and posted the transactions for December 1 through December 15. The transactions recorded thus far are included in the accounting stationery in your working popers. The transactions for December 16 through December 31 are shown on the following pages. Your Job Responsibilities: The forms for completing this activity are included in the working papers. As the accountant for Go Fly a Kite, you are to complete these task: (1) Record the remaining December transactions in the sales, cash receipts, purchases, cash payments, and general journals. (2) Post the individual amounts from the five journals to the accounts receivable and accounts payable subsidiary ledgers daily. (3) Post the individual amounts from the General columns of the cash receipts, purchases, cash payments, and general journal daily. (4) Foot, prove, total, and rule the special journals at the end of the month. (5) Post the column totals of the special journals to the general ledger. Use this order for posting: sales, cash receipts, purchases, and cash payments. (6) Prove cash. The balance shown on check stub 619 is $22,752.83. (7) Prepare a schedule of accounts receivable and a schedule of accounts payable. (8) Prepare a trial balance on a ten-column work sheet for the year ended December 31 . (9) Complete the work sheet. Use this December 31 adjustment (10) Prepare the income statement from the work sheet information. (11) Prepare a statement of retained earnings. (12) Prepare a balance sheet. (13) Journalize and post the adjusting entries. (14) Journalize and post the closing entries. (15) Prepare a post-closing trial balance. Business Transactions: Go Fly a Kite Inc. had the following transactions Dervmher 16 throwh Daremher 31 Analyze 1. Identify where Go Fly a Kite's outstanding customer balances are kept, and report which customer has the largest balance outstanding and the amount owed. 2. Locate the cash receipts journal, and identify the amount of cash to be debited to the general ledger Cash in Bank account. 3. Calculate Go Fly a Kite's working capital at December 31
