BUS A201Recording Process Project

Part 1

In this portion of the project, you will create a Corporation by investing money in stock of the organization you are creating. This company should be a service organization. You will have to justify some of the revenues and costs (i.e. do not make them too unrealistic). In the first part of the project you will complete the accounting cycle at a basic level (Chapters 1 - 3 of your textbook).

At the completion of Part 1, you should be able to:

comfortably identify business transactions,

analyze business transactions,

prepare journal entries for external transactions,

adjusting entries,

prepare financial statements,

and prepare closing entries.

You should refer to your textbook and class notes for assistance when needed. Use the Excel template to complete the work.

This project will take some time to complete, so please do not wait until the last minute.

It is 2019 and you decide to take the entrepreneurial risk and start your own business! Since you are starting on your own, you will be the one investing in the stock and your decisions will impact how successful your company is. To start, you decide to provide a service.

In part 1 of this project, your objective is to decide what type of company you are (what are you in business to do?). You will answer some basic questions to get started. You are then given a list of transactions your company completed during the year (there are not too many as you are just getting started but in a real company there would be more!). Notice there are no dollar amounts given, you get to determine how much this will be. It should be realistic although you do not need to do extensive research to determine how much some of the items would be. You should be able to provide a list of the items your particular business might need.