Date	Transaction
July 1	Owner invested $100,000 cash into the business.
July 2	Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value.
July 5	Purchased 20 coats at $50 each terms 2/10, n/30.
July 9	Paid $200 for the shipping of the coats on July 5th.
July 11	Purchased another 10 coats at $60 each term 2/10, n/30.
July 15	Paid the rent of $2000.
July 15	Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project.
July 16	Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 22	Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project.
July 24	Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked.
July 26	Bob paid his bill within the discount period.
July 31	Paid electric bill $100.

Week 7: Closing Entries and Post-Closing Trial Balance and Final Submission to ePortfolio

Due by the end of Week 7 at 11:59 pm, ET.

It is the final step in the accounting cycle. You are at the end of the month, and you have to reset the temporary accounts prior to the new period starting. You must do the closing entries in order to complete this. Please close the appropriate accounts using the journal and ledgers again. Make sure to do a post-closing trial balance to ensure you are still in balance after the closing is finished. Continue to use the Excel templates provided.

This is the final submission of your Portfolio Project. Incorporate instructor feedback, make any additional corrections, and submit to your ePortfolio.

Upload your Portfolio Project to the Program Outcome in your ePortfolio listed below. Use the following naming convention: ACCT205 Portfolio Project.

Accounting, AAS:

Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.

Business, AAS:

Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.

For directions on how to upload your project to your ePortfolio, please see Student Resources in Blackboard on the navigation pane.

Grading for week 7										possible	earned
	1. Closing entries worth a total of 50 points, 1 point per error.									50
	2. Postings to ledgers 2 points each for a total of 28 points.									28
	3. Post closing trial balance worth a total of 22 points, 1 point per error.									22
										100