Directions Week $2$: Journal Entries and T Accounts

For this project, you will be using the Excel workbook provided in week $1$s tab.

$$

To get you started in your new role, Pat Simons has asked you to review necessary journal entries $($JEs$)$ and T account postings for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. The debits and credits should equal and the entries should have proper impact on the accounts that are being used.$$ The journal entries should be written in proper format. The accounts should not be abbreviated.$$ Ensure that the entries are properly formatted with the names of the credited accounts indented and the proper description shown.$$ Review the associated T accounts and ensure that the journal entries are properly posted to the T accounts.$$ During this week, you are correcting any errors in the journal entries and T account postings. Please use the provided Excel spreadsheet to review the journal entries, T account postings, correct any errors and submit the corrected spreadsheet to BlackBoard. You are not creating correcting entries, you are changing $($correcting$)$ the entries that Pat created.

$$

All the accounts that should be used during this project have a T account, if there is no T account, do not create one.Please note that once you upload the spreadsheet, it will not look complete in the window, as long as you uploaded the full Excel spreadsheet, it will all be there for me to grade.

$$

Fitchtown, Inc. operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April $30$ balances. Terms for all credit sales are $2/10,$ n$/30,$ unless otherwise stated.