Electronic spreadsheets Electronic spreadsheets are a fact of life for all business professionals. It is essential that you learn how to use Excel to present accounting information. Excel is the most powerful tool used by accountants today. The more you learn about how it works, the more marketable your skills will be in the job market.

To receive full credit, you must build the spreadsheet using the Excel template provided below. If you need assistance with Excel, please attend drop-in hours.

As a group of four or five, you will complete a project. This project will be in Excel and contain the following tabs:

General Journal Tab General Ledger - Asset Tab General Ledger - Liability Tab General Ledger - Equity Tab Worksheet Tab Income statement and Stock Holders Equity Tab Classified Balance Sheet Tab Post-Closing Trial Balance Tab The Excel project of Group X Consulting Inc. must be submitted with a Business Memorandum.

A memorandumusually known as a memois a document that is most commonly used for internal communication between coworkers or members of a department. In our case, the Board of Directors is concerned about this year's profitability. This means using a profitability ratio like Net Profit Margin Ratio is a great idea.

Profit Margin = Net Profits (or Income) / Net Sales (or Revenue) What Is Profit Margin? 1) T-accounts are located in General Ledger (GL) which can be in one tab altogether. Or, in three tabs: General Ledger-Asset, GL-Liability, and GL-Equity. It is your choice. 2) Follow these steps' order: 1. Journalize daily transactions and Post Journal entries to T-accounts 2. Prepare Bank reconciliation. 3. Journalize and Post Adjusting bank recon entries 4. Prepare Trial balance, then post Trial balance into Worksheet, then finish the worksheet to the end. 5. Use the worksheet to do adjusting entries and then post them to T-accounts 6. Prepare Financial Statements like Income Statement, Retained Earnings, and Balance Sheet 7. Close Temporary Accounts and post to T-Accounts 8. Prepare Post-closing TB After your Excel is ready. Prepare a Memorandum on a Word document. To remind yourself of the Accounting Cycle for Corporations watch these four-part videos again.

Just to see a sample of Excel and Memo you can look at these two documents below. They are done by students and are not perfect but will give you a general idea of how to complete this project.