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CCOUNTING OCIETY The Business This practice set is designed in five parts. In the first part, the student will complete the journal entries by writing the journal entries for Sammy's Supplies in the back of the Practice Set and then enter the entries into Blackboard. For part two, the student will write the adjusting journal entries in the back of the practice set and then enter them into Blackboard. For part three, students will enter all journal entries into corresponding T-Accounts and then enter the balances into Blackboard. In the fourth part the student will complete a bank reconciliation using the bank statement in the practice set and will then record the bank's reconciling cash journal entries. The answers to the bank reconciliation will be entered into Blackboard along with any journal entries written on behalf of the company. Part five consists of the student using an accounting software application called Peachtree Complete which wil be done on the computers in the Computer Lab. Here, all journal entries, adjusting journal entries and bank reconciliation entries are written in Peachtree. After all the journal entries are entered into Peachtree, the student will then print out the General Journal, Trial Balance, Income Statement, Statement of Retained Earnings and the Balance Sheet and turn them in for credit. Background Sammy's Supplies is a business started in September of 2017 by Sam Slager. Sam has saved over $60,000 to invest in the business. He has had a meeting with his lawyer and his Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Mr. Slager set up his accounting system. He provided to Mr. Slager a chart of accounts. You must use the accounts as they are listed in the chart of accounts. Numbering System Current Asset 15xxxProperty, Plant & Equipment Accumulated Depreciatiorn Current Liabilities Long-term Liabilities 27xxx 39xxx Stockholders' Equity Revenues Cost of Goods Sold Expenses