Scenario: you just received a sizable amount of money ($1,000,000) from an inheritance. You decided to use the money to start up your own business. Using the $1,000,000 demonstrate the full accounting cycle for your first year in business. Create a single EXCEL file that contains a worksheet for each of the following (total of 8 worksheets should be included in your EXCEL file): 1. a minimum of 50 journal transactions o include a minimum of 10 year-end adjusting journal transactions in your list of 50 journal transactions noted above o the 50 journal transactions must include a minimum of 10 transactions for each of the primary areas of the Balance Sheet (i.e. Assets, Liabilities, Owner's Equity) 2. general ledger accounts (T accounts) showing the details of each of your journal transactions noted above 3. pre-adjusted trial balance, adjustments and adjusted trial balance 4. income statement 5. statement of retained earnings 6. balance sheet 7. closing entries 8. post-closing trial balance Additionally, students will build out financial ratio analysis via an Excel template (to be provided) for one of 4 U.S. public companies assigned by the instructor. Details for this portion of the assignment will be provided by the instructor. Students should self-organize in groups of 2-3 students (max) for this assignment. Scenario: you just received a sizable amount of money ($1,000,000) from an inheritance. You decided to use the money to start up your own business. Using the $1,000,000 demonstrate the full accounting cycle for your first year in business. Create a single EXCEL file that contains a worksheet for each of the following (total of 8 worksheets should be included in your EXCEL file): 1. a minimum of 50 journal transactions o include a minimum of 10 year-end adjusting journal transactions in your list of 50 journal transactions noted above o the 50 journal transactions must include a minimum of 10 transactions for each of the primary areas of the Balance Sheet (i.e. Assets, Liabilities, Owner's Equity) 2. general ledger accounts (T accounts) showing the details of each of your journal transactions noted above 3. pre-adjusted trial balance, adjustments and adjusted trial balance 4. income statement 5. statement of retained earnings 6. balance sheet 7. closing entries 8. post-closing trial balance Additionally, students will build out financial ratio analysis via an Excel template (to be provided) for one of 4 U.S. public companies assigned by the instructor. Details for this portion of the assignment will be provided by the instructor. Students should self-organize in groups of 2-3 students (max) for this assignment
