Summative Project BAF3M Financial Accounting Fundamentals... Summative Project BAF3M Financial Accounting Fundamentals Introduction This is a simulation of the accounting cycle of a merchandising business. It is part of the summative evaluation. You are the professional accountant for The KnightZone. You have the task of preparing the financial statements for The KnightZone. The KnightZone sells services as well as merchandise (spirit wear, school supplies, etc.). The KnightZone uses the Periodic Inventory method. You have been given the following: Tab # Tab 1 The introductory page - this page. Tab 2 The Trial Balance at the end of September 30, 20--. Tab 3 The Financial transactions for the month of October 20--, the last month of the fiscal year. Tab 4 The adjustments and additional information required to complete the accounting cycle for the year. Tab 5 Journal paper for Journal entries, Adjusting entries and Closing Entries. Tab 6 The General Ledger with the balances at September 30, 20--. Tab 7 Worksheet paper. Tab 8 Income Statement paper. Tab 9 Balance Sheet paper. NOTE: This business has a fiscal year ended October 31, 20--. When taxes are applicable, you will be given this information. HST is 13%. You will make the adjustments and closing entries for the year. Instructions From the information you have received, complete the following steps. Step 1 Journalize the transactions for the month of October 20--. Journal descriptions are not required. Step 2 Post the journal entries to the General Ledger Accounts. Step 3 Produce a Trial Balance on the Worksheet for the year ended October 31, 20--. Step 4 Add the adjusting entries and complete the Worksheet. Step 5 Create the Financial Statements from the completed Worksheet (include a detailed cost of goods sold section). Step 6 Journalize the adjusting and closing entries. Include all your work.

Journalize the following ten (10) transactions for The KnightZone. The KnightZone uses the Periodic Inventory method. The HST rate is listed on the Introduction page. Click on the Journal entries tab for journal paper. No journal descriptions are necessary. Journalize the following ten (10) transactions for The KnightZone. The KnightZone uses the Periodic Inventory method. The HST rate is listed on the Introduction page. Click on the Journal entries tab for journal paper. No journal descriptions are necessary. \begin{tabular}{|l|l|l|} \hline 31 & Asset: & 120 For the following: Adjustment for the period. Insepaid insurance shows a total value remaining of $100.00. Adjust as necessary. \\ \hline \end{tabular} Journalize the following ten (10) transactions for The KnightZone. The KnightZone uses the Periodic Inventory method. The HST rate is listed on the Introduction page. Click on the Journal entries tab for journal paper. No journal descriptions are necessary. Journalize the following ten (10) transactions for The KnightZone. The KnightZone uses the Periodic Inventory method. The HST rate is listed on the Introduction page. Click on the Journal entries tab for journal paper. No journal descriptions are necessary. \begin{tabular}{|l|l|l|} \hline 31 & Asset: & 120 For the following: Adjustment for the period. Insepaid insurance shows a total value remaining of $100.00. Adjust as necessary. \\ \hline \end{tabular}