The Business This practice set is designed to be five parts. In the first part, the student will complete the journal entries by writing the journal entries for Bailey's Balloon Bouquet, Inc. in the back of the Practice Set and then entering 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 the 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 completing an adjusted Trial Balance, then completing an Income Statement, a Statement of Retained Earnings and then a Balance Sheet. After everything is complete, the student will turn in the practice set along with all financial statements in the correct order for credit. Background Bailey's Balloon Bouquet is a gift shop started in September of 2018 by Bailey Boone. She has saved over $20,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Boone set up her accounting system. He provided to Ms. Boone a chart of accounts Numbering System Current Asset 15xxx Accumulated Depreciation Current Liabilities Long-term Liabilities 27xxx 39xxx Stockholders' Equity Sxxx 60xxx Revenues Cost of Goods Sold Operating Expenses 4Page The Business This practice set is designed to be five parts. In the first part, the student will complete the journal entries by writing the journal entries for Bailey's Balloon Bouquet, Inc. in the back of the Practice Set and then entering 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 the 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 completing an adjusted Trial Balance, then completing an Income Statement, a Statement of Retained Earnings and then a Balance Sheet. After everything is complete, the student will turn in the practice set along with all financial statements in the correct order for credit. Background Bailey's Balloon Bouquet is a gift shop started in September of 2018 by Bailey Boone. She has saved over $20,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Boone set up her accounting system. He provided to Ms. Boone a chart of accounts Numbering System Current Asset 15xxx Accumulated Depreciation Current Liabilities Long-term Liabilities 27xxx 39xxx Stockholders' Equity Sxxx 60xxx Revenues Cost of Goods Sold Operating Expenses 4Page
