"The Course Project consists of 10 Requirements for you to complete. The project is due at the end of Week 4. See the Syllabus section Due Dates for Assignments & Exams for due date information. All of the information you need to complete the Course Project is located in this Workbook. There are eight worksheets in the workbook you will need to complete. A list of July transactions A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. "

Youve just secured a new client in your accounting practice, Peter's Auto Supply Corporation (PASC), a brand new small business specializing in providing auto supplies to car repair shops. The owner, Peter Peck, is a terrific auto mechanic, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesnt know where to begin. Its your job to go through the complete Accounting cycle to prepare the financial statements for PASC.

During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of auto equipment and supplies, completed the following transactions. Chart of secounts REQUIREMENT \#2: Post the July journal entries to the following T-Accounts and compute ending balances. This worksheet will be used to complete Requirements \#2, \#5 and \#9. Instructions for \#5 can be found on the Adjusting Entries Worksheet. A Requirement \#4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) One month's prepaid Rent has expired. c) The company accrued salaries of $6,000 that will be paid in August. d) Accrued interest on the note payable amounts to $250. Requirement \#5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2 ) and compute adjusted balances. Just add to the balances that are already listed. Requirement \#7: Prepare the financial statements for Peter's Auto Supply Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this proiect. Requirement \#8: Prepare the closing entries at July 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement \#9: Post the closing entries to the T-Accounts on the General Ledger ( Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. Requirement \#10: Prepare a post-closing trial balance as of July 31 in the space below