The scenario of this Course Project is the following.

You've 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 doesn't know where to begin. It's your job to go through the complete accounting cycle to prepare the financial statements for PASC.

In this project, you will need to complete the following steps for PASC.

Prepare the Journal Entries in the General Journal

Post Journal Entries to the General Ledger

Prepare a Trial Balance

Prepare the Adjusting Entries

Post Adjusting Entries to the General Ledger

Prepare an Adjusted Trial Balance

Prepare the Financial Statements

Prepare the Closing Entries

Post Closing Entries to the General Ledger

Prepare the Post Closing Trial Balance