Course Title: Accounting Process Example for Assignment

 

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Referencing Styles : Open

Pages/words : 5 pages / 1250 words

Course Code : BAF3M

Instructions:

Part 1 – Journal Entries & Postings
Using the information in Appendix A and B record the journal entries for the July Transactions and post the entries to the General Ledger.
Part 2 – Adjusting Entries
Step 1: Journalize and post the adjusting entries at July 31st, 2019 as outlined in Appendix B.
Step 2: Prepare an adjusted trial balance.
Part 3 – Financial Statements
Prepare an Income Statement, Statement of Owner’s Equity, and Classified Balance Sheet for the fiscal year end 2019.
Part 4 – Closing Entries
Prepare the closing entries for the fiscal year ended July 31, 2019. Do not forget to post the closing entries to the general ledger.
Part 5 – Ratio Analysis

U-Phone Industries has approached Samsung to be a major supplier of equipment it requires and would regularly purchase this equipment on account. Purchases will normally be between the $2,000 to $5,000 range. Evaluate using the appropriate analysis whether Samsung would choose to be a creditor to U-Phone Industries.

 

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