Financial Transactions

Our papers are 100% unique and written following academic standards and provided requirements. Get perfect grades by consistently using our writing services. Place your order and get a quality paper today. Rely on us and be on schedule! With our help, you'll never have to worry about deadlines again. Take advantage of our current 20% discount by using the coupon code GET20


Order a Similar Paper Order a Different Paper

Key Assignment

Finalize your Key Assignment for submission.

Incorporate the following into your paper:

  • Feedback received from your classmates and the instructor on the Key Assignment for Part 1
  • Your completed Part 2

Part 1 Tasks From Phase 4

Scenario

It is time for the staff accountants to begin preparing daily accounting transactions. In preparation of the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances.

As a staff accountant, your job is to do the following:

  • Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task.
  • Post the general journal entries to the general ledger in the Excel spreadsheet.
  • Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance.

Transactions

  1. Invested $50,000 in the business
  2. Paid $100 for phone service
  3. Purchased $35,000 equipment on credit
  4. Paid $3,000 for 3 months rent
  5. Paid $5,500 for 6 months of insurance
  6. Paid $1,000 for advertising on credit (Note: This is an expense to the company)
  7. Customer purchased $2,000 on account
  8. Customer in #7 paid $1,000 on account
  9. Paid for #6 advertising
  10. Sold to customer and received $5,000 cash

Click here for the General Journal Ledger template.

Part 2 Tasks (Week 5)

Complete a set of financial statements based on the transactions and general ledger from the Phase 4 IP. The financials to be completed on an Excel spreadsheet are the following:

  • Income statement
  • Statement of owners’ equity
  • Balance sheet

Click here for the Financial Statement Template.

Based on the financial statements, prepare a memo to the President of LMO Company as to the financial performance of your company. Include the following:

  • 3 strategies that the company can employ to improve its performance and increase net income
  • Explanation of who might use the financial statements
    • Be sure to include internal and external users.

Please submit your assignment.

Writerbay.net

We offer the best essay writing services to students who value great quality at a fair price. Let us exceed your expectations if you need help with this or a different assignment. Get your paper completed by a writing expert today. Nice to meet you! Want 15% OFF your first order? Use Promo Code: FIRST15. Place your order in a few easy steps. It will take you less than 5 minutes. Click one of the buttons below.


Order a Similar Paper Order a Different Paper