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Accounting and Journal Entries for Blast Off! Recreation Business - July 2013

A detailed analysis of accounting practices and journal entries for Blast Off! Recreation Business.

Amelia Ward
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Chart of AccountsAccounting and Journal Entries for BlastOff! Recreation Business-July 2013Using the provided chart of accounts and aseries of business transactions for the month ofJuly 2013, perform the following tasks todemonstrate your knowledge of theaccountingcycle and Peachtree software:1.Journalize the transactions given fromJuly 1 through July 31 in the GeneralJournal, ensuring all compound entriesare correctly recorded.2.Prepare and export a General LedgerTrial Balance (Unadjusted Trial Balance)for the month of July, ensuring accuracyin the trial balance.3.Post necessary adjustments to theGeneral Journal, including adjustmentsfor insurance expense, depreciation,and accrued wages.4.Prepare an Adjusted Trial Balance basedon the adjustments posted.5.Create the Income Statement andBalance Sheet based on the trialbalances.6.Journalize and post the closing entriesfor the month, and generate a Post-Closing Trial Balance.7.Export all necessary reports as outlined,including the General Ledger, Journal,and adjusted trial balances.•Word Count Requirement:Theresponse should not exceed 1500 wordsand should focus on the explanationand procedures used to complete eachtask, including any observations orchallenges faced during the process.

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Subject
Accounting

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