ACC 201 Final Project Peyton Approved
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For this deliverable, you will complete the accounting cycle and prepare financial statements that will provide the result you need to assess the success of business operations.
Below you will find the data required to make entries in your accounting workbook. Remember that you are following the business transactions for a three-month period from the initial stage of analysis and recording, through the reporting process. These transactions will include:
• the initial setup of the business
• cash and credit sales
• making payments to vendors
• paying store employees
• managing debt
It will help you to print this document as you are making your entries in your workbook. Your textbook prepares you and can be used as a reference to assist you in completing this assignment. You should begin this project in Module Two.
There will be two checkpoints, along the way, at which time you will submit your progress in this workbook to your instructor for review and feedback toward correction and successful demonstration of this accounting cycle as a whole. Your first check point will cover steps 1 through 4 of this workbook. The first checkpoint is in Module 3.
The second checkpoint will have you submit your workbook completed through step 7 in Module 4. You will integrate the feedback, suggestions, and guidance your instructor provides on these steps in the cycle to ensure your success with completion of this cycle. The following steps are included:
Complete the following in the “July Journal Entries” tab in your workbook (be sure to look for the July Journal Entries tab at the bottom of the Peyton Approved Student Workbook).
The following events occur in July 2014:
July 1 – You take $15,000 from your personal savings account and buy common stock in Peyton...