Your task is to complete the transactions for each date listed in the exercise documenting the following under each date: the accounts, type of account (Asset, Liability, Equity, Revenue, Expense), did the account increase or decrease, and the amount. Once the transactions are completed then you will post (transfer) the data from each transaction to its appropriate T – Account found in the Excel document T-Accounts. Note that there is a separate worksheet within the Excel document for each type of account (Asset, Liability, Equity, Revenue, Expense). When all of the transactions have been posted then you will close out the T – Accounts. This means you deduct all of the decreases from any increases and this will leave you with a total. The closed out totals from the T – Accounts are then posted to their proper financial statement (Income Statement or Balance Sheet).
As you work through the transactions ask yourself these four questions. They will help in figuring out where to put the data:
– What are the accounts? (REMEMBER: Double entry accounting requires that at least two accounts are impacted in every transaction). The answer to this question will come from the middle column of the Chart of accounts.
– What type of accounts are they? The answer to these questions will come from the left column of the Chart of Accounts.
– Did they increase or decrease? As a result of the transaction, do you have more of something or less of something?
– By how much?
Some of the answers have been provided for you. It is up to you to complete the transactions and postings to correctly complete the Income Statement and Balance Sheet.
Download the attached file and complete the assignment according to the directions in the document. Then, click this link to submit your work.
So, when you are finished you will submit the following documents as part of this assignment:
– High Corp Exercise hand out with all transactions completed, income statement, and balance sheet completed
– High Corp T – Accounts completed and closed out
(Note: To submit your work, first save your completed document on your computer. Then, click this link to open the assignment submission page. Click Browse My Computer to locate and attach your document. Click Submit.)
Final notes / tips:
1. You must show your work under each transaction to display names of accounts, types of accounts, + / -, and amount. Use the first transaction as a model for all subsequent transactions.
2. Do not submit this assignment as a PDF but rather as a WORD or EXCEL document.
3. In an effort to help you really learn the material you will be able to submit / resubmit this assignment until it is correct.
4. This is an all or nothing assignment (all 50 points or no points) as accounting can’t be almost correct.
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