Complete a 3-part assessment in which you create journal entries for a variety of business events, test your recall of accounting fundamentals by answering a series of questions, and identify and prepare entries for the corporate ownership business type.
Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. Learning the language of business is very challenging. There are so many terms, procedures, processes, and dos and do nots that keeping track of all of them requires a separate space in one’s brain. There are three business ownership types: (1) proprietorship, (2) partnership, and (3) corporation. Many of their accounting transactions are similar. However, there are some business events that require special transaction handling in accounting entries.
By now, you have seen the end products in the operation of an accounting information system. However, you have not demonstrated how you got there. Getting there is a journey that takes a full accounting period (monthly, quarterly, or yearly) and involves analyzing and recording a series of organizational events or transactions. After all of the transactions have been recorded in a journal, the amounts are posted (transferred) to a ledger (storage for accounts).
The recording process begins with the transaction. Business documents, such as a sales slip, credit card receipt, check, invoice, or cash register tape provide evidence of the transaction. The accounting department assembles and analyzes all of this evidence to determine the transaction’s effects on specific accounts. Once recorded, the journal entry is transferred to the designated accounts in the ledger.
Questions to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
This assessment includes three parts. Use the template provided for each part to complete the assessment. The templates are linked in the Resources under the Required Resources heading.
Part 1: Proprietorship Business Transactions
Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. In this assessment, apply your knowledge of various business events that require journal entries to be made.
For this part of the assessment, use the Assessment 4, Part 1 Template to create journal entries for each of the following business events for Magnolia Greens Frisbee Golf Course:
Accounts to be used are given below:
Part 2: Accounting Knowledge Transfer
This part of the assessment allows you to demonstrate and reinforce your knowledge of business accounting terminology by transferring what is in your head onto paper.
For this assessment, use the Assessment 4, Part 2 Template to record your answers to the following short-answer questions designed to test your recall of accounting fundamentals.
Part 3: Corporate Business Transactions
There are three business ownership types: (1) proprietorship, (2) partnership, and (3) corporation. Many of their accounting transactions are similar. However, there are some business events that require special transaction handling in accounting entries.
For this part of the assessment, use the Assessment 4, Part 3 Template to identify and prepare entries for the corporate ownership business type.
Imagine you are an accountant for J. Malone’s Law Firm, Inc. The accounts and transactions of the firm are listed below. Analyze each transaction. Identify the account or accounts to be debited and credited and, using the provided template, prepare a journal entry for each in the proper format.
Here is an example to record the owner’s investment to start the business:
Use the following account titles for this scenario:
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