Financial Accounting Comprehensive Group Project - Phase I
1. Form a group of 3-5 members
2. Complete excel worksheet using the directions
a. Complete the cover sheet with all members names
b. Complete the original JE's
i. You may need beginning balances to complete entries
c. Post to the ledger
d. Complete the unadjusted TB
e. Complete the adjusting entries
i. You may need beginning balances to complete entries
f. Post to the ledger
g. Complete the closing entries
h. Post to the ledger
3. Turn in excel worksheet via Canvas by 5pm 11/27
a. ONLY one member of the team needs to submit the worksheet via Canvas
INTRODUCTION-
On Dec 1st of this year, you have been hired as Chief Financial Officer ("CFO") of a business called Beavers Entertainment Incorporated ("GoBeavs"). The company plans, organizes, and administers various music festivals, one of which is called Civil War Music Fest ("CWMF") held at the Reser Stadium in Corvallis, Oregon.
Part of your job as the CFO of the GoBeavsis to record the transactions related to running the festival. You will also be responsible for fixing errors, including unrecorded transactions.
The festival will begin Friday, Dec.12thand run through Sunday, Dec.14th. The owner of GoBeavs has contracted with various bands to play at your festival. Among them include Maron5, SOS, KidCudi, Foster the People, and Major Lazer.
Record the JEs in the GJ associated with each transaction.
ADJUSTING JOURNAL ENTRIES-
Input the current balance from each G/L account in the "Unadjusted Balances" column of the Adjusting Trial Balance.
Complete the adjusting journal entries (AJEs).
CLOSING JOURNAL ENTRIES-
1. Complete the appropriate closing entries in the G/J and post to the G/L. Record the closing journal entries for all temporary accounts (including dividends). Be sure to post the closing entries to the G/L.
a. Hint: there should be three separate JEs; one for revenue/gains, expenses/losses, and dividends.
2. Finish the closing trial balance.
Attachment:- Project Assignment.rar