Portfolio – business transactions

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You have decided to open a clothing store, which opens for business on January 1st. During the month of January, your company engages in many business transactions.

Download the excel spreadsheet Day and Knight computer Store for your company below. The spreadsheet includes the following tabs:

  • Transactions – Details the transactions that occurred in the month of January
  • Journal – General journal for the company
  • Ledger – General ledger for relevant accounts
  • Trial Balance – Template for unadjusted and adjusted trial balances
  • IS – Income Statement template
  • SE – Statement of Stockholders’ Equity template
  • BS – Balance Sheet template
  • CF – Statement of Cash Flows template

Required:

Part A

  • Prepare journal entries for all the transactions occurring in January
  • Post entries to the general ledger
  • Prepare the unadjusted trial balance as of January 31st
  • Prepare adjusting entries at January 31st
  • Post adjusting entries to the general ledger
  • Prepare the adjusted trial balance as January 31st
  • Prepare and post-closing entries and prepare trial balance at February 1st
  • Prepare the four primary financial statements on January 31st

Part B

Write a one-page memo analyzing the company’s financial position for a potential investor, formatted APA.

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