Accounting Principles

ou are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department.

Prompt

Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December in the Company Accounting Workbook Template using the data provided in the Accounting Data Appendix document.

Specifically, you must address the following rubric criteria:

• Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
• Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
• Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the “Inventory Valuation” tab to complete your journal for the month of December.