Reference no: EM132445667

This assessment addresses the following course objective(s):

Apply the accounting vocabulary Record various business transactions in accordance with generally accepted accounting principles.

Complete the steps of the Accounting Cycle.

This purpose of this comprehensive accounting problem is to help you understand all the steps in the accounting cycle which result incorrectly prepared financial statements and closing out temporary accounts at the end of the accounting period.Parrots Campgrounds

Polly Parrot opened Parrots Campgrounds. The camp is open from April through October. Campers typically register for one week, arriving on Sunday afternoon and packing up the following Saturday afternoon. The registration fee includes space and meals , the use of fishing boats, and other activities around the campgrounds. The chart of accounts for the camping operations is provided below.

REQUIRED:

1. Enter the April transactions in a general journal. Enter transactions on Tab 1 - Journal Entries.

2. Post the entries to the general ledger in Tab 2.

3. Prepare a trial balance on a work sheet in Tab 3.

4. Complete the work sheet - Tab 3.

5. Journalize the adjusting entries in Tab 4

6. Post the adjusting entries to the general ledger in Tab 2 and in the Worksheet in Tab 3.

7. Prepare the income statement in Tab 5.

8. Prepare the statement of owner's equity in Tab 5.

9. Prepare the balance sheet in Tab 5.

10. Journalize the closing entries in tab 6

11. Post the closing entries to the general ledger in Tab 3 using the green highlighted lines.

12. Prepare a post-closing trial balance in Tab 3

Attachment:- Parrots Campground Project Template.rar