Reference no: EM131584601
Problem -
Accounting cycle. Journal entries are the way we communicate the activities of a business. Think of a story, movie, sports event, etc. It can be real or fictional. Then journalize the major activities of the story. As an example:
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Date
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Accounts
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Debit
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Credit
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Beginning
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Housekeeping expense--Cinderella (E)
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xxx
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Unearned help--ugly step-sisters (L)
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xxx
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Cinderella does all the housework and Ugly step-sisters owe her more kindness
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Date
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Accounts
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Debit
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Credit
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Transportation Expense--step sister/mother (E)
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xxx
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Unearned treatment--Cinderella (L)
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xxx
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Step-mother and step-sisters go to the Prince's ball, Won't let Cinderella go to the ball
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Date
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Accounts
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Debit
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Credit
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Elegant Coach (A)
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xxx
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Horse Inventory (A)
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xxx
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Fancy Ball gown (A)
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xxx
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Pumpkin (A)
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xxx
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Mice Inventory (A)
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xxx
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Cinderella's raggedy dress (A)
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xxx
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Fairy Godmother shows up and turns pumpkin, mice and dress into Coach, horses and gown
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Date
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Accounts
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Debit
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Credit
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Heart--Prince (A)
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xxx
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Revenue from falling in love (R)
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xxx
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Prince meets Cinderella at the ball, falls in love with her
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Date
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Accounts
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Debit
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Credit
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The End
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Life--Cinderella (A)
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xxx
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Gain from winning handsome prince (R)
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xxx
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Cinderella marries the prince, moves to Castle, and lives happily ever after
Posts should include 5 journal entries and should include at least one each of an asset, liability, revenue and expense account labeled using A, L, R and E. Don't worry about dates and amounts unless they are relevant to your story.
For your Discussion Board replies, suggest an additional journal entry to other student's stories. As an example,
Don't forget the step-sisters were losers:
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Date
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Accounts
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Debit
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Credit
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Loss from being mean step-sisters (E)
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xxx
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Life-step-sisters (A)
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xxx
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