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Required: Enter in the journal entries found on the Transaction tab
Jan 1 Invested $10,00 and received Common Stock
5 Paid rent $500
7 Mary Jones purchased merchandise on account $1,600
8 Signed a contract with a new supplier
10 Paid advertising $100
15 Purchased a new computer $400
17 Mary Jones paid her account in full
20 Sold merchandise $3,000
22 Paid legal fees $200
23 Purchased store equipment on account from Ace Supply $700
25 Paid utilities $140
28 Paid 3 months of insurance $300
31 Paid Ace Supply for amount owed
You are considering opening a retail establishment, ABC Company. You need to make a number of decisions regarding this new company and prepare a number of documents. This project is split into four (4) parts with one (1) part due each week of the course. Based on your readings, use of technology, current literature, and other sources do the following:
- Determine the type of organization you would like for your company (sole proprietor, partnership, corporation, etc.) and explain the advantages and disadvantages of your selection.
- Create a chart of accounts for ABC Company using the Excel template provided ABC Co Chart of Accounts.xlsx
- Create journal entries for your company using Excel based on the template given ABC Co Journal.xlsx
- Discuss the internal controls you would set up for your company using PowerPoint
