Homework: The Accounting Cycle and Journal Entries

Competencies Measured

By successfully completing this homework, you will demonstrate your proficiency in the following course competencies:

I. Competency I: Define accounting terminology and its application to accounting principles.

• Answer 5-7 accounting cycle questions correctly with specified detail.

II. Competency II: Prepare financial statements from accounting system data.

• Create required journal entries with one error.

III. Competency III: Communicate effectively and professionally.

• Convey clear meaning through appropriate word choice and usage.

Overview

In this homework, you are required to answer questions on the accounting cycle and prepare general journal entries.

Preparation

Complete the following:

Download the Homework Template and use it to complete this homework.

Review all assigned readings.Edwards, J. D., Hermanson, R. H., & Maher, M. W. (2011). Accounting principles: A business perspective, financial accounting (Chapters 1-8). Textbook Equity.

Read Chapter 3, "Recording Business Transactions," pages 77-124.

Instructions

Complete both parts using the Homework Template.

Part I: Accounting Cycle

Respond to the short-answer questions found in the template on the "Accounting Cycle" tab using proper grammar and language.

Part II: Journal Entries

Prepare specified journal entries.

Submit your completed template to this homework.