Repair Case Study
In this project the student will play the role of a bookkeeper who must not only organize the source documents of a start-up service business, but also create the bookkeeping system into which these source documents will be recorded.
After determining the appropriate accounts into which the various assets, liabilities, expenses, etc. should be categorized, the student will then:
The current date is April 5th. The owner, Derryl Ferguson, started the business operations officially on March 1st, however he opened his business bank account and deposited his initial capital investment of $2,000.00 on February 27th. He did this so that there would be enough money in the account to cover his first and last month's rent, which was payable on March 1st.
The owner now needs you to sort out a number of accounting issues.
Sadly, the source documents have not been organized
by the owner at all. They are all just thrown in a shoebox, and now the owner
needs you to sort them out!
Fortunately, the owner did create a separate business bank account, from which business related expenditures are made, and into which all business revenue has been deposited. The online bank statement is always available to be viewed, and the cleared cheques are returned to the owner.
Your completed project should include:
transactions to settle outstanding bills, payables, and wages
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