Project 4
1. Project 4
1.16. Page 4
Training Room 4: The Opening Entry
Time to Work
When you are confident you can prepare an opening entry, continue to the assignment.
Assignment
Open a blank General Journal Template, and save it in your FIN1015 Course Folder.
Use the beginning Southwood Animal Clinic Balance Sheet to complete an opening entry. Be sure to save it for your teacher to mark.
Portfolio Submission
Include a balance sheet along with the corresponding opening entry. Include why it is necessary to copy the beginning balance sheet information into the general journal.
Training Room 4 Summary
The general journal now has all of the beginning financial information entered and the business is ready to start recording its day-to-day transactions. To finish setting up the books for an accounting system, there is one last step that you must do and that is posting. Continue to the next training room to learn how to post the opening entry.