Project 1
1. Project 1
1.25. Project 1 Summary
Project 1: The Accounting Cycle
Project Summary
In Project 1 you were introduced to the Accounting Cycle of a business —Source Documents, Journalizing, Posting, and the Trial Balance. Within a business, there are many day-to-day activities that need to be recorded. Project 1 introduced you to the importance of source documents, and how to analyze daily transactions. The project showed you how to analyze temporary capital accounts, and how to enter these transactions into a journal. You learned how to set up a petty-cash account, and how to enter those transactions into a journal. Finally, you learned how to post all of this information to the general ledger and verify your work using a trial balance.