Project 4
1. Project 4
1.12. Page 4
Training Room 3: Opening Accounts
Time to Work
When you are confident that you understand how to create a chart of accounts and open the necessary accounts in the ledger, you are ready to complete your assignment.
Chart of Accounts Rubric and Opening Accounts Rubric contain checklists that you can use for reference.
When completed, submit your assignment to your teacher.
Assignment 1
Open up a new Chart of Accounts Template and a General Ledger Template.
Save these files in your FIN1015 Course Folder or where you have been instructed to save it for assessment.
The beginning balance sheet for Suneel Gupta, Barrister and Solicitor, is given below. Mr. Gupta has also decided to include the following accounts: Fees, Advertising Expense, Rent Expense, Utilities Expense, and Miscellaneous Expense. Complete the chart of accounts and open these accounts in his ledger.
Optional Assignment 2
Check with your teacher to see if you need to do this optional assignment.
Open up a new Chart of Accounts Template and a General Ledger Template.
Save these files FIN1015 Course Folder in your FIN 1015 folder or where you have been instructed to save it for assessment.
The beginning balance sheet for Trotta’s Delivery Service is given below. Mr. Trotta has also decided to include the following accounts: Sales, Advertising Expense, Maintenance Expense, Utilities Expense, and Miscellaneous Expense. Complete the chart of accounts and open these accounts in his ledger.
Portfolio Submission
Include in your Course Portfolio a balance sheet, chart of accounts, and an open ledger that you completed for one of the companies in this training room. Also include the relationship between the financial statement, which is the balance sheet, the chart of accounts, and the opening entry. Understanding where you are receiving information from will be invaluable to you as you continue to work on developing accounting knowledge.
Training Room 3 Summary
This concludes Training Room 3 on starting an accounting system, and the ledger is now ready to accept money into the accounts. In this training room, you used the balance sheet to set up a chart of accounts and opened these accounts in the general ledger. Continue getting the company records ready for the daily business in Training Room 4, where you will see how to record the beginning balance sheet of a business into a general journal.