A) Come up with a creative company name and describe a situation in which you are the

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A) Come up with a creative company name and describe a situation in which you are the accountant/owner of a company. Decide if your company will be a service or merchandising business and describe the goods or services that the company will be selling. State your depreciation and any other
(if applicable) accounting policies. Make the assumption that the company has just started.
B) Create at least 15 – 20 general business transactions of the company for the first quarter. Include transactions that involve acquiring assets, liabilities, capital, drawings, revenue, expenses, and adjusting entries.
C) Create one source document that would be used by the company (e.g. cash sales slip or sales invoice)
D) Journalize the transactions in the general journal. HST accounting in the Province of Ontario is required. Remember to include opening entries.
E) Create a general ledger. The general ledger must have a chart of accounts and proper general ledger accounts numbering.
F) Post the transactions to the ledger accounts
G) Prepare a trial balance
H) Prepare a worksheet (6 Column only)
I) Prepare the income statement
J) Prepare a classified balance sheet
K) Adjust and close the books (journalize and post to ledger accounts)
L) Prepare a post-closing trial balance