Course project

Miller Architects, Inc ACCT 571

Course Project Giovanni Grajales

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Creation of Chart of Accounts

• I created my Chart of Accounts by first recording Miller's transactions to determine which accounts are actually relevant to the business.

• The first step was to create your ordinary business accounts and parent accounts, as well as assigning account numbers.

• Chart of Accounts is an important tool or understanding the financial health of the business.  It lists of all your business’s accounts, organized by the assets your company owns, the liabilities your company owes others, revenue and expenses.

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General Journal and General Ledger

• Journal

• Recording Miller’s transactions in order of occurrence.

• It is a two-step process: analyzing and journalizing it

• Miller Inc had transactions related to service, payroll and bill payments.

• Ledger

• Once a transaction is recorded it is best to post it to keep organized. Post as you record.

• In the ledger you also post adjusting and closing entries in.

• You adjust the entries as the month closes to get the monthly reconciliation.

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Unadjusted and Adjusted Trial Balance • Unadjusted trial balance is prior

to your adjusting entries.

• Once all Miller’s transaction were recorded, I completed one.

• It is easy to transfer these number from your general ledger.

• Both debits and credits balanced with a balance of $75,050.

• Once completing the adjusted entries, you recreate the trial balance.

• Once recording expired insurance, supplies on hand and such you post them to the ledger,

• You then transfer the new balance over to make sure your debits and credits balance.

• My adjusted trial balance stated $73,350.

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Financial Statements

• Financial Statements shows the financial activities and position of the business.

• Making sure the balance sheet balances is important before moving to the next statement.

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Closing Entry and Post Closing Trial Balance • Closing entries occur at the

end of the accounting cycle.

• It serves to close out temporary accounts into permanent accounts.

• With doing so it resets the temporary accounts for the next beginning accounting period.

• A new trial balance is prepared after closing entries.

• Its purpose is to test the equality between debits and credits.

• The trial balance only contains real accounts due to temp accts being closed.

• Final balance I got for Miller’s Architect, Inc is $65,445

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