Accounting

The Accounting Cycle and Journal Entries

Overview

In this assignment, you are required to answer questions on the accounting cycle and prepare general journal entries.

Preparation

Complete the following:

· Download the  Week 2 Assignment Template [DOCX] and use it to complete this assignment.

· Review all assigned readings. Edwards, J. D., Hermanson, R. H., & Maher, M. W. (2011).  Accounting principles: A business perspective, financial accounting (Chapters 1–8)  [PDF]  Download Accounting principles: A business perspective, financial accounting (Chapters 1–8) [PDF] . Textbook Equity.

· Read Chapter 3, "Recording Business Transactions," pages 77–124.

· Instructions

· Complete both parts using the  Week 2 Assignment Template [DOCX]  Download Week 2 Assignment Template [DOCX].

· Part 1: Accounting Cycle

· Respond to the short-answer questions found in the template on the "Accounting Cycle" tab using proper grammar and language.

Part 2: Journal Entries

Prepare specified journal entries.

Submit your completed template to this assignment.

Competencies Measured

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

· Competency 1: Define accounting terminology and its application to accounting principles.

· Answer 5–7 accounting cycle questions correctly with specified detail.

· Competency 3: Prepare financial statements from accounting system data.

· Create required journal entries with one error.

· Competency 4: Communicate effectively and professionally.

· Convey clear meaning through appropriate word choice and usage.