1. Milestone one 3-2 (DB)
3-In previous modules, you examined the initial stages of the accounting cycle and practiced
journalizing financial transactions. In Milestone One, you will complete the first part of your
course project to demonstrate your ability to accurately record financial data, which will
continue to be used to complete other parts of the project.ScenarioYou were recently hired
as an entry-level bookkeeper for a service business that recently opened. This is the first
month in operation for the business and your first task is to record business transactions
for their first month using the source documents and transaction data the owner will
provide to you. Because this is a small business that does not use computerized accounting,
you will apply the accounting cycle in Excel to record transactions and generate financial
reporting results for the owner.PromptRecord Financial Data: Use accepted accounting
principles to accurately capture business transactions for the month in the using the data
provided in the document.Specifically, you must address the following rubric
criteria:Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate
information. Completeness: Prepare entries that are complete for each month, including
transferring posted entries to T accounts. Unadjusted Trial Balance: Prepare the unadjusted
trial balance portion of the Trial Balance tab of the company accounting workbook, ensuring
that the total debits and credits match. Guidelines for SubmissionUsing the provided
template, submit your company accounting workbook with the following portions
completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This
should be completed and submitted using the Microsoft Excel workbook template. Please
note that the first tab of the workbook provides you with the chart of accounts. These are
the accounts you will use in recording transactions for the month.
