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Milo is starting a small business. He will be selling coffee that he roasts and packages. He gives you source documents for the following transactions and asks you to create a set of financial statements from these source documents for him. Because this is a new business, there are no beginning balances.

As his accountant, your first step is to do the following:

  • Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task. Use ACCT201_IP2_Journal_Ledger_Workbook_Template to complete your assignment. When you are finished, save your completed template and submit your assignment following the Individual Project assignment directions below.
  • Review the Chart of Accounts here.
  • Review this model assignment before beginning this assignment: ACCT201_IP2_Journal_Ledger_Example.

Transactions

  1. Invested $100,000 cash in the business
  2. Paid $125 cash for phone service
  3. Purchased $45,000 equipment with a bank loan
  4. Paid $3,500 cash for rent
  5. Paid $6,000 cash for insurance
  6. Purchased $2,500 of advertising on credit (Note: This is an expense to the company)
  7. One of his customers, Cup of Joe, purchased $2,500 of coffee on account
  8. Customer, Cup of Joe, paid $1,000 on their account
  9. Milo paid in full for the advertising he purchased on credit in transaction #6
  10. Sold coffee to another customer, Grandma’s Bakery, for $6,000 and received cash
 

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