RECENT ASSIGNMENT

Data Student First Name:
Student Last Name:
Introduction
You are the professional accountant for The Sami Store owned by Mr. John Smith. You have the task of preparing the financial statements for The Sami Store. The Sami Store sells composters and environmentally friendly products. The Sami Store uses the Periodic Inventory method.
You have been given the following:
Sheet #
Sheet 1 The introductory sheet - this sheet.
Sheet 2 The Trial Balance at the end of 31st May 2011.
Sheet 3 The Financial transactions for the month of June 2011, the last month of the fiscal year.
Sheet 4 The adjustments and additional information for the year.
Sheet 5 General journal for financial transactions.
Sheet 6 The General Ledger with the balances at 31st May 2011.
Sheet 7 General journal for adjustment transactions.
Sheet 8 Worksheet paper
Sheet 9 Income Statement paper
Sheet 7 General journal for closing entries.
NOTE: This business has a fiscal year ended at 30th June 2011. When taxes are applicable, you will be given this information. GST is 10%. You will make the adjustments and closing entries for the year.
Instructions
From the information you have received, complete the following steps.
Step 1 Enter your student # without the letter in the yellow box provided on top of the page.
Step 2 Transfer the trial balance numbers to the beginning balance of Ledgers(General Ledger sheet)
Step 3 Journalise the transactions for the month of June. Journal descriptions are not required.(Journal entries sheet)
Step 4 Post the journal entries to the General Ledger Accounts.
Step 4 Find General Ledgers ending balances to transfer them to the worksheet.
Step 5 Produce a Trial Balance on the Worksheet for the year ended June 30, 2011.
Step 6 Journalise the adjustment transactions for the month of June. Journal descriptions are not required.
Step 7 Add the adjusting journal entries and complete the Worksheet.(post the adjustments in Adjustment column of Worksheet)
Step 8 Create the Income Statements from the completed Worksheet (include a detailed cost of goods sold section).
Step 9 Journalise the closing entries. Journal descriptions are not required.