Introduction
You are the financial accountant of the B. Rogers Merchandising Company. This is a major Fortune 500 company located in Columbia, SC. Your job is to analyze and record the business transactions that B. Rogers Merchandising Company enters into for the year of 2008-2009. You should also prepare the various financial statements that would assist external decision makers (investors and creditors). As a financial accountant, you should be very precise.
Task
As the financial accountant of B. Rogers Merchandising Company, you will be able to use the basic accounting equation. You will prepare and post journal entries. You will also complete the financial statements. The financial statements are very useful to investors and creditors. Completing these tasks will give you an overview and fun experience with financial accounting. You should use Microsoft Excel.
Process
· You should prepare (record) the following journal entries
· Number the journal entries in the order
· The Account numbers are found in the chart of accounts.
· You may add some asset accounts, like Money Market, so you can track the cash in your bank and money market accounts separately... Or some liability accounts, like Bank Loan (what you owe the bank), Accrued Payroll (what you owe employees), and Accrued Payroll Taxes (what you owe the government on that payroll)... Some revenue accounts, like Consulting, Product, Lease Income, etc., if you want to track different revenue sources separately... Some expense accounts, like Rent, Utilities, Supplies, Product Materials, etc., if you want to track different expense categories separately... But the basic transactions are all the same.
