Posted: August 15th, 2022

Demonstrate the year-end adjustment process in the preparation of a business’s financial documentation

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Previous assignment ATTACHED – The production and analysis of financial statements are core tasks for accounting professionals. The activities for this final project have traditionally been
performed monthly by accountants in most organizations. However, with automation making accounting more efficient, many executives are requiring even
more frequent financial statements. This new reality further underscores the need for accurate transaction collection and adjustment computations.
Additionally, external users rely on ratio analyses to draw informed conclusions about a company’s financial health. This information often will factor heavily into
their investment and lending decisions.
In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook.
This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report
documenting your findings. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and
ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Six. Final Project Part I will be submitted in Module Seven;
Final Project Part II is due in Module Eight.
In this assignment, you will demonstrate your mastery of the following course competencies:
• ACC-307-01: Demonstrate the year-end adjustment process in the preparation of a business’s financial documentation
• ACC-307-03: Apply generally accepted accounting principles in preparing financial statements
Prompt
Review the Final Project Scenario document for information about the financial background of your hypothetical company. Use the provided workbook to
complete Part I of your final project.
Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course competency (shown in brackets).
I. Part I: Final Project Workbook
A. Demonstrate the year-end adjustment process:
1. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. [ACC-307-01]
2. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. [ACC-307-
01]
3. Create the adjusted trial balance by computing the Adjusted Trial Balance columns using the Worksheet tab. [ACC-307-01]
4. Close temporary accounts by completing the Closing Entries tab. [ACC-307-01]
2
B. Prepare the financial statements:
1. Prepare an income statement for the provided company by completing the Income Statement tab in your workbook. [ACC-307-03]
2. Prepare a statement of retained earnings by completing the Statement of Retained Earnings tab. [ACC-307-03]
3. Prepare a balance sheet by completing the Balance Sheets tab. [ACC-307-03] Final Project Part I Submission: Final Workbook
In Module Seven, you will submit the first part of your final project, which is the final version of the project workbook. It should be a complete, polished artifact
containing all of the critical elements of Final Project Part I. It should reflect the incorporation of feedback gained throughout the course. This submission will be
graded with the Final Project Part I Rubric.

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