An Extra Credit Opportunity Exclusively for BUSI 120A students!

You may earn up to 50 extra credit points for successfully completing the Comprehensive Problem at the end of your textbook.

You will have the chance to apply all the information you have learned in the course, plus you will be able to simulate keeping the books for a business from beginning to end.

Follow the instructions on textbook pages 511 through 514.   Use either this PDF file or this Excel file to complete the problem.   To open the Excel file, right click on the link and save it to your computer.   Then open it in Excel.
To open the PDF file, use the same password we have been using all semester.

If you do the problem in Excel, you must print out each page of the worksheet and submit hard copies. 

Some journal entries have been done for you already and the Payroll Register has been completed for you.  Important:  check the General Journal and General Ledger entries as there is a posting error -- you are responsible for verifying that any journaling and posting done so far is done correctly before you begin the problem.

Points will be awarded as follows, assuming the correct accounts and amounts are journalized and posted.

________ 10 points Journalizing of each transaction into the appropriate journal: Sales, Purchases, Cash Receipts, Cash Payments, or General Journal  
________ 10 points Posting from the journals to the General Ledger and subsidiary ledgers as needed  
________  2 points Preparation of Schedule of Accounts Receivable and Schedule of Accounts Payable  
________  5 points Completion of the Worksheet including adjustments Check figure:  Trial Balance Total:  $183,372.54
________  3 points Completion of the General Journal entries for adjustments  
________  3 points Posting adjustments to the General Ledger  
________  3 points Preparation of an income statement. Check Figure:  Cost of Goods Sold:  $51,128.37
________  3 points Preparation of a Statement of Owner's Equity.  
________  3 points Preparation of a balance sheet. Check Figure:  Total Assets:  $111,195.66
________  3 points Journalizing and posting the closing entries.  
________  5 points Preparation of a post-closing trial balance. Check Figure:  Post-Closing Trial Balance Total:  $116,628.66

50 points possible                      Attach all your forms in the correct order to this cover sheet. 

Sign here to verify that you have done this work independently (or with authorized instructor or tutor assistance). If you copy from another student or allow another student to copy from you, you will both get 0 on this assignment.

                                                  ___________________________________________
                                                                            Signature                             Date

Credit will be awarded for partial completion.  Please do not wait until the last week to ask for help.

Due date:  no later than 10:50 a.m., Wednesday, May 25, 2011.    No exceptions!