Y25/26 FINAL PROJECT
Subject: Accounting Principles I Professor: Oscar Fuentes Loyola Due Date:
INSTRUCTIONS Group project is designed to implement all the concepts learned during the course from a practical point of view. Once you have determined the activity and you have been organized into groups, having chosen your team members, proceed to do the following: 1. Create your company and provide a brief report to the project explaining in detail: type of activity, legal form (sole proprietor, partnership, limited liability company or corporation) and why you have chosen that specific legal format. 2. Prepare all the necessary entries to create your business from the first day, as well as all the transactions until the end of the month. We will be considering two months of activity in order not to make it too extensive. You will be responsible for submitting: a. Journal b. Ledger c. Preparing the adjusting entries at the end of the month. d. Preparing an adjusted trial balance at the end of each of the two months. e. Closing the books by preparing the closing entries, income statement, statement of retained earnings and finally the balance sheet for your two months of activity. Every week and with every new chapter learned, you will be adding new types of transactions to implement what you have learned. Have very clear what your activity is about so you can create your initial entries. You MUST consider registering no less than 20 operations per month (Adjusting entries and closing entries are NOT considered as part of these 20 operations). ADVISE: choose a business in which you have both service as well as the sale of certain items or products related to your business. (ex. Driving school that also sell books to prepare for the driving exams, a hair saloon…) � do not choose a restaurant! Project is due THE LAST WEEK OF CLASS. Submission point will be created in eStudy Format: Word documen
2
– Write your surnames and names of each member on page 1. – On page 2 present your BM Canvas and explain briefly what is your
business about. Answer to Question 1 (what does your business need to produce future revenues) and, Question 2 (how are you going to finance your assets).
Excel Sheet
– First tab: Surname and name of each member. – Second Tab: BM Canvas and explain briefly what is your business about.
Answer to Question 1 (what does your business need to produce future revenues) and, Question 2 (how are you going to finance your assets).