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Business Question

Post ID: 3557863

1) assignment 1 Chapters 3 and 4.

Mini Business Simulation – Start-Up Scenario

Chapters Covered:

  • Chapter 3 – Adjusting Accounts
    • C: Explain why adjusting entries are essential for accrual accounting.
  • Chapter 4 – Completing the Accounting Cycle
    • Describe the steps of the accounting cycle.
    • Analyze effects of closing entries on temporary accounts.
    • Prepare closing entries and post-closing trial balance.

Goal

This simulation gives you hands-on practice completing the entire accounting cycle—from recording transactions to preparing financial statements. By working through a small business scenario, you’ll see how each step builds toward accurate financial reporting.

Task

  1. Create Your Business
    • Choose from:
      • A fictional small business provided by your instructor OR
      • Your own idea (examples: sneaker resell shop, tutoring service, food truck, pet-sitting service).
    • Give your business a name, type of products/services, and a starting cash balance.
  2. Complete the Accounting Cycle (Over 1–2 weeks): Accounting Cycle Template
    • Step 1: Record the following 6 business transactions below in the general journal.
      • Owner Investment
      • Purchase of Supplies for Cash
      • Purchase of Equipment on Account
      • Revenue Earned for Cash collected immediately
      • Cash received for products/services but not earned
      • Payment of Expense 1 in Cash
      • Payment of Expense 2 in Cash
      • Purchased Prepaid Insurance for 3 months
      • Paid in advance for 3 months of rent
    • Step 2: Post journal entries to the general ledger.
    • Step 3: Prepare an unadjusted trial balance.
    • Step 4: Journalize and post adjusting entries (deferrals and accruals).
      • Adjusting entry showing that physical supplies inventory is different from the supplies account balance
      • Equipment has depreciated for three months
      • Revenue previously in unearned revenue has now been earned
      • Insurance expired for 3 months
      • Rent has expired for 3 months
    • Step 5: Prepare an adjusted trial balance.
    • Step 6: Create financial statements(Income Statement, Statement of Owner’s Equity, Balance Sheet).
    • Step 7: Journalize and post closing entries.
    • Step 8: Prepare a post-closing trial balance.
  3. Reflection
    • Write a 1-paragraph reflection explaining:
      • Why adjusting entries were necessary in your business scenario.
      • How closing entries impact temporary accounts.
      • Calculate and explain what your profit margin says about your business performance.

Deliverable

Submit a Accounting Cycle Packet containing:

  • Excel Template with the following:
    • Business description (name, product/service, starting balance)
    • General journal entries
    • Ledger postings
    • Unadjusted trial balance
    • Adjusting entries & adjusted trial balance
    • Financial statements
    • Closing entries & post-closing trial balance
  • Microsoft Word Document with the following:
    • Reflection paragraph

Format Requirements

  • Use standard accounting formats for all journals, ledgers, and trial balances.
  • Financial statements must be properly labeled with business name, title, and date.
  • Work may be neatly handwritten or typed (spreadsheets allowed).






2) chapters 5 and 6

Explain It to Me Like I’m 5” – Merchandising & Inventory Edition

Chapters Covered:

  • Chapter 5 – Merchandising Operations
    • Distinguish between service and merchandising business models.
    • Compute gross margin and assess merchandising performance.
    • Record purchases, sales, and related adjustments.
  • Chapter 6 – Inventories & Cost of Sales
    • Explain inventory valuation methods (FIFO, LIFO, weighted-average).
    • Analyze inventory turnover and days’ sales in inventory.
    • Apply inventory costing methods to calculate cost of goods sold.

Goal

You will demonstrate your understanding of key merchandising and inventory concepts by explaining them in plain, simple language—as if you were teaching a beginner (or even a curious 5-year-old). This assignment reinforces your grasp of the material by requiring you to simplify it for others.

Task

  1. Choose a Topic (Examples):
    • Difference between service and merchandising businesses
    • How to compute gross margin
    • FIFO vs. LIFO vs. Weighted-Average inventory costing
    • How to calculate cost of goods sold
    • Inventory turnover and days’ sales in inventory
  2. Create a PowerPoint Presentation (5–7 slides):
    • Slide 1: Title slide (topic, names, course, date)
    • Slides 2–5: Explain your concept using plain language, visuals, and examples
    • Slide 6: Real-world example or application (e.g., how a store uses this in daily operations)
    • Slide 7: Summary or “Key Takeaways”
  3. Add Voice Narration to Each Slide
    • Total presentation length: 2–3 minutes
    • Use friendly, simple language
    • Avoid technical jargon unless you explain it clearly3








    • 3) chapters 7 and 8 Chapters 7 & 8 Learning Application Assignment: Cash, Fraud, and Internal ControlPurposeThis assignment is part of a classroom research activity on AI driven decision making in accounting. You will apply your knowledge of internal control and bank reconciliation while evaluating the accuracy, trustworthiness, and ethical implications of using generative AI (e.g., ChatGPT) to complete financial assignments.You will complete this assignment two ways:
      1. Manually (Self-Completed) – using your textbook, class notes, and personal understanding only.
      2. Using AI (ChatGPT-Completed) – by entering the problem into an AI tool (e.g., ChatGPT) and analyzing its results.
      You may choose either version to submit for grading as there is no penalty for selecting the AI-completed version. However, you must still complete bothversions for your own comparison and reflection.
      Assignment Scenario: Pesco SystemsYou are an accounting tutor. Prepare a bank reconciliation and journal entries for Pesco Systems (using this template: Chapter 7 and 8 Learning Application Assignment Template _ 2025.xlsx), based on the September financial data provided in the case (Chapters 7 and 8 Learning Application Assignment.docx).Required:
      1. Prepare the Bank Reconciliation for September 30.
      2. Prepare Journal Entries necessary to adjust the book balance to the reconciled cash balance.
      Submission InstructionsYou will submit two files to the LMS. Title your excel and word submission based on the version you chose to turn in:
      If you are submitting the assignment that you completed manually: Chapter 7-8 Learning Application Assignment_YourName_SelfCompleted
      If you are submitting the AI solution as your assignment: Chapter 7-8 Learning Application Assignment_YourName_ChatGPTCompleted
      You must also include a short written reflection (see below) in a separate word file.
      Reflection Questions (Answer in Word )Please respond thoughtfully to the following questions after completing both versions of the assignment:
      1. Submission Choice: Did you submit your self completed version or the ChatGPT version?
      2. Trust: Did you trust the AI generated result? Why or why not?
      3. Accuracy: Did ChatGPT produce accurate results for the reconciliation and journal entries? Identify any mistakes or differences you noticed.
      4. Ethics: Is it ethically responsible to use generative AI to complete accounting coursework? Why or why not?
      5. Integrity: How did this exercise challenge your honesty, professional judgment, or integrity?
      6. Future Use: Based on your experience, how do you plan to use (or limit your use of) generative AI in your future college coursework or career?
      Learning OutcomesBy completing this assignment, you will:
      • Apply internal control and reconciliation principles to real world accounting data.
      • Evaluate the accuracy and reasoning of AI generated financial solutions.
      • Demonstrate ethical reasoning regarding academic integrity and technology use.
      • Strengthen professional skepticism and decision making in an AI integrated business environment.

    4) chapters 9 and 10

    Accounting in the Headlines" – Infographic

    Goal:
    Connect concepts from Chapters 9 and 10 to real-world business activities and reporting in a visual, easy-to-understand format.

    Task:

    You will select a recent news article (within the last 12 months) involving accounting-related topics such as:
    • Accounts receivable issues
    • Asset purchases, sales, or impairments
    • Fraud or errors involving receivables or fixed assets
    • Major acquisitions or disposals of property, plant, or equipment

    Deliverable:

    A 1-page infographic created in Canva that includes:
    1. Headline & Source – Article title, publication, and date.
    2. Key Facts – A short summary (3–5 bullet points) of the event.
    3. Chapter Connections – At least one concept from Chapter 9 and one concept from Chapter 10, clearly explained and linked to the article.
    4. Visual Elements – Icons, charts, or images that illustrate the event and the accounting concepts.
    5. Citation – APA citation for the article at the bottom.

    Infographic Requirements:

    • Must be visually engaging and easy to read.
    • Concepts from Chapters 9 and 10 must be clearly defined before linking them to the article.
    • Save and submit as a PDF or PNG file.

    How to Create Your Infographic in Canva:

    1. Go to www.canva.com and create a free account(if you don’t already have one).
    2. In the search bar, type “Infographic” and select a single-page infographic template.
    3. Choose a professional template that suits your topic.
    4. Replace the placeholder text with:
      • Title: The headline of your chosen article.
      • Summary: 3–5 bullet points describing the key facts.
      • Chapter Connections: Briefly define and explain 1 concept from Chapter 9 and 1 concept from Chapter 10, and describe how they connect to your article.
    5. Add visuals – icons, graphs, or stock images that help explain your points. Use Canva’s built-in Elements tab.
    6. Adjust colors and fonts so they are easy to read and professional-looking.
    7. At the bottom, add your APA citation for the article.
    8. When finished, click Share → Download and select PDF or PNG.
    9. Submit your completed infographic to the assignment.