Phase 4 Individual Projects (due in 6/13/11 ACCT201-1102B-14 Accounting 1 Task N

Question

Phase 4 Individual Projects (due in 6/13/11
ACCT201-1102B-14 Accounting 1
Task Name: Phase 4 Individual Project
Deliverable Length: See Assignment Description
Details: In this assignment, use the knowledge that you have gained in this class to develop an idea that will be the start of a business plan. Build on the idea for the business that you submitted in your earlier assignments.
The initial business plan should include the following:
•Name and product of your business.
•Type of business: Must be a service business
•Sole Proprietorship or Partnership.
•Chart of Accounts–consider the following:
?What assets your company will require
?Your investment
?Revenue
?At least 3 expenses
?Your capital and withdrawal accounts
?If a partnership, research how to set up the capital accounts
•Discuss the internal controls necessary for your business. Consider how the Sarbanes-Oxley Act applies.
•Develop journal entries for the first month. You must have the following, at a minimum:
?Initial investment
?Revenue/sales
?3 expenses
?Owner’s withdrawal(s)
•Post these to the ledger.
•Develop a trial balance.
Discuss in your narrative why you chose the particular business and why you decided to set it up as a sole proprietorship or as a partnership.
Discuss the challenges that you will face in ensuring the integrity of your company's accounting information
The deliverable for this assignment is one Excel spreadsheet with worksheets for the journal, the ledger, and the trial balance, with the narrative part of the assignment pasted in from Word

Explanation / Answer

The best way to get this done is to decide which business you would like to start. Then download Microsoft Office Accounting Express: http://download.cnet.com/Microsoft-Office-Accounting-Express/3000-2066_4-10599757.html Go through the setup and use your text book to model the required journal entries. Based on the project requirements, choose a sole proprietorship (LLC if possible) to make the journal entries easy.

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