They not only reinforce the student's understanding of how events affect statements but also help them understand how the income statement, balance sheet, and statement of cash flows interrelate. The guide contains approximately 200 pages and includes appropriate work papers and a complete set of solutions. Beginning account balances are presented in a trial balance. Students record accounting events including appropriate adjusting entries in general journal format. The software program automatically updates the beginning balances and provides students with an adjusted trial balance.
Students use the adjusted trial balance to manually prepare a complete set of financial statements.
The software is a DOS based program that is designed to operate on IBM compatible systems using DOS versions of 3.0 or higher. Mark's Racquets, Inc. is a manual practice problem that can be introduced approximately two-thirds through the course. Students record accounting events in general journal format and post transaction data to running balance general ledger accounts. They prepare unadjusted, adjusted, and post-closing trial balances. They use the information contained in the adjusted trial balance to prepare an income statement, a balance sheet, a statement of changes in equity and a statement of cash flows.