NOTE: The accounts in the accounting cycle for a sole proprietorship are different from those used in a corporation
Instructions – Project will be done in Connect – Refer to your schedule for due date.
The business associated with the project opened its doors in October. Transactions for October and November have been recorded already and are in the unadjusted November trial balance. You will record December transactions. Please take into consideration the amounts recorded in October and November as well as the ones you will record for December when making adjusting journal entries. December will be the first time financial statements will be prepared; therefore, you will have to think about October, November and December when adjusting the books.
Resources to complete the project
Sole Proprietor Accounting Cycle videos prepared by Professor Chauvin:
HINT: Use T Accounts for the Income Summary Account and Owner’s Capital to avoid confusion in recording closing entries.