Course Project Milestone 3

Scenario:
Youve just secured a new client in your accounting practice, Howard’s Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily, Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesnt know where to begin. Its your job to go through the complete accounting cycle to prepare the financial statements for the HFRM.

Use this table to help ensure you use the correct worksheet for each requirement.

Requirement
Requirement Description
Worksheet Name

1
Prepare the Journal Entries in the General Journal
1 – Journal Entries

2
Post Journal Entries to the General Ledger
2 – General Ledger

3
Prepare a Trial Balance
3 – Trial Balance

4
Prepare the Adjusting Entries
4 – Adjusting Entries

5
Post Adjusting Entries to the General Ledger
2 – General Ledger

6
Prepare an Adjusted Trial Balance
5 – Adjusted TB

7
Prepare the Financial Statements
6 – Financial Statements

8
Prepare the Closing Entries
7 – Closing Entries

9
Post Closing Entries to the General Ledger
2 – General Ledger

10
Prepare the Post Closing Trial Balance
8 – Post Closing Trial Balance

11
Compute Ratios
11 – Ratios

12
Interpret the Ratios
12 – Interpretation of Ratios

Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your instructor.

Finish Requirement 8-12