Accounting

**ASSETS = LIABILITIES + OWNER'S EQUITY**

This **WebQuest **is designed to give accounting students hads on learning experience by putting them in a situation where they would act as a financial accountant. Students go through the accounting cycle by preparing certain documents and financial statements.

__**Introduction:**__ You are the financial accountant of the B. Rogers Merchandising Company. This is a major Fortune 500 Company located in Columbia, SC. Your job is to analyze and record the business transactions that B. Rogers Merchandising Company enters into for the year of 2008-2009. You should also prepare the various financial statements that would assist external decision makers (investors and creditors). As a financial accountant, you should be very precise.

__**Task:**__ You will be able to use the basic accounting equation. You will prepare and post journal entries. You will also complete the financial statements. The financial statements are very useful to investors and creditors. Completing these tasks will give you an overview and experience with financial accounting. You should use Microsoft Excel.

__** Resources: **__ http://www.quickmba.com/accounting/fin/equation http://www.quickmba.com/accounting/fin/cycle Your Accounting textbook

**__Process:__ Record the following journal entries into the Microsoft Excel document: **

On January 1, 2008, the owner of B. Rogers Merchandising Company deposited $500,000 into the company's bank account.

B. Rogers Merchandising Company purchased $4,000 worth of furniture on account from Scana Products on March 24, 2008

On July 14, 2008, B. Rogers merchandising Company paid $2,000 cash to Scana Products on their account

T. Tripple & Partners purchased $1,000 worth of equipment from B. Rogers Merchandising Company. They paid cash.

On December 14, 2008, B. Rogers Merchandising Company paid off the remaining $2,000 to Scana Products. They paid with Check #1002.

__**Chart of Accounts**__ //Account/////Account Number// Accounts Receivable 102 Equipment 104 Furniture 106 Accounts Payable 200 Scana Products 220 T. Tripple & Partners 240 Owner's Capital 300**
 * Cash 100

**Prepare a trial balance.**
 * Create an Income Statment and a Post-Closing Trial Balance for the 2008 year. **


 * // Adjusting Entries and adjusting the trial balance are not needed because there are not any entries that require adjusting. //**

__**Financial Forms:**__ General Journal General Ledgers Balance Sheets (2) Income Statement