t’s now time to complete your second graded project, which is called “Project 2: Northern Sports.” Take time to read the instructions carefully. Complete your work accurately and be sure to check it thoroughly when you complete it. This project will be submitted for grading.
Project 2: Northern Sports is found after Chapter 15 in your textbook. Northern Sports sells bicycles and is organized as a corporation. You purchased Northern Sports in December 2016.
First, read through the project to become familiar with the tasks you’re required to do. Refer back to Chapters 12–15 for a review of accounting for a merchandising business if you’re unsure how to perform an assigned task. This project is very similar to what you’ve been doing throughout these chapters.
n Complete Steps 1–9 as instructed in the textbook. n Complete Steps 1–5 for the General Ledger.
n Complete Steps 1 and 2 for Accounts Payable.
n Complete Steps 1 and 2 for Accounts Receivable. n Complete Steps 1–6 for Payroll.
n Complete Steps 1–4 for Inventory.
n Journalize and post the transactions.
n Complete the account reconciliation.
n Complete Steps 1–7 for printing the reports.
Please note the following important points:
<Standard> Balance Sheet <Standard> Income Statement Statement of Cash Flows
© PENN FOSTER, INC. 2017 PROJECT 2: NORTHERN SPORTS PAGE 2 Graded Project
n When creating the Excel file for the Balance Sheet, under the File option, select Create a new Microsoft Excel workbook option. To name the file, use your stu- dent number, followed by an underscore, and then the first six digits of the exam number. For example: 12345678_061461 (Your student ID_exam number).
n WhencreatingtheExcelfilefortheIncomeStatementandtheStatementof Cash Flows, under the File option, select Add a new worksheet to an exist- ing Microsoft Excel workbook. Click Browse to find and select the file you just created to add the Income Statement and the Statement of Cash Flows as new worksheets in the already existing file that contains the Balance Sheet.
n The time frame to be used for both reports is the current period default (01/1/17 thru 01/31/17).
n It isn’t necessary to export the other statements. They aren’t being graded. Only the Balance Sheet, Income Statement, and the Statement of Cash Flows will be used for grading purposes. For more information on Nothern Sports Introduction Check: https://edition.cnn.com/sport