Recording Transactions and Adjustments and Performing Month-end and Year-end Closing Procedures

5251 WordsMar 6, 201422 Pages
Chapter 4  Recording Transactions and Adjustments and Performing Month-end and Year-end Closing Procedures Options A, B, and C. This chapter has three options depending upon your previous experience with a manual version systems project called the Systems Understanding Aid, written by the same authors as this computerized project. Option A is for students who have not used the Systems Understanding Aid before. Option B is for students who have completed the Systems Understanding Aid before using Transactions List A (Document No. 1). Option C is for students who have completed the Systems Understanding Aid before using Transactions List B (Document No. 1). Your Instructor has chosen Option A for you to perform and is handing…show more content…
Record December 16-31 transactions and perform related maintenance. Perform December 2001 month-end procedures. Record 2001 year-end adjusting entries. Print financial statements and other reports. Perform year-end closing procedures. Perform Maintenance for Inventory Sales Prices and Costs The price and cost list on the next page reflects the current selling prices and costs for Waren’s twelve products. Waren purchases all products for resale from one vendor, Super Electric Company. Waren sells each inventory item at the same price to all customers. A new price and cost list is prepared each time there is a change in an item’s cost or selling price. In this section, you will compare the selling price and cost of each product to the amounts included in Dynamics and update Dynamics for any differences. Browse Button Hint For efficiency in moving through the inventory items, you may use the browse buttons at the bottom left of the window. Use the browse button to the far left to move to the first record in a list. When finished with that record, use the browse button directly to the right of center to move to the next record in the list. If needed, the browse button directly to the left of center moves to the previous record in the list and the one on the far right moves to the last record in the list. These browse buttons are available in all windows involving multiple

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