Entrepreneurial Accounting Excel Project
Objectives: Gain understanding of Excel and build upon your knowledge of financial accounting by developing a company and performing analysis throughout the period.
Overview of Assignment: This project will be ongoing throughout the full semester, and you will have assignments due each week. Your project will be to make up a business that offers some type of service. Your first assignment will be to provide an overview of the type of business you will be operating with information including company name, location, mission statement, primary clientele, marketing efforts, website address, and type of services offered. You may provide any additional information you would like, so please be creative.
Each week beginning with week one, you will turn in at a minimum 10 journal entries that represent your business's activity for one month. These entries represent all the activity that your business has, so think about the types of activities a business would be involved in as you are considering your journal entries. Each week, you must have at least one revenue entry and at least two expense entries. You may provide more than 10 entries, but you must provide at least 10 each week. Some journal entries will repeat from week to week. You will also create a running trial balance to accumulate all the activity from your journal entries. The trial balance should be linked to your journal entries to automatically update.
This assignment must be done in Excel, and you will build your Excel file each week. The first tab in your file should contain information about your company. Subsequent tabs will contain your journal entries for each month. You will have one tab for your trial balance that uses formulas to calculate the balance in each account. The trial balance should be updated each week.
After six weeks, you will use your updated trial balance to create a mid-year summary within your Excel file. Your mid-year summary will include a balance sheet and income statement in a proper format for your company as well as a summary document. Your balance sheet and income statement for the first six months will be tabs in your Excel file and should link to your trial balance. Your summary document should be one page (single-spaced) and should detail your business plan and the results of your operations for the first six months (weeks) as well as plans for improvement over the remainder of the year. You may use an Excel text box for your summary.
During the second six weeks, you will continue providing 10 journal entries a week, considering any changes that you need to make based on your plans for improvement. The same journal entry requirements apply to the second half of the project as did the first half. Your trial balance should continue to be updated and provided each week.
At the end of twelve weeks, you will have a full year of activity in your Excel file. You will provide an end of year summary, which includes a final balance sheet and income statement (linked to your trial balance) and a final summary document. This final summary document should include the results of your first year of operations as well as discussion on the results of changes made after the first six months (weeks.)
SUMMARY OF PROJECT
DESCRIPTION
1. Company Description
2. January Journal Entries
3. February Journal Entries
4. March Journal Entries
5. April Journal Entries
6. May Journal Entries
7. June Journal Entries
8. Mid-Year Summary
9. July Journal Entries
10. August Journal Entries
11. September Journal Entries
12. October Journal Entries
13. November Journal Entries
14. December Journal Entries
15. End of Year Summary
Company
T-Shirts Only
Location
4500 Independence Boulevard
Florence, AL 35630
Mission Statement
Our goal is to help people make memories. We are printing t-shirts to help people remember their special event. We know your t-shirts are keepsakes that will remain with you for years. We share ourselves with you in every garment we print.
Clientele
Our target clientele is anyone who wears a t-shirt!
Marketing
Email
Social Media
Web Design
Services
Design Collaboration
Embroidery
Rush Deliveries
Screen Printing
Team Personalization