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=Welcome Students:=

On the **Wiki** you will work as a team. Each student will need to contribute to solving the problem given below.

complete or work on with another student or students. Each student needs to work on one Statement at least but all 4 must be prepared.
 * Find under Course Information the Adjusted Trial Balance for the Classic Upholstery Shop and up load to the Wiki as a File (click manage, click file, upload) ([|www.northwestms.edu] click blackboard, click course, locate Course Information, locate the Adjusted Trial Balance for the Classic Upholstery Shop, save as a file.
 * Prepare the 4 Financial Statements from the information given on the Adjusted Trial Balance (good form). We have 22 students therefore, One student needs to locate the Adjusted Trial Balance and post. This student will also make sure that all 4 F/S are posted and that everyone did work on the team project.
 * The remaining students need to select one of the 4 F/S to prepare.That means that 4 to 5 students to work on Income Statement, Owners Equity Statement, Balance Sheet, and Cash Flow Financial Statement (Prepare statements in Microsoft Word, save, upload file to the **Wiki), make sure that file will open after uploading.** Be sure to give your name on the Part that you
 * Due date will be September 30, 2010 at 11:55p.m.

The buttons to the left, the main one that you will use is the **manage** the wiki button. It is easier at first just to upload your files.

Team project-

Ms Johnson


 * STUDENTS I HAVE POSTED A FILE - STUDENTS IN CLASS WITH EMAILS. (CHECK UNDER MANAGETHEN LOOK FOR FILES CLICK)**

I have emailed all members as of today since Gracie has posted the Adjusted Trial Balance for the Classic Upholstery Shop. Great job Gracie- Other members start working on your posting as soon as possible.
 * September 22, 2010**


 * SEPTEMEBR 23, 2010**
 * Thanks for posting the Income Statement - Doris**

also Thanks for posting the Income Statement - FRESHOUR, Shanessa Students need someone other than Gracie, Doris and Shanessa to post the Owner's Equity Statement.


 * SEPTEMBER 24, 2010**
 * Glad to see that additional students have joined the wiki.**
 * Ms Johnson**

Check your email students that have joined the Wiki. Also check the Resent Changes. We need to post the Owner's Equity Statement, Balance Sheet, and Cash Flow. You might want to get with another student to complete one of the statements listed. Also you can do closing entries and a Post closing Trial Balance to show completion of the Accounting Cycle.
 * SEPTEMBER 25, 2010**

The Wiki will not close until the end of the semester. So you have time to post. Also I will add another problem after Mid-Term for us to work on together. I will also post a problem with answers.

I will be away from computer today but will return to night. Also on Friday, I had a great meeting at the University of Memphis on Business entities (individual, partnerships, C corporations, LLC, S corporations) with tax information for the new year. Gear Up the provider has great CPE speakers.

Thanks to all that have worked on the Wiki and to all who have joined the Wiki.
 * SEPTEMBER 28, 2010**
 * Students that have not joined the Wiki, I have sent a second invitation.** Students I realize that you are working on Cengagenow since close out is October 1, 2010 at 11:55p.m. (everything posted on Cengagenow at the present time). Therefore I have extended the Wiki and will not be due until the end of the semester.

I will check again at the end of week but really will not send emails are comments until next week.

Ms Johnson


 * October 5, 2010**
 * Students, I will post a new problem on the Wiki tomorrow. If I have missed your email, please email me again.**
 * Also Thanks to everyone that has tried to get all students to post on the Wiki. Working as a class is very important online so that you can get help from other students and from your Instructor. Also you can see all posting on the Wiki on one page. That is great.**
 * Be Back tomorrow with new problem.**
 * Last I do want to say that the majority of the students in this class are doing great. So please keep up the good work. Take advantage of this light week in Chapter 5 to read ahead on Chapter 6.**
 * Ms Johnson**
 * I just reviewed the Owner's Equity statement and sent Amanda an email to make one corrections-**
 * increase in owners equity should be the same (on this problem) as net income. Thanks to Amanada for posting the Owner's Equity Statement.**
 * Ms Johnson**

I am sending out another email to get everyone on the Wiki by October 15.


 * OCTOBER 6, 2010**
 * NEW PROBLEM: GIVE AN EXAMPLE OF THE FOLLOWING: J/G; CR; CP; P; R; - EVERYONE needs to post an answer for the 5 journals in Chapter 5. Try not to have the same examples of someone else- Save the completed assignment in Word and upload as a file to the Wiki.**


 * OCTOBER 7, 2010**
 * We are adding members that is great maybe we will get everyone in the Wiki by October 15.**
 * Thanks for everyones help.**
 * FINAL EXAMINATION SCHEDULE: IF YOU HAVE NOT LOCATED-**
 * NOVEMBER 18 (THURSDAY) OR NOVEMBER 22 (MONDAY) ROOM 136 TUNICA BUILDING SENATOBIA, MS (WITH INSTRUCTOR) TIME: 4:30p.m.-6:30p.m. ALSO at the same location (Helpful hints-Blackboard) you will find your questions for the final. I will have more details next week as to Final.**
 * Gracie is working on the Cash Flow Statement. Did I miss the Balance sheet remember order of statements Income Statement, Owner's Equity Statement, Balance Sheet and Cash Flow.**
 * Talk to you again on Tuesday morning -**
 * Ms Johnson**


 * OCTOBER 13, 2010**
 * Glad to be back - had a great time at the wedding.**


 * OCTOBER 14, 2010**
 * SALMA - YOUR Balance Sheet does not Balance. You do not have Inventory, etc. Be sure to correct errors and repost.**


 * Great Job on the Balance Sheet - Mary Newson - Be sure everyone review it is correct.**


 * We still need a correct Cash Flow Statement-**


 * OCTOBER 14, 2010-** BE THE FIRST TO POST THE CORRECT ANSWER - MAKE SURE THAT YOU GIVE YOUR NAME BY YOUR ANSWER TO RECEIVE POINTS-


 * PROBLEM I: COMPLETE THE FOLLOWING: __GROSS PROFIT**
 * SALES--$100,000**
 * BEGINNING INVENTORY - 10,000**
 * PURCHASES - 20,000**
 * FREIGHT IN --- 5,000**
 * ENDING INVENTORY -- 5,000**


 * OCTOBER 24, 2010**:

Amanda the problem that you posted on the Wiki is a great example of transactions and F/S. Thanks for posting.

Students what a great class we have 16 students that have joined the Wiki. I hope that by using the Wiki you could reach out to another class member. If you have any ideas how to make online more as a classroom, let me know. I hope that you did look at Accounting classes on YouTube (under Announcements) Susan is speaking at our (MSCPA) Educational Meeting in October. I do know that she brings out the Corporation and of course with started with the Single owner service business.

Also be sure to look at the READ (under announcements) - articles from the MSCPA - great if you are an Accounting Major. Our MSCPA is a great organization for education AND Jobs for the CPA.

Also NW is offering for the first time **online Income Tax Accounting** it is a BOT course but great if you want to become an Enrolled Agent with the IRS. I will be teaching the course this Spring. Also I hope to see everyone in the **Online Accounting II** (Partnerships, Corporations, Manufacturing Cost, completion of Balance Sheet) or in class. I am teaching a **7:00a.m. Accounting II** on the Senatobia Campus MWF in Room 130 Tunica Building and one at **11:00a.m. MWF**.

Last I am working on confirmation of your appointment for the final. Please let me hear from you this week.

Ms Johnson

GRACIE: Thanks for posting problem from Chapter 5 - you do have some mistakes - This is just a summary of Chapter 5 to help you. You did a great job but to clear up some areas:

Special Journals CR, R, CP, P - are used to save you time in posting - Therefore for example Revenue Journal you have one column labeled Accounts Receivable and Fees Earned. Therefore you only post the total Figure for that Column to Accounts Receivable and Fees Earned and under the total figure you indicate Account Numbers 12/41 but in the Post Ref Column you would indicate a check mark since in the description column you have the Company name or Individual that owes you or the subsidiary ledger for Accounts Receivable. This is true in the P journal also the Post Refer would be a check mark and under the Description Column would be Company names that you owe. You would have a special column for merchandise inventory, supplies and Accounts Payable (special column for any account that you use several times in a month).

Also other account column total figure you would have a check mark under the total indicating that you do not post total you post each account separate under other accounts since you probably could have purchased equipment, vehicle, building on account and not have a special column since you did not purchase several equipments, etc in a month. in the Post Reference column for other accounts you would have Account Number say for equipment 17, vehicle 18 and building 19.

The General Journal would only be used for Adjusting entries, closing entries, correcting entries, reversing entries, and payment and receivable when you do not have profit involved in the transaction ( another CPA ask me for 3 rings of paper, I would be selling to them at cost with no profit therefore my entry would go in the G/J = dr-Cash and Cr supplies or I ask another CPA for paper = dr Supplies and Cr Cash.

I hope that this helps -

STUDENTS let me know if I have missed replying to you on the Wiki for a problem posted. I tried not to miss anyone. I reviewed the recent change page. If I did just let me know so that I can review your problem that you have posted or your answer to any of the problems posted.

Talk to you later-

NET INCOME || 18580 ||  || INCREASE UPHOLSTERY FABRIC INVENTORY ||  || 1600 14000 || ENDING CASH BALANCE (7000-7000 = 0) 0 0 NOTE DID NOT HAVE FINANCING (LONG TERM)
 * NOVEMBER 7, 2010**
 * The semester is almost over and I do appreciate everyone using the Wiki. We just finished this last week registration for the Spring 2011. We will continue registration for the month of November.**
 * I wanted to post the Cash Flow for the Classic Upholstery Shop: I did the Indirect Method**
 * DESCRIPTION || DEBIT || CREDIT ||
 * **OPERATING**
 * DEPR (NONFUNDS) || 1800 ||  ||
 * INCREASE ACC REC ||  || 2500 ||
 * INCREASE OTHER SUPPLIES ||  || 2300 ||
 * INCREASE PREPAID INS
 * INCREASE UTILITIES PAYABLE || 320 ||  ||
 * INCREASE NOTES PAYABLE (ASSUMED SHORT TERM) || 6700 ||  ||
 * **NET OPERATING** || **7000** ||  ||
 * **INVESTING** ||  ||   ||
 * INCREASE SEWING MACHINE ||  || 4000 ||
 * INCREASE TOOLS AND EQUIPMENT ||  || 3000 ||
 * **TOTAL INVESTING** ||  || **7000** ||
 * INCREASE TOOLS AND EQUIPMENT ||  || 3000 ||
 * **TOTAL INVESTING** ||  || **7000** ||

I will post a final comment to the Wiki around the 16th of November.

Thanks again to everyone -

Ms Johnson


 * NOVEMBER 15, 2010**
 * Last comment for the Wiki- I hope that everyone did get some experience with Wikispaces and working with other students in the class. I will try to post grades by Wed going into the Final. Thanks again for a great semester.**
 * Ms Johnson**