PROJECT 1: MARCIA WESTCOTT, ACCOUNTING
Project 1 culminates the activities in Part 2 of the book: Sage 50 2019 for
Service Businesses. In this project the students set up a sole
proprietorship, service business for Marcia Westcott, Accounting. Ms.
Westcott started her accounting practice on December 1, 2019, in Yuma,
AZ. Ms. Westcott has three employees who are independent contractors.
In Chapter 15, payroll accounting is studied in detail.
It is the students’ job to use Sage 50 to set up Ms. Westcott’s business,
edit the Chart of Accounts, enter Chart of Accounts beginning balances for
November 1 through 30, 2019, and record the transactions for the month
of December 2019. Students also complete account reconciliation,
journalize and post adjusting entries, print financial statements, and close
the fiscal year. You may want to collect some or all of the reports shown in
230 – IMK Project 1: Marcia Westcott, Accounting
CHECK YOUR PROGRESS:
PROJECT 1, MARCIA WESTCOTT, ACCOUNTING
1. What are the total debit and credit balances on your
unadjusted trial balance? $122,600.00
5. What is the depreciation expense for computer
equipment on December 31? $353.50
6. What is the amount of total revenues as of
December 31? $15,000.00
7. How much net income (or net loss) is reported
on December 31? $3,391.19
11. Is there an Increase or Decrease in cash for
the month of December? Increase
12. Were any Accounts Payable incurred during the
month of December? (Circle your answer) No
Project 1: Marcia Westcott, Accounting 231 – IMK
Project 1 (12)
232 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (15) – November 30, 2019 Balance Sheet (beginning
balances)
Project 1: Marcia Westcott, Accounting 233 – IMK
Project 1 (19)
234 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (20)
Project 1: Marcia Westcott, Accounting 235 – IMK
Project 1 (21) – Unadjusted Trial Balance
236 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (24)
Project 1 (24) (continued)
Project 1: Marcia Westcott, Accounting 237 – IMK
Project 1 (24) (Concluded)
238 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (25) – Adjusted Trial Balance
Project 1: Marcia Westcott, Accounting 239 – IMK
Project 1 (26)
240 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (26) (Continued)
Project 1: Marcia Westcott, Accounting 241 – IMK
Project 1 (26) (Concluded)
242 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (27)
Project 1: Marcia Westcott, Accounting 243 – IMK
Project 1 (27) (Continued)
244 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (27) (Continued)
Project 1: Marcia Westcott, Accounting 245 – IMK
Project 1 (27) (Concluded)
246 – IMK Project 1: Marcia Westcott, Accounting
Project 1 (32) – Postclosing Trial Balance
SOLUTION FILES
The solution files, in .ptb, .pdf, and .xlsx formats, are included on the
Online Learning Center, www.mhhe.com/yacht2019 > Instructor Edition.
For access to the password-protected Instruction Edition website, contact
your McGraw-Hill sales representative at
https://shop.mheducation.com/store/paris/user/findltr.html.
The chart on the next page shows the size of the Project 1 solution files
(Sage 50 backups, Excel reports and Adobe PDF files).
Project 1: Marcia Westcott, Accounting 247 – IMK
Project
Sage 50 Backup (.ptb)
Excel (.xlsx) and Adobe (.pdf)
Page
Nos.
Project 1
Marcia Westcott Chart of Accounts.ptb
915 KB
390
Marcia Westcott Beginning Balances.ptb
392
Marcia Westcott UTB.ptb
394
Marcia Westcott December.ptb
395
Marcia Westcott_Adjusted Trial Balance and
Financial Statements.xlsx
395
Project 1_Adjusted Trial Balance.pdf
395
Project 1_Balance Sheet.pdf
395
Project 1_Income Statement.pdf
395
Project 1_Statement of Cash Flow.pdf
395
Project 1_Statement of Retained Earnings.pdf
395
Marcia Westcott EOY.ptb
395
Marcia Westcott_Postclosing Trial Balance.xlsx
395
Project 1_Postclosing Trial Balance.pdf
395
The OLCs Online Learning Center shows additional reports saved as PDF
files – www.mhhe.com/yacht2019 > Instructor Edition > Excel Reports and
PDF Reports.