Amphibian Sounds: An Accounting Practice Set

Introduction

Business

Accounting Procedures

Your Assignment

Chart of Accounts

Post-closing Trial Balance

Schedules of Subsidiary Ledger Balances

Transactions

Journals

- Sales Journal

- Purchases Journal

- Cash Receipts Journal

- Cash Payments Journal

General Journal

Ledgers

- Accounts Receivable Ledger

- Accounts Payable Ledger

- General Ledger

Final Statements

- Schedules of Subsidiary Ledger Balances

- Bank Reconciliation Statement

- Worksheet
- Profit and Loss Statement

- Balance Sheet

- Post-closing Trial Balance

Amphibian Sounds is a retail music business. The proprietor's partner, who handles the accounts, will be away for a month and the student must step into this role and complete the accounts. Full background information to enable them to do this is included, together with blank accounting pages for completion.

This manual accounting practice set (which is based on a periodic inventory system) is intended for introductory students, both accounting and non-accounting majors. It allows students to become familiar with the recording process, and may be used as a supplementary exercise to aid student comprehension or completed as an assessable component of students' final grades.

The practice set includes expanded introductory material that covers all of the information students will need to complete the exercise, avoiding the necessity for instructors to write supplementary notes. We have also included a bank reconciliation statement - not always present in practice sets - to aid realism and understanding.