You will need to submit two excel spreadsheets (one for June and one for July) that contains sheets: journal entries, ledger accounts, balance sheet, income statement, trial balance and inventory count.
You will need to write a memo to the owner giving June and July highlights and concerns that the owner should be aware of, also in the memo
FOR PAIRS ONLY : you need to propose to the owner an accounting information system (computerized) along with associated costs and benefits.

Instructions
Requirement I: June Financial Statements
Assume you are doing Tracy’s job:
Analyze each of June’s transactions and prepare the journal entries
Calculate the depreciation and amortization expenses for the month of June for the tangible and intangible assets
Calculate Cost of Goods Sold assuming the company uses a periodic inventory system and FIFO for cost method
Post the appropriate journal entries in T accounts
Prepare a trial balance
Prepare the Balance Sheet and Income Statement for the month of June.
Requirment II: July Financial Statements
Repeat the steps above for July:
Analyze each of July’s transactions and prepare the journal entries
Calculate the depreciation and amortization expenses for the month of July for the tangible and intangible assets
Calculate Cost of Goods Sold assuming the company uses a periodic inventory system and FIFO for cost method
Post the appropriate journal entries in T accounts
Prepare a trial balance
Prepare the Balance Sheet and Income Statement for the month of July