The Accounting Cycle: Mastery Assessment

The Accounting Cycle: Mastery Assessment

Congratulations on completing Lessons 1-7 for The Accounting Cycle. Below you will find a full accounting cycle problem for you to test your mastery of the concept.

Good luck!

Mastery Assessment

The mastery assessment for this series involves a full accounting cycle problem delivered via Google Sheets. This is a work-at-your-own pace assignment. While the problem will not check every action for accuracy, there will be checkpoints for you to check your work.

Access the Mastery Assessment

Congratulations!

You have completed this series. If you need more practice, please see our additional resources below.

Additional Resources

Accounting Cycle Example: Service-based Sole Proprietorship #2

Follow Along

Excel Spreadsheet (Blank)Download
Excel Spreadsheet (Answers)Download
PDF (Printable)Download

Video Walk-Through

  1. Review of Instructions
  2. Journal Entries
  3. Posting Journal Entries to the General Ledger
  4. Creating an Unadjusted Trial Balance
  5. Journalizing Adjusting Entries
  6. Posting Adjusting Entries to the General Ledger
  7. Creating an Adjusted Trial Balance
  8. Creating Financial Statements Using an Adjusted Trial Balance
  9. Journalizing Closing Entries (Two-Entry Method)
  10. Posting Closing Entries to the General Ledger
  11. Creating a Post-Closing Trial Balance

Accounting Cycle Example: Corporation

This problem navigates the full accounting cycle for a corporation. Topics include:

  • Issuing stock
  • Dividend entries
  • Allocating dividends between common stock and preferred stock
  • Treasury stock
  • Posting journal entries
  • Trial balances
  • Income statement, retained earnings statement, balance sheet, AND cash flow statement
  • Closing entries

Follow Along

Excel Spreadsheet (Blank)Download

Video Walk-Through

  1. Introduction and Instructions
  2. Journal Entries Part I
  3. Journal Entries Part II
  4. Posting Journal Entries to the General Ledger
  5. Unadjusted Trial Balance
  6. Adjusting Entries
  7. Posting Adjusting Entries to a General Ledger
  8. Adjusted Trial Balance
  9. Income Statement
  10. Retained Earnings Statement
  11. Balance Sheet
  12. Cash Flow Statement
  13. Closing Entries
  14. Posting Closing Entries to a General Ledger
  15. Post-Closing Trial Balance