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Nathan Sanders

Acct 1120
Comprehensive Problem Reflection

The Comprehensive Problem we did involved many concepts that were brought out in
class. It asked us to do the entire accounting process. We were a service revenue company and
we acted as an accountant for the Matthews Delivery Service. We analysed transaction,
recorded numerous transactions the company made, posted to T accounts, double-checked
balances, went through the trial balance, journalized adjusting entries including the occurrence
of service revenue and depreciation, posted again to T accounts, did the new trial balance,
prepared the financial statements, and finally did closing entries, posted to T accounts ,and
prepared the last trial balance for the accounting period. In summary we went through the entire
accounting cycle for a service revenue business.
Im a business major and this project showed how to document transactions in a
business. It basically showed how different transaction will affect a company's financial
statements and how to post or document certain transaction to ensure accurate financial
statements. To run or manage a business effectively you need to find a way to always be
profitable. The problem reflected on what events or transaction effect which accounts. To make
your company always go ahead you need to know how different account will change the
liabilities and assets in the company.

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