Acct202 Accounting Simulation: AC Speed Company (Working Papers and Business Memo) – June 2010 Transactions

Acct202 Accounting SimulationAC Speed Company (Working Papers and Business Memo) – June TransactionsCompany Background & ScenarioThe AC Speed Company is a well-established, publicly-held corporation, operating as a wholesaler in the auto parts industry. Specifically, AC Speed purchases auto parts from manufacturers and sells them to large business customers. Most purchases and sales are on account, with trade credit terms (specified below).You’re a Davenport University student pursuing a bachelor’s degree in business and employed at the AC Speed Company this semester as an intern. You’ve worked in various departments and on several projects so far, learning a lot about the company’s business operations. Management seems impressed with your enthusiasm and the quality of your work.The company’s accountant has just been called away for a family emergency and will likely be absent for a month or so. The General Manager asks you to take over the accountant’s regular duties on an interim basis. You’re nervous about doing so, but are confident that what you’ve learned in accounting class, plus your personal problem-solving skills, will make this a successful experience. What a great learning opportunity, not to mention an enhancement to your resume!I. The excel tutorial file contains the following worksheet tabs:Transactions, Products, Chart of Accounts GL, Chart of Accounts AR Ledger, Chart of Accounts AP LedgerSales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments JournalGeneral Ledger, AR Ledger, AP Ledger,WorksheetIncome StatementStatement of Retained EarningsBalance SheetPost-Closing Trial BalanceFinancial RatiosInventory ControlAdjusted Trial Balances Prior YearsII. The word tutorial file contains the business memo.Preview of Transactions:June 1 Sold 2,000 DVD players on credit to Ford Motor Co. for $85.00 per unit, Invoice 555 (pp. 309-311).June 1 Signed a one-year, 15%, $120,000 note payable with First Bank. The first monthly payment of $10,000 will be due June 30th. (pp 311-314)June 1 Purchased office supplies from Office Max on credit for $1,100. (pp. 315-317)