Financial Accounting First Project

So, this weekend was the first real test for me when it comes to the evening MBA program really grabbing at my time.

The first project is due today in Financial Accounting.  It is a Harvard Case Study, called the Chemalite, Inc Company.  We read a company description of the significant operating events that happened over the course of a year.

We are to do the Accrual Accounting journal entries for each transaction. Then do a "T-Account" for the Cash based transactions.  Finally, based on the information we have, we are to make an Income Statement and a Balance Sheet for the first year start-up company, Chemalite, Inc..

All in all, not incredibly difficult, just time consuming.  I feel I have a pretty good grasp on the dual journal entry concept, the T-Account creation, and the formation of an Income Statement.  I admittedly struggled with the creation of the Balance Sheet.  We will go over the project in class and then  turn it in.  It accounts for 15% of the final grade in Financial Accounting.  Lindsay was very supportive as I spent a solid hour and a half to two hours completing the Statement and T-Account portion of the project, as accurately as I could.  It too me an additional hour making the journal entries, I was pleased with the completion of the project and my beautiful girlfriends patience.

I will follow up tomorrow on how close to accurate my project turned out.