AC Speed Company (Working Papers and Business Memo) – June Transactions Company Background & Scenario

The 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 Ledger

Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal General Ledger, AR Ledger, AP Ledger,

Worksheet

Income Statement

Statement of Retained Earnings

Balance Sheet

Post-Closing Trial Balance

Financial Ratios

Inventory Control

Adjusted Trial Balances Prior Years

II. The word tutorial file contains the business memo

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