When you are finished with this simulation, you will be able to:
- Journalize transactions completed for a month for a business
- Post from a general journal to a general ledger
- Reconcile a bank statement
- Prove cash
- Complete a work sheet for the end of a fiscal period
- Prepare an income statement
- Prepare a balance sheet
- Journalize and post adjusting entries
- Journalize and post closing entries
- Prepare a post-closing trial balance
A Business Simulation
- Unique Global Imports is a merchandising business that sells a variety of international goods, including fabrics, clothing, furniture, and decorative accessories. Unique Global Imports is organized as a corporation. Anthony Dawson and Julia Medina are major stockholders and acting managers. The business sells merchandise for cash and also subscribes to a national credit card service. In addition, some sales are made on account to certain customers. Terms are 2/10, n/30 for sales on account to other businesses and 30 days for consumers. In this simulation, you will do the accounting work for Unique Global Imports.
Instructions
- Utilize this instructional booklet to help guide you through and complete this simulation.