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Accounting Cycle Project

Solid Footing includes a software driven Accounting Cycle Project (ACP). The project tests the student's knowledge of all the concepts learned in Solid Footing.

In Chapters 7 to 10, the student is introduced to Lenny's Lawn Service, Inc. and has seen Lenny's go through the accounting cycle for six months, January to June. The Accounting Cycle Project has the student take Lenny's through the entire accounting cycle for the month of July.

There are ten versions of the ACP. The student opens the ACP file that is part of the Solid Footing Software, and then initializes the project by entering her unique ACP code that came with her Solid Footing book. The Student also enters her name as part of this process. The code and the student's name are locked into the project file. Based on the unique ACP code entered the student is presented with 1 of the 10 versions of the ACP.

The student utilizes the following project tabs to complete her ACP:

• Transactions Tab contains Lenny's transactions for July and information required for July's month-end adjusting entries. The information presented on this tab is unique for each version of the project.
• Chart of Accounts Tab contains the accounts available in Lenny's accounting system.
• Journal Tab contains the Journal pages the student utilizes to journalize July's transaction entries, adjusting entries, and closing entries.
• General Ledger Tabs contain Lenny's General Ledger. The student utilizes the GL tabs when posting July's journal entries.
• Pre-Closing Trial Balance Tab -- The student prepares July's Pre-Closing Trial Balance.
• Income Statement Tab -- The student prepares Lenny's Income Statement.
• Statement of Stockholders' Equity Tab -- The student prepares Lenny's Statement of Stockholders' Equity.
• Balance Sheet Tab -- The student prepares Lenny's Balance Sheet.
• Post-Closing Trial Balance Tab -- The student prepares July's Post-Closing Trial Balance.

It takes 3 to 4 hours for the student to take Lenny's through the entire Accounting Cycle for the month of July. After completing the project, the student electronically submits her ACP file to her instructor for grading. Solid Footing's Instructor Support software contains grading software for the ACP. Utilizing the ACP grading software, it takes about 5 seconds to grade a student's project. The grading software gives the instructor the option of printing an ACP grade page or outputting a grade page file. The grade page can then be either physically or electronically returned to the student. The grading software also prepares for the instructor a Grade Summary Report for all graded ACPs. The Accounting Cycle Project is a great capstone for the student's Solid Footing learning experience.