‘Tween the Goal Posts

‘Tween the Goal Posts is a practice set ideally suited for beginning accounting students. ‘Tween the Goal Posts is a corporate entity that uses periodic inventory and closes its books on a quarterly basis.

Students are required to journalize the transactions for the last month of the quarter, prepare a bank reconciliation, record adjusting entries, close the books (an automated process) and analyze the results of operations.

Transactions include:
• Cash sales
• Credit sales
• Credit card sales
• Sales Returns and Allowances
• Purchases of merchandise
• Purchases Returns and Allowances
• Cash receipts
• Collections of accounts receivable (with credit terms)
• Cash disbursements
• Payments of accounts payable (with credit terms)
• Payment of wages and salaries (no employee or employer taxes)
• Write-off and recovery of uncollectible accounts
• Declaration and payment of cash dividends
• Purchases of current assets and plant assets
• Replenishment of Petty Cash
• Bank reconciliation and required entries
• Adjusting entries
• Merchandise inventory
• Prepaid Insurance
• Depreciation Expense
• Federal Income Tax Expense
• Uncollectible Accounts Expense
• Office Supplies
• Store Supplies
• Accrued Wages and Salaries Expense
• Closing entries (an automated process)

At the midpoint and after the adjusting entries, 25 evaluation questions are answered and graded. The evaluation questions require students to analyze journal entries, financial statements, schedules of accounts receivable and accounts payable, customer and vendor accounts, and closing entries.