Ideally suited for first semester accounting and business students, Thunder Mountain Snowmobile is a sole proprietorship business using a periodic inventory system. Thunder Mountain Snowmobile is now in its 4th edition with this new, web-based online program.
Thunder Mountain Snowmobile is a computerized practice set for a sole proprietorship form of business that uses a periodic inventory system and closes its books on a quarterly basis. Students are required to entry daily, adjusting, and closing entries for the last month of the last quarter of the fiscal year. The month is divided into four 7 day modules. At the end of each module, students are required to print a trial balance and check their account balances against the “Check It Out Box”. This box contains the correct balances of several of the accounts that have had significant activity during the period. At the mid-point of the project, students are required to print several financial documents and use them to answer 40 questions on the project Mid-Point Evaluation.
At the end of the last module, after completing the bank reconciliation, students must enter the bank reconciliation entries and the quarter-end adjusting entries. After printing the financial statements, receivable and payable schedules, and selected ledger cards, students close the books (this is an automatic process) and print a post-closing trial balance. Using their printed financial statements and other documents, students are required to answer the final 60 questions on the Final Evaluation.
- The last step in the accounting cycle, closing the General Ledger, is an automated process that requires the student to click on a “Close JE” button, and the closing entries are automatically recorded in the General Journal and posted to the General Ledger.
- The evaluation questions can be graded electronically and submitted to the instructor in printed form or e-mailed for recording. Key documents, such as the income statement and balance sheet, can be attached to the e-mail of the completed evaluation.