Set Up a Chart of Accounts and Process Basic Transactions

The Scenario

A freelance graphic designer wants to move from Excel spreadsheets to cloud accounting software. They need a custom Chart of Accounts set up and their first month of business transactions processed.

The Brief

Create a custom Chart of Accounts tailored for a service-based freelancer. Record a list of 10 initial transactions (including capital injection, equipment purchase, client invoicing, and bank expenses) using double-entry ledger format (debits and credits).

Deliverables

• Custom Chart of Accounts list categorized by Assets, Liabilities, Equity, Revenue, and Expenses.
• General Journal entries for the 10 listed transactions with correct debit/credit allocations.
• A simple initial Trial Balance as of the end of the month.

Submit Your Work

Your submission is graded against the rubric on the right. If you pass, you get a public Badge URL you can share on LinkedIn. There is no draft save, so work offline first and paste your finished response here.