For this third week financial accounting course, our class was tasked with using what we have learned so far. Once we have created this worksheet, we will apply the skills we have learned by applying what we know into this financial worksheet. This spreadsheet will be able to track and account for many different aspects of business transactions. As an example, there will be several types of transactions, but for example, the financial spreadsheet which will account for things like financial gains, accounts payable, and several types of financial inventory adjustments. The examples in our manual generalize the types of gains and losses we need to account for financially in the spreadsheet. But to put this mission into perspective from my previous experiences aboard a US Navy ship, the changes brought about by inventory gains and losses are called "GBI's/LBI's", which are inventory gains and losses. inventory losses. Changes +/- made to these numbered items in stock; primarily caused by human error., represent money that either returns to inventory for materials or results in monies spent to reorder items to bring materials in the warehouse to optimal operating levels. In my spreadsheet that I created, I used similar textbook events to simulate some of the events that would take place as tracked business events. Tracked sales events simulate an already established business carrying forward sales from previous months. Using this procedure gave me a better understanding of the process, a better understanding of how we carry out our onboard financial accounting functions and merged it with the procedures used in the civil sector. To start, I used an opening balance of $100,000.00 to bet. ..... middle of document ......e-versaWorks citedEdmonds, TP and McNair, FM (2013). Accounting for Merchandising Businesses. Fundamental Concepts of Financial Accounting (8th ed., ). New York, NY: McGraw-Hill/Irwin. Merchandising business accounting requirements. (nd). Small business. Retrieved May 28, 2014, from http://smallbusiness.chron.com/merchandising-business-accounting-terms-13004.htmlChapter Summary. (nd). Financial and management accounting | . Accessed May 28, 2014, from http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter6/chapter_summary.htmlPrinciples of Accounting. (nd). Principles of accounting. Retrieved May 28, 2014 from http://www.principlesofaccounting.com/chapter5/chapter5.htmlSingle-Step Income Statement | Accounting Coach. (nd). AccountingCoach.com. Retrieved May 28, 2014 from http://www.accountingcoach.com/ Income-statement/explanation/2