ACC 201 Milestone One Guidelines and Rubric Overview In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project Scenario You were recently hired as an entry level bookkeeper for a service business that recently opened This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner Prompt Record Financial Data Use accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template (chart of accounts, general journal, ledger accounts, trial balance, income statement, statement of stockholders equity, balance sheet, and close entries) using the data provided in the below ACC 201 Accounting Data Appendix The following events occurred in June June 1 Owner contributed $50,000 in cash to the business June 1 Owner purchased a company vehicle in the amount of $15,000 June 3 Owner took out a small business loan in the amount of $25,000 June 5 Owner paid rent for June, and prepaid office rent for a 6 month period to cover July through December at $1,195 per month June 5 Owner paid business license fees in the amount of $250 to the county June 5 Owner ordered office supplies, on account, in the amount of $750 00 June 6 Owner performed service for client on account in the amount of $1,000 June 9 Owner provided service for client in the amount of $1,500 Customer paid $750 at time of service Client will be billed for the balance due June 10 Owner paid $250 in advertising costs to the local paper June 15 Owner recorded wages due to the part time employee in the amount of $325 This will be paid on June 20 June 15 Owner prepaid business insurance to cover July through December at the rate of $125 per month June 20 Owner paid wages due to part time employee from period ending June 15 June 21 Owner paid for plumbing repairs in the office in the amount of $210 June 22 Owner withdrew $1,000 cash for personal use June 23 Customer paid balance due from June 6 service in the amount of $1,000 June 25 Owner provided service to client in the amount of $800 Client paid at time of service June 28 Owner paid balance due for office supplies purchase on June 5 June 29 Owner performed service for client on account in the amount of $2,225 00 June 30 Owner received telephone bill for month of June in the amount of $155 and recorded the expense This bill will not be paid until July June 30 Last day of pay period owner owes part time worker $325 for the June 16 through June 30 pay period This will be paid on July 5 June 30 Record depreciation on vehicle at $250 fA Company Balance Sheet As of June 30, 20XX Assets Liabilities and Owners' Equity Current Assets Current Liabilities Total Current Liabilities Long Term Liabilities Total Current Assets Total Long Term Liabilities Total Liabilities Owner's Equity Non Current Assets Total Equity Total Non Current Fixed Assets Total Assets Total Liabilities EquityCompany Name Statement of Owner's Equity Period Ending 06 30 20XX Beginning Capital on 6 01 20XX Increases to capital Net income loss Owner Contributions Subtotal S Decreases to capital Owner Draws Ending Equity as of 03 31 20XXA Company Income Statement For Month ending 06 30 20XX Revenues Total Revenues Operating Expenses Total Operating Expenses Net IncomeTrial Balance As of 06 30 20XX Unadjusted trial balance Account Debit Credit Cash Accounts Receivable Prepaid Rent Prepaid Insurance Vehicle Office Supplies Accumulated Depreciation Notes Payable Accounts Payable Wages Payable Owner's Capital Owner Draws Service Revenue Rent Expense Business License Expense Telephone Expense Repairs and Maintenance Expense Advertising Expense Wages Expense Depreciation Expense Total LiLilili Fromil Bral You are just chdebt aunt you identified in the entry Theor summonle are url le malumlele quar balawere For you Pleaur be moreful mul le delele lbe running lulale an lhear will malmulale the rudiny balamer The rudiny balower will teamskee lo the Trial Palamer wheel If you beur pooled all ruleies and year trial balever is mul is belaser elal debits letal aredikel, This means lbal lbeer in an error A Company General Journal Entries Date Accounts Debit Credit

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 29, 2024

ACC 201 Milestone One Guidelines and Rubric Overview In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions.

ACC 201 Milestone One Guidelines and Rubric

Overview

In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.

Scenario

You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.

Prompt

Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template(chart of accounts, general journal, ledger accounts, trial balance, income statement, statement of stockholders equity, balance sheet, and close entries) using the data provided in the below.

ACC 201 Accounting Data Appendix

The following events occurred in June:

June 1:Owner contributed $50,000 in cash to the business.
June 1:Owner purchased a company vehicle in the amount of $15,000.
June 3: Owner took out a small business loan in the amount of $25,000.
June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month.
June 5: Owner paid business license fees in the amount of $250 to the county.
June 5: Owner ordered office supplies, on account, in the amount of $750.00.
June 6: Owner performed service for client on account in the amount of $1,000.
June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.
June 10: Owner paid $250 in advertising costs to the local paper.
June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.
June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month.
June 20: Owner paid wages due to part-time employee from period ending June 15.
June 21: Owner paid for plumbing repairs in the office in the amount of $210.
June 22:Owner withdrew $1,000 cash for personal use.
June 23:Customer paid balance due from June 6 service in the amount of $1,000.
June 25:Owner provided service to client in the amount of $800. Client paid at time of service.
June 28: Owner paid balance due for office supplies purchase on June 5.
June 29: Owner performed service for client on account in the amount of $2,225.00.
June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.
June 30:Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.
June 30: Record depreciation on vehicle at $250.

\fA Company Balance Sheet As of June 30, 20XX Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Current Assets Total Long Term Liabilities: Total Liabilities: Owner's Equity Non-Current Assets: Total Equity Total Non Current/Fixed Assets Total Assets: Total Liabilities & EquityCompany Name Statement of Owner's Equity Period Ending 06/30/20XX Beginning Capital on 6/01/20XX Increases to capital Net income/loss: Owner Contributions Subtotal: S Decreases to capital Owner Draws Ending Equity as of 03/31/20XXA Company Income Statement For Month ending 06/30/20XX Revenues Total Revenues Operating Expenses: Total Operating Expenses: Net IncomeTrial Balance As of 06/30/20XX Unadjusted trial balance Account Debit Credit Cash Accounts Receivable Prepaid Rent Prepaid Insurance Vehicle Office Supplies Accumulated Depreciation Notes Payable Accounts Payable Wages Payable Owner's Capital Owner Draws Service Revenue Rent Expense Business License Expense Telephone Expense Repairs and Maintenance Expense Advertising Expense Wages Expense Depreciation Expense Total:LiLilili- Fromil Bral You are just chdebt aunt you identified in the entry Theor summonle are url le malumlele quar balawere For you. Pleaur be moreful mul le delele lbe running lulale an lhear will malmulale the rudiny balamer. The rudiny balower will teamskee lo the Trial Palamer wheel. If you beur pooled all ruleies and year trial balever is mul is belaser [elal debits - letal aredikel, This means lbal lbeer in an error.A Company General Journal Entries Date Accounts Debit Credit