ACCT 212: Course Project Requirement 1 2 3 4 5 6 7 8 9 10 ACCT 212: Course Project Requirement Description Prepare the Journal Entries in the General Journal Post Journal Entries to the General Ledger Prepare a Trial Balance Prepare the Adjusting Entries Post Adjusting Entries to the General Ledger Prepare an Adjusted Trial Balance Prepare the Financial Statements Prepare the Closing Entries Post Closing Entries to the General Ledger Prepare the Post Closing Trial Balance Worksheet Name 1 - Journal Entries 2 - General Ledger 3 - Trial Balance 4 &5 - Adjusting Entries 4 &5 -Adjusting Entries ( Use worksheet #2) 6- Adjusted TB 7 - Financial Statements 8&9 - Closing Entries ( use worksheet #2) 8&9- General Ledger 10 - Post Closing Trial Balance Course Project Overview The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 at the end of Week 6. See the Syllabus section \"Due Dates for Assignments & Exams\" for due date information. All of the information you need to complete the Course Project is located in this Workbook. There are eight worksheets in the workbook you will need to complete. A list of July transactions A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment. Before You Begin: Review the Week 2 Lecture prior to starting work on this project. Print the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. Review the Grading Criteria. SAVE your work frequently in this workbook. Scenario Requirements Requirement 1 2 3 4 ACCT 212: Course Project Requirement Description Prepare the Journal Entries in the General Journal Post Journal Entries to the General Ledger Prepare a Trial Balance Prepare the Adjusting Entries 5 Post Adjusting Entries to the General Ledger 6 7 Prepare an Adjusted Trial Balance Prepare the Financial Statements 8 Prepare the Closing Entries 9 10 Post Closing Entries to the General Ledger Prepare the Post Closing Trial Balance Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor. Worksheet Name 1 - Journal Entries 2 - General Ledger 3 - Trial Balance 4 &5 - Adjusting Entries 4 &5 -Adjusting Entries ( Use worksheet #2) 6- Adjusted TB 7 - Financial Statements 8&9 - Closing Entries ( use worksheet #2) 8&9- General Ledger 10 - Post Closing Trial Balance Before You Begin: Review the Week 2 Lecture prior to starting work on this project. Print the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. Review the Grading Criteria. SAVE your work frequently in this workbook. During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. July Transactions Date July 1 Transaction Description Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 July 1 July 6 Paid the premium on a 1-year insurance policy, $4,800. Paid the current month's store rent expense, $3,600. Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. Paid telephone bill, $300. Cash pool service revenue for the first third of July, $2,650. Made payment to Mary's Repair Company, $300. Cash pool service revenue for the second third of July, $4,000. Cash pool service revenue for the last third of July, $2,250. Paid the current month's electric bill, $500. Declared and paid cash dividend of $1,100. July July July July July July July 10 11 18 20 31 31 31 Use the following account descriptions for journal entries. Chart of Accounts Account Type Assets Account Number Account Title Normal Balance 111 117 119 144 145 Cash Repair Supplies Prepaid Insurance Repair Equipment Accum Dep -Repair Equipment Debit Debit Debit Debit Credit 212 213 Accounts Payable Income Tax Payable Credit Credit 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit 411 Pool Service Revenue Credit 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit Liabilities Stockholders Equity Revenue Expenses Journal Entries REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal CreditsAll of your Journal Entries should balance. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab cash common stock Issued stock for $40000 prepaid insurance cash Paid $4800 for Ins. rent expense cash paid monthly rent purchase repair equipment cash payment for repair equipment repair equipment accounts payable purchase repair equipment on Acct. repair supplies expense accounts payable purchased repair supplies on Acct. telephone bill expense cash paid Telephone bill cash pool service reenue 1st 3rd of July Revenue accounts payable cash made payment on Acct. Cash pool service reenue 2nd 3rd of July cash pool service reenue last 3rd of July electric expense cash utility bill dividends cash Debit 40,000 4,800 3,600 600 7,200 450 300 2,650 300 4,000 2,250 500 1,100 Journal Entries Paid Cash Dividends 67,750 Journal Entries General Journal uld balance. Credit 40,000 4,800 3,600 600 7,200 450 300 2,650 300 4,000 2,250 500 1,100 Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. Journal Entries 67,750 REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute en balances. Date Cash (111) 40,000 2,650 4,000 2,250 Date 4,800 3,600 600 300 300 500 1,100 37,700 Repair Supplies (117) 450 450 Prepaid Insurance (119) 4,800 4,800 Repair Equipment (144) 600 7,200 7,800 Accum. Depr.-Repair Equipment (145) Accounts Payable (212) 300 7,200 450 7,350 Income Tax Payable (213) Common Stock (311) 40,000 40,000 Retained Earnings (312) Dividends (313) 1,100 1,100 lowing T-Accounts and compute ending Pool Service Revenue (411) 2,650 4,000 2,250 8,900 Store Rent Expense (511) 3,600 3,600 Telephone Expense (512) 300 300 Insurance Expense (513) 400 400 Repair Supplies Expense (514) 450 450 This worksheet will be used to complete Requirements #2, #5 and #9. Instructions for #5 can be found on the Adjusting Entries Worksheet. Instructions for #9 can be found on the Closing Entries Worksheet. Depr. Exp.-Repair Equipment (515) Income Tax Expense (516) Electric Expense (517) 500 500 Journal Entries REQUIREMENT #3: Prepare a trial balance for July in the space below. Peter's Pool Corporation Trial Balance July 31 Account Title cash prepaid insurance repair equipment accounts payable service revenue store rent expense telephone expense repair supples expense electric expense common stock dividends Balance Debit Credit 37,700 4,800 7,800 7,350 8,900 3,600 300 450 500 40,000 1,100 56,250 56,250 Only enter accounts that have a balance. Journal Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95. Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed. Requirement #4 Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Insurance Expense Prepaid Insurance 400 Repair Supplies Expense Repair Supplies 200 Depreciation expense repair equipment Accumulated Depreciation 160 Income Tax Expense Income Tax Payable 95 855 Journal Entries General Journal below. Show T-accounts (Step Credit 400 200 160 95 855 Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Peter's Pool Corporation Adjusted Trial Balance July 31 Account Title Only enter accounts that have a balance. Balance Debit Credit 0 0 Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the s You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance S The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool Corporation Income Statement For the Month Ending July 31 Revenues: Pool Repair Revenue Total Revenue Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Tax Expense Electric Expense Total Expenses Net Income Peter's Pool Corporation Statement of Retained Earnings For the Month Ending July 31 Retained Earnings, July 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, July 31 orporation as of July 31 in the space below. ed Earnings, and the Balance Sheet. not required for this project. ol Corporation Retained Earnings h Ending July 31 Peter's Pool Corporation Balance Sheet July 31 Assets: Cash Repair Supplies Prepaid Insurance Repair Equipment Less: Accum. Dep - Repair Equipment. Total Assets Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Journal Entries Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger ( Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Journal Entries 0 Journal Entries w. Hint:Use the ( Step 2) listed. Credit See the Week 2 Lecture for how to complete closing entries. Journal Entries 0 Journal Entries uirement #10: Prepare a post-closing trial balance as of July 31 in the space w. Peter's Pool Corporation Post-Closing Trial Balance July 31 Account Title Balance Debit Credit - - Course Project Grading Rubric - Students Criteria Excellent Step 1 Journal Entries Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Milestone 1 Step 1 Grading Scale 24-22 Step 2 Ledger Posting is done in the Posting and Balancing correct accounts and at the correct side (Dr./Cr.) and balances are correct. Milestone 1 Step 2 Grading Scale Step 3 - Unadjusted Trial Balance Milestone 1 16-15 Accounts are listed correctly and in the proper order leading to an accurate trial balance. Step 3 Grading Scale Milestone 1 16-15 CO2 - Given economic The student's submission transactions and events, fully analyzes and records analyze and record them all transactions, and leading to the development provides a complete and and analysis of a trial accurate trial balance. balance and reports important for decisionmaking. CO 2 Grading Scale Step 4 Adjusting Journal Entries 4 Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Milestone 2 Step 4 Grading Scale 15-14 Milestone 2 Steps 5 and 6 Posting is correct leading Posted and to an accurate trial Adjusted Trial balance. Balance. Steps 5/6 Grading Scale 15-14 Step 7.1 - Income Statement The income statement is prepared completely and accurately. Milestone 2 Step 7.1 Grading Scale Step 7.2 -Retained Earnings Statement Milestone 2 Step 7.2 Grading Scale 10-9 The retained earnings statement is prepared completely and accurately. 6 Step 7.3 - Balance Sheet The balance sheet is prepared completely and accurately. Step 7.3 Grading Scale Step 8 Closing Journal Entries 15-14 Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Step 8 Grading Scale Steps 9 and 10 Posted and Postclosing Trial Balance 20-18 Posting is correct leading to an accurate trial balance. Steps 9-10 Grading Scale CO 3 - Given a trial balance sheet and economic financial information, analyze and record adjusting and closing journal entries leading to the creation and analysis of financial statements using the accrual accounting method. 15-14 The student's submission fully and properly analyzes the adjusting information, resulting in an accurate adjusted trial balance and financial statements. The submission also contains closing entries that are fully and accurately prepared, resulting in an accurate post-closing trial balance. CO 3 Grading Scale 4 Milestone 2 Milestone 2 Milestone 2 Milestone 2 Good Fair Poor Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 21-19 Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. 18-17 Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. 14-13 Most accounts are listed correctly leading to a mostly correct trial balance. 12-11 Listing of accounts has several errors leading to incorrect trial balance. 16-15 Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. 10-9 Listing of accounts is done poorly or not at all, leading to inaccurate or no trial balance. 14-13 The student's submission properly analyzes and records the given transactions, and provides a trial balance that is accurate based on the entries recorded. 12-11 The student's submission demonstrates analysis and recording of transactions, although several analysis errors exist, leading to a trial balance that is somewhat inaccurate. 10-9 The student's submission demonstrates limited analysis and recording of transactions, and significant errors exist, leading to an inaccurate or incomplete trial balance. 3 2 1 Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. 13-12 11-10 Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 9-8 Posting is mostly correct leading to a mostly correct trial balance. 13-12 The income statement is prepared accurately, but may have some minor errors. 8 Posting has several errors Posting is done poorly or leading to a trial balance not at all, leading to with several errors. inaccurate or no trial balance. 11-10 9-8 The income statement is prepared with several errors. 7 The retained earnings The retained earnings statement is prepared statement is prepared accurately, but may have with several errors. some minor errors. 5 4 The income statement is prepared with significant errors. 6 The retained earnings statement is prepared with significant errors. 3 The balance sheet is prepared accurately and mostly, but may have some minor errors. The balance sheet is prepared with several errors. The balance sheet is prepared with significant errors. 13-12 Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 11-10 Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. 9-8 Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 17-16 Posting is mostly correct leading to a mostly correct trial balance. 15-14 13-12 Posting has several errors Posting is done poorly or leading to a trial balance not at all, leading to with several errors. inaccurate trial balance, or no trial balance was prepared. 11-10 9-8 The student's submission The student's submission demonstrates analysis of demonstrates limited the adjusting information analysis of the adjusting and the preparation of an information and the adjusted trial balance and preparation of an adjusted financial statements, trial balance and financial although several errors statements, however exist. The closing entries significant errors exist. The are prepared with several closing entries are errors, resulting in the prepared with significant completion of a posterrors, resulting in an closing trial balance, that inaccurate post-closing trial has limited accuracy. balance. 13-12 The student's submission analyzes the adjusting information, resulting in a mostly accurate adjusted trial balance and financial statements. The submission also contains closing entries that are accurately prepared, resulting in a mostly accurate post-closing trial balance. 3 2 1 Unacceptable Points Available The submission does not meet this requirement. 14-0 The submission does not meet this requirement, or posting is not done at all. 24 8-0 The submission does not meet this requirement. 16 8-0 The student's submission does not meet the criteria of the outcome. 16 0 4 The submission does not meet this requirement. 7-0 15 The submission does not meet this requirement. 7-0 15 The submission does not meet this requirement. 5-0 10 The submission does not meet this requirement. 2-0 6 The submission does not meet this requirement. 7-0 The submission does not meet this requirement. 15 11-0 The submission does not meet this requirement. 20 7-0 The student's submission does not meet the criteria of the outcome. 15 0 4