ACCT205 - Accounting Principles II

Portfolio Project Directions and Rubric

This Assessment is worth 15% of your grade

Outcomes

Completing this Assessment will help you to meet the following:

Course Outcomes

• Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization
• Select and utilize appropriate technology to a real-world accounting project that requires the construction of a multiple-step income statement and a classified balance sheet.

Program Outcomes

Accounting Associates:

Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.

Business Associates:

Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.

BBA:

Apply contemporary knowledge and skills in the evolving business marketplace.

Institutional Outcomes

• Information Literacy and Communication - Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
• Relational Learning - Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations.
• Thinking Abilities - Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement.
• Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
• Community and Career - Participate in social, learning, and professional communities for personal and career growth.

Deadline

Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below. The timeline is as follows:

Deadline

Activity

Due by the end of Week 1 at 11:59 pm, ET.

Essential Questions

Due by the end of Week 3 at 11:59 pm, ET.

General Journal Entries

Due by the end of Week 5 at 11:59 pm, ET.

Trial Balance, Adjusting Entries & Closing Entries

Due by the end of Week 6 at 11:59 pm, ET.

Financial Statements

Due by the end of Week 7 at 11:59 pm, ET.

Final Project Submission

Due by the end of Week 7.5 at 11:59 pm, ET.

PowerPointwith voiceover Presentation/Reflection

Scenario

You have just been promoted to the Senior Accountant position for Northridge LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Jones, requests that he previews your work since you are new to the position.

Directions

For this project, you will be using the Excel workbook provided in week 3.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) .

Northridge LLC

Trial Balance

30-Apr-20

Debit

Credit

Cash

$68,791

Accounts receivable

17,495

Merchandise inventory

85,221

Store Supplies

2255

Office Supplies'

895

Prepaid Insurance

1759

Office equipment

3500

Accumulated depreciation-Office Equipment

657

Store equipment

17580

Accumulated depreciation-Store Equipment

2,270

Accounts Payable

60921

J. Spark, Capital

133,648

Totals

$197,496

$197,496

Week 1: Essential Questions Discussion

Essential questions are designed to help you brainstorm prompt critical thinking as you begin working on your portfolio project.Use the information you learned about essential questions in previous classes to help you respond to the following:

Select one:

1.What is the purpose of accounting in business?

2.Explain the inventory asset and cost flows of a merchandising company.

3.Discuss the financial statements companies prepare, and include the purpose behind each statement.

4.Explain the importance of utilizing appropriate technology in accounting.

Now you are to at least 1 Essential Question you think will help you with the completion of your portfolio project. Briefly discuss how your questions will guide the development of your Portfolio Project.

Week 3: Journal Entries

assignment using the Excel workbook provided, and submit your work by the end of Week 3, 11:59pm EST.

To get you started in your new role, Mr. Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Your journal entries should be written in proper format. Do not abbreviate account names.Always indent the name of the accounts being credited.Every entry must have a brief description.

Northridge LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.

May

1

Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)

2

Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).

2

Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

3

Received a $698 credit memorandum from Preston Products for the return of merchandise purchased on April 29.

4

Purchased the following on credit from Davis Supply Co.: merchandise, $37,075; store supplies, $575; and office supplies, $85. Invoice dated May 4, terms n/10 EOM.

5

Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.

8

Issued Check No. 3411 to Preston Products to pay for the $7,000 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

10

Purchased $4,175 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.

11

Received payment from Cole Company for the May 2 sale less the discount.

12

Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.

15

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,325, and office salaries, $3,120. Cashed the check and paid the employees.

15

Cash sales for the first half of the month are $60,000 (cost is $38,000). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

17

Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.

23

Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.

25

Purchased $3,060 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.

26

Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,250 (cost is $8,250).

26

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

29

The owner Jenny Spark, used Check No. 3416 to withdraw $7,500 cash from the business for personal use.

30

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

31

Cash sales for the last half of the month are $66,055 (cost is $42,505).

Week 4: T Accounts

THIS ITEM IS NOT SUBMITTED TO BLACKBOARD!!

During this week, work on your account balances for week 5 using the journal entries for week 3. Show your work in the excel spreadsheet uder the T-Accounts tab. Make sure to include the starting balances from the beginning trial balance as given in the instructions. The new account balances will be used for the unadjusted trial balance in the worksheet for week 5.

Week 5: Trial Balance, Adjustments, Closing Entries

submit your work by the end of Week 5, 11:59pm EST.

Using the information from the Excel workbook from Week 3's submission, worksheet using the following information for accounting adjustments.

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

1. Expired insurance, $553.
2. Ending store supplies inventory, $2,632.
3. Ending office supplies inventory, $504.

4.Depreciation of store equipment, $567.

1. Depreciation of office equipment, $329.

CAN YOU PLEASE SHOW ME HOW TO WORK WEEK 4 (T-ACCOUNTS) and week 5jQuery22408282339574385267_1602092563905? I am so confused!!