INTI INTERNATIONAL COLLEGE AMERICAN DEGREE PROGRAM ACC 201 - JAN 2020 SESSION INDIVIDUAL PROJECT (Holiday Jet Ski Accounting Cycle) 10% of total course DUE LAST DAY OF CLASS Holiday Jet Ski is a sole proprietorship, personal watercraft business owned by Aaron Larson. Holiday Jet Ski is located on the shore of Michigan Lake and is the exclusive dealer for Kawasaki Jet Ski personal watercraft. The business also sells other brands of personal watercraft and accessories, provides excellent service for all watercraft including parts and labors, and rents storage space to those who prefer to keep their watercraft equipment at the lake. To complete the on-the-job training for your accounting course, you have been placed in a four-week internship program with Holiday Jet Ski. You will be responsible for all the accounting work for the month of June (June 3 to June 30) 2019 including recording the business transactions, auditing your work and correcting all accounting errors and preparing the trial balance for the month. Since this job is your first, it will provide you the opportunity to obtain your hands-on experience and practice your accounting skills. The business has four revenues accounts: Watercraft, Accessories, and Parts Sales; Sales Returns and Allowances record all transactions involving the sale and return of merchandise items. Service Fees Earned accounts for fees earned in servicing customer watercraft. Sales tax (7%) charged on all merchandise and service sales. The revenue account Storage Fees Earned is adjusted at the end of each accounting period to reflect all of the storage fees that have been earned. The liability account, Unearned Storage Fees is used to record all of the cash receipts for storage of customer watercraft and equipment. Sales tax is not charged on storage fees. Holiday Jet Ski accepts both bank credit cards and company credit cards. When a customer purchases merchandise using a bank card, the sale is entered as a cash sale. The credit card expense (1 - 4%) is recorded at the time of the sale. If a customer uses a company credit card, the sale is recorded as a sale on account with Accounts Receivable - Credit Card Companies being debited for the charge. The credit card expense is recorded when the cash is received from the credit card company. All cash sales and cash payment are deposited into the bank account on the same day. Special attention to following accounts: 1. Accounts Receivable - Credit Card Companies records all company credit card sales. (All bank card sales are recorded as cash sales) 2. Storage Fee Receivable is used only for adjusting entries. 3. Merchandise Inventory is the inventory account for all watercraft, accessories and parts. 4. Prepaid Insurance is debited for the purchase of all insurance policies. 5. Prepaid Rent is debited for rent payment made for more than one month in advance. 6. Advertising Expense is debited directly for all advertising fees incurred. 1 7. Prepaid Advertising is used only for adjusting entries. All advertising costs are debited directly to the Advertising Expense account. 8. Store and Shop Supplies is used only for adjusting entries. Since more store and shop supplies are consumed during the period, the Store and Shop Supplies Expense account is debited for all store and shop supply purchases. The value of the small amount of supplies that remain at the end of the accounting period is adjusted to the Store and Shop Supplies account. 9. Sales Tax Payable is credited for the 7% sales tax that is charged for all Jet Ski, accessories, parts, and service sales. Sales tax is not charge on storage fees. 10. Unearned Storage Fees is a liability account and is credited directly for all storage fees received in advance. Sales tax is not charged on storage fees. 11. Aaron Larson, Withdrawals is the owner's equity account debited for all cash and asset withdrawals from the business made by Aaron Larson. At the end of each accounting period the account is closed into Aaron Larson, Capital. 12. Service Fees Earned is credited for all customer service and is billed at a rate of $56.00 per hour. 13. Storage Fees Earned is adjusted at the end of the accounting period for all storage fees that have been earned. 14. Purchases of Merchandise is the Cost Account debited for each purchase of watercraft, accessory items, or part. 15. Transportation-In is the Cost Account debited for all freight and delivery charges incurred in transporting merchandise to the Holiday Jet Ski receiving dock. Deliveries to customers are charged to Delivery Expense. 16. Store and Shop Supplies Expense is debited for all purchases of store and shop supplies. The value of any store and shop supplies that remain at the end of each accounting period is adjusted to the Store and Shop Supplies account. 17. Delivery Expense is debited for the delivery and freight charges incurred in shipping merchandise items to the company. 18. Credit Card Expense accounts for the bank and company credit card fees charged to Holiday Jet Ski for allowing customers to use their credit cards to purchase merchandise and services. These fees will be between 1 and 4 percent of the total amount (including sales tax) of the customer charge. (An adjusting entry will be made at the end of the each accounting period for the credit card expense accrued on company credit card sales that have been recorded as receivables. This adjusting entry will require a debit to the Credit Card expense and a credit to Accounts Receivable - Credit Card Companies.) 19. Tools Expense is debited for all small purchases of store and ship tools. 20. Rent Expense is adjusted at the end of each accounting period. 21. Insurance Expense is adjusted at the end of each accounting period. 2 ASSETS 1. Cash 2. Petty Cash 3. Accounts Receivable 4. Accounts Receivable - Credit Card Companies 5. Notes Receivable 6. Storage Fees Receivable 7. Interest Receivable 8. Merchandise Inventory 9. Prepaid Insurance 10. Prepaid Rent 11. Prepaid Advertising 12. Store and Shop Supplies 13. Store Equipment and Fixtures 14. Accumulated Depreciation - Store Equipment and Fixtures 15. Shop Equipment 16. Accumulated Depreciation - Shop Equipment 17. Trucks 18. Accumulated Depreciation - Trucks LIABILITIES 1. Accounts Payable 2. Notes Payable 3. Sales Tax Payable 4. Salaries and Wages Payable 5. Interest Payable 6. Unearned Storage Fees OWNER'S EQUITY 1. Aaron Larson, Capital 2. Aaron Larson, Withdrawal REVENUE 1. Watercraft, Accessories, & Parts Sales 2. Sales Returns & Allowances 3. Service Fees Earned 4. Storage Fees Earned COST OF GOODS SOLD 1. Purchases of Merchandise 2. Purchases Returns & Allowances 3. Purchase Discounts 4. Transportation-In OPERATING EXPENSES 1. Store & Shop Supplies Expense 2. Salaries & Wages Expense 3. Truck Operating Expense 4. Advertising Expense 5. Delivery Expense 6. Credit Card Expense 3 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. Tools Expense Depreciation Expense - Store Equipment and Fixtures Depreciation Expense - Shop Equipment Depreciation Expense - Trucks Rent Expense Insurance Expense Professional Services Expense Electric and Gas Expense Telephone Expense Bank Service Charges Cash Short & Over Miscellaneous Expense OTHER REVENUE 1. Interest Earned OTHER EXPENSES 1. Interest Expense INCOME SUMMARY 1. Income Summary 4 Transactions for June 3 - 29, 2019 June 3 Sold a wet suit to a Jet Ski customer and received a check for $126.26. The check covered the selling price of the wet suit ($118) plus 7% sales tax. June 3 Issued check number 22097 for $900 to Sanders & Crichton for three months rent on a small inventory storage facility for expanding business activity. June 3 Discovered that an entry for $21.00 of poster printing charges had been entered in error to the Miscellaneous Expense account rather than the Advertising Expense Account. The date of the original entry is June 1. June 3 Issued check number 22098 and replenished the Petty Cash fund. Holiday Jet Ski maintains a $75 petty cash fund to handle small miscellaneous expenditures that occur frequently during normal business operations. A total of $3.75 remains in the petty cash box at this time. A summary receipts and invoices shows the following expenditures have been made to date from Petty Cash: Store & Shop Supplies Expense $43.00 Advertising Expense 11.75 Miscellaneous Expense 16.50 June 3 Billed the Round Hill Ski Club $675.50 plus sales tax for accessories installed (for no charge) on their racing craft. Round all sales tax calculations to the nearest cent. For example: $47.285 = $47.29 June 4 Issued check number 22099 for $1,260 as payment in full of the May 4 invoice from Messlinger Sports Equipment. June 4 Issued check number 22100 for $235 to A.C. Barkley, Attorney-at-law, for professional services received. June 5 Purchased Jet Ski accessories and parts from a new supplier Thunder Lake Supply. Issued check 22101 for $1,366 as payment in full. The goods were FOB destination. June 5 Aaron Larson withdrew $100 from the business for personal use (check #22102) June 5 Purchased Jet Skis for inventory from Kawasaki, USA. The purchase price for the merchandise totaled $41,450. The terms of the purchase are 2/10, n30 and the goods were shipped FOB Destination. June 5 Completed service work on a customer Jet Ski and received a check for the balance due. Sales invoice lists $112 for two hours of labor, $423 for parts and accessories, and 7% sales tax. June 6 Sold for cash two Jet Skis to a cash customer for $5,975 each plus sales tax. 5 June 6 Received $76.50 cash from customer Beverly Kyle as payment in full on her account. June 6 Issued check number 22103 for $45.75 as payment in full of the Less Incorporated invoice of May 27. June 7 Purchased $2,212 in parts and merchandise accessories from Tumbleweed Sports. The credit terms are 1/10, n30 and the goods are shipped FOB Shipping point via a separate logistic company. The transportation costs will be paid later upon receipt of the invoice. June 7 Purchased store and shop supplies on account from Albright Supply for $97.55. The credit term is net 10 days. June 8 Received a check for $420 from the Browns Ravine Jet Skiers for storage fees on their watercraft. This check prepays their storage fees for June, July and August. June 8 Received $200 cash as a partial payment on the past-due account of customer Alice Berry. June 10 Sold a 3-passenger Kawasaki Jet Ski to customer Emma Larson for $7,100 plus sales tax. (don't forget to include the sales tax) Ms. Larson paid $900 cash as a down payment and charged the balance to her account. The account will be paid in full in 30 days. June 10 Received a check for $4,212.71 from the Western National Credit Card Company as payment in full on credit card invoices that had been received through June 2 and mailed on June 4. The invoices totaled $4,343 and the credit card company charged a 3% fee for the use of their system. June 10 Sold three (3) Kawasaki Jet Ski to Suzanne Fujico for cash. The two Jet Skis - A sell for $4,750 each and the T145G model sells for $5,500 with added accessories. Sales taxes were charged for the sales. (sales taxes not included yet) June 10 Purchased three (3) Hero Jet Skis from Springview, Incorporated. The list price of the jets is $3,575 each with a trade discount of 28%. The credit terms are n/30 and the merchandise is shipped FOB Destination. June 11 Issued check #22104 for $124.55 to Rambis Freight for transportation fees on the June 7 purchase from Tumbleweed Sports. June 11 Purchased three (3) Shark personal watercraft for inventory from Yancy Sprintcraft. Purchase price for the merchandise totaled $18,600 and the entire amount was charged to the Holiday Jet Ski account. The credit terms offered by Yancy are 1/10, n30 and the goods are shipped FOB shipping point. A separate billing for freight charges of $414 has also been received from Less, Inc., a local freight carrier. Terms from Less Inc. are net 10. (Two journal entries are required.) 6 June 12 Issued check #22105 to Albright Supply for the $721.25 due today. Terms from Albright Supply are net 10. June 12 Sold four Kawasaki Super Jet Skis and miscellaneous accessories and parts to the Browns Ravine Jet Skiers for $27,245 plus sales tax. The Browns Ravine Jet Skiers paid $5,000 in cash and charged the balance on their account. June 13 Issued debit memorandum #DM004 to Yancy Sprintcraft for $6,200 and returned one Yancy Shark personal watercraft. The hull of this watercraft arrived with serious damage that will require major repair or replacement at the factory. The purchase was made on June 11. June 13 Sold a Sprintcraft Jet Ski trailer to John Brandon for $795 cash plus sales tax. Mr. Brandon paid for his purchase by using a Bank Credit Card. The bank charged Holiday Jet Ski a 2% credit card fee. June 14 Received a check for $20,163 from customer Charles Montero as payment in full on his account. The payment was for the May 15 transaction. June 14 Issued check #22106 for $37.50 to the U.S. Postal Service for stamps and other store supplies. June 14 Purchased $402.25 in store supplies from Albright Supply and charged the total to the business account. Credit terms are net 10. June 14 Issued check #22107 for $52.44 for the purchase of miscellaneous tools to be used in the service shop. June 14 Purchased shop supplies from Sons & Sons Supply and issued check #22108 for $176.56 as payment in full. June 15 Issued check #22109 in payment to Kawasaki, USA for the June 5 purchases. June 15 Issued check #22110 John Douglas, the part-time repair and sales person for the business. John is paid $9.65 per hour and worked 44.75 hours during the past two-week period ended June 14. June 15 Issued debit memorandum #DM005 to Albright Supply for $35.50 as the returned of store supplies which was purchased on account on June 14. June 15 Issued check #22111 to AT&T Phone Company for $53.74. The check is paid in full for Aaron Larson's personal home phone bill. No business calls were made this month on his home phone. June 15 Received a check for $223.50 from Alice Berry as payment in full on her past due account. 7 June 15 Borrowed $18,500 cash from the First National Bank by issuing a short term, 60-day note payable. June 17 Purchased Jet Ski parts and accessories for $4,566.75 cash (check #22112) from Fong Brother Company. June 17 Issued the following checks as payment in full for monthly billings: Check #22113 to Michigan Power & Light for $312.45 Check #22114 to Michigan Lake Service for truck gas and truck repairs, $355.43. Check #22115 to Michigan AT&T Telephone for $104.65. June 17 Issued check #22116 to Albright Supply for the June 7 purchased. June 17 Sold a Kawasaki Jet Ski and accessories to Joel Letterman for $8,340, plus sales tax. Mr. Letterman paid in full using a Western National Credit Card. (Don't forget to include the sales tax.) June 17 Issued check #22117 for $2,189.88 to Tumbleweed Sports as payment in full of the June 7 purchased. Tumbleweed offers cash terms of 1/10, n30 and the invoice balance of $2,212 is being paid in time to qualify for the purchase discount. June 18 Upon analysis of the Tumbleweed Sports account, discovered that a second Invoice (T1011) dated May 18, had been misfiled and must be paid today. The amount due was $309 and the cash terms extended by Tumbleweed Sports was 1/10, n30. Check #22118 was issued to Tumbleweed for the payment. June 18 Purchased a special order, custom built, racing version of the T-model from Kawasaki, USA. The amount from Kawasaki totals $8,753, ($8,673 being the cost of the T-model, and $80 the charge for freight in cost. Credit terms: 2/10, n30 and FOB Shipping point. June 18 Received a check for $119.84 from Robert Altman as payment in full for 2 hours of service work ($56 per hour) performed today on his Jet Ski and trailer. June 19 Issued check #22119 for $313.50 to Robert Logan, Chartered Accountant, for accounting services received. June 19 Performed service work totaling $179.76, including tax, for customer Alice Murray. Alice paid in full using a Western National Credit Card. [Hint: divide $179.76 by 1.07 (100% of selling price plus 7% sales tax) to calculate the amount billed for the service fees.] June 20 Issued check #22120 for $22.50 to the Sierra Freight Company as payment in full for delivery of a customer Jet Ski that had been serviced. June 20 Issued check #22121 to Jet Ski Cruising magazine for an advertising feature in the June issue. The advertisement costs $870. 8 June 20 Issued a credit memorandum CM301 to the Browns Ravine Jet Skiers for $422.65. Accessories valued at $395.00 (plus sales tax) were returned for credit. June 20 Sold on account the special order, custom built T-model from Kawasaki, USA to customer Charles Grubonski. The sales amount including tax is $12,267.55. [To obtain the sales tax, divide the sales amount by 1.07] June 21 Issued check #22122 in payment to Yancy Sprintcraft for the June 11 purchased. Terms offered by Yancy Sprintcraft was 1/10, n30. [Hint: don't forget the debit memo of June 13 and the qualification for the purchase discount.] June 21 Issued check #22123 in payment to Less Inc. for the June 11 purchased. June 22 Received a check fro $850 from Wesmouth, Inc as payment for six (6) months rent (June 24 to December 24) on their storage space. June 22 Sold a Sprintcraft Superjet at a special sale price of $6,611 OTD (out the door). This special price includes sales tax. The customer paid in full using a Bank Credit Card (3% bank fee). June 22 Discovered that check #22107, issued for $54.24 on June 14, and debited to the Tools Expense account, had been recorded in error for $52.44. June 22 Received a check for $321 from Kelly Ingalls as payment in full on her purchase of May 22. June 24 Sold parts and accessories to customer Roger Elliott for $175.00 and charged Mr. Elliott for 2.75 hours of labor ($56.00 per hour) for work on his Jet Ski. Mr. Elliott paid cash for this merchandise and services. June 24 Issued check #22124 for $187.17 to the Newscastle TV Repair for service work on the television satellite system in Aaron Larson's home. [Hint: Is this a business operating expense?] June 24 Sold a Kawasaki Jet Ski and a deluxe trailer to customer Jennie McKinsey. Total sales including sales tax was $8,725.85. The selling price of the Jet Ski was $7,360 and the trailer price was $795. Jennie paid $2,725.85 cash as down payment and gave Holiday Jet Ski a short-term promissory note (IOU) for the balance. Holiday Jet Ski accepted the note. June 24 Received a check for $8,830.45 from the Western National Credit Card Company as payment in full on credit card invoices that had been received through June 20. The invoices totaled $9,103.56 and the credit card company charged a 3% fee for the use of their system. 9 June 24 Issue check #22125 to Albright Supply for the balance due on June 14 purchase, less the debit memo of June 15. June 25 Received a check for $500.00 from Emma Larson as partial payment on her account. June 25 Aaron Larson withdrew $1,650 (check #22126) from the business for personal use. June 25 Repaired hull damage and replaced an impeller for customer David Parkson. Mr. Parkson was charged 4.25 hours of labor ($56 per hour), parts totaling $362, plus sales tax. The bill was paid with a Western National Credit Card. June 26 Purchased additional store fixtures for better display of the new Kawasaki Jet Skis and issued check #22127 for $2,150 as payment in full to Attwater Business Equipment. June 26 Issued check #22128 for $995 to AIA Insurance for additional liability insurance for the business. June 27 Received a check for $4,342.50 from Waterrippers, Inc, as payment in full for the May 28 purchases. June 27 Through telephone order, sold to the Round Hill Ski Club, a Kawasaki X-2 model Jet Ski and accessories for $5,575 plus sales tax. The purchase was charged to the club account (accounts payable) June 28 The Placerville Ski Club used a bank credit card (3% fee) to pay storage fees of $855 for the six-month period beginning July 1. June 28 Paid the shipping costs to transport the Kawasaki X-2 model Jet Ski to the telephone customer, Round Hill Ski Club by issuing check #22129 for $45.50 to the DHL Logistic and Transport Company. June 28 Issued check #22130 to the State Board of Business Tax for the balance of Sales Tax collected through the close of the work day on June 22. Check the ledger card for the balance in the account to this date. [Hint: sum all the sales tax amount until June 22.] June 28 Billed customer Cindy Dunne for 3.6 hours of labor for repairing racing damage to her Jet Ski. June 28 Issued check #22131 to Kawasaki, USA as payment in full on the June 18 purchase. [Hint: Remember that discounts are not taken on freight charges.] June 29 Received a check for $102 from customer Alice Berry as payment in full of June 1 purchase. 10 June 29 Issued check #22132 for $30.76 (which includes sales tax) to Roger Elliott as a cash refund for parts and accessories he returned. The check is for a $28.75 merchandise return plus sales tax. June 29 Issued check #22133 098 for 50.60 to replenish the Petty Cash Fund. A total of $24.40 remains in the petty cash box at this time. A summary of the receipts shows the following expenditures have been made to date from Petty Cash.: Store & Shop Supplies Expense $36.50 Tools Expense 8.35 Miscellaneous Expense 4.75 June 29 Purchased five (5) Clear Water Sprint watercraft and watercraft accessories from Clear Water, Incorporated of Alameda. The purchase totaled $23,899, lists of cash terms of 2/10, n30 and FOB destination shipping terms. June 29 Sold two (2) Trail-Swift trailers plus accessories to the Browns Ravine Jet Skiers for $1,923.86, which includes sales tax. Received a cash payment of $1,000 and the balance was charged to the club account. June 29 Issued check #22134 John Douglas, the part-time repair and sales person for the business. John is paid $9.65 per hour and worked 31.5 hours during the past two-week period ended June 28. 11 Holiday Jek Ski Unadjusted Trial Balance June 1, 2019 Account Title Cash Petty Cash Accounts Receivable Accounts Receivable - Credit Card Companies Merchandise Inventory Prepaid Insurance Prepaid Rent Store Equipment and Fixtures Acc. Depreciation - Store Equipment and Fixtures Shop Equipment Acc. Depreciation - Shop Equipment Trucks Acc. Depreciation - Trucks Accounts Payable Sales Tax Payable Unearned Storage Fees Aaron Larson, Capital Aaron Larson, Withdrawals Watercraft, Accessories & Parts Sales Sales Returns and Allowances Service Fees Earned Purchases of Merchandise Purchases Returns and Allowances Purchases Discounts Transportation-In Store & Shop Supplies Expense Salaries & Wages Expense Truck Operating Expense Advertising Expense Delivery Expense Credit Card Expense Tools Expense Professional Services Expense Electric and Gas Expense Telephone Expense Bank Service Charges Cash Short & Over Miscellaneous Expense Interest Earned Dr $11,875.65 75.00 29,595.35 4,343.00 125,130.00 4,375.00 12,000.00 49,700.00 Cr $14,520.00 14,250.00 3,750.00 22,500.00 4,000.00 12,042.00 317.40 8,700.00 188,202.45 12,000.00 122,400.00 1,398.00 3,215.00 64,300.00 2,450.00 510.00 585.00 2,039.00 1,416.50 911.95 1,692.00 388.00 515.00 42.00 472.00 416.00 318.00 32.00 12.00 37.40 $360,418.85 312.00 $360,418.85 REQUIREMENT: 12 Use EXCEL for all the following: 1) Journalize the June business transactions, inclusive of explanations. (1 entry = mark; Total 154 entries = 77 marks) 2) Prepare the unadjusted trial balance for Holiday Jet Ski as of June 30, 2019 (Check figure: June 15: $475,410.95; June 30: $524,864.72) (1 entry = 23/43 = 0.53488 marks, Total = 23 marks) NOTE: SUBMIT a HARDCOPY (Printed) of the report TO THE INSTRUCTOR. The due date is xxxxxxxx. Photocopy or carbon copy of final report is not acceptable as a valid evidence of your own work. Also, late submission of your report will not be accepted. The HARDCOPY SHOULD BE BINDED SINCE IT IS A TERM PROJECT. Your submission should consist of the following: 1) A COVER PAGE with Title of Assignment, Course, Your Name, Student ID and Instructor's Name, 2) Table of Content 3) The Case Description 4) Number the pages. 5) Respective Requirement (as above) NOTE: FORMAT YOUR EXCEL WORK PROFESSIONALLY. THERE SHOULD NOT BE ANY TRUNCATION OF ACCOUNTS OR STATEMENTS IN THE PRINTOUT. Marks will be deducted for Unprofessional Work. 13 Sample of Cover Page INTI INTERNATIONAL COLLEGE, SUBANG JAYA Logo Title of Assignment Individual Term Project Submitted To Mr. KC Cheong Department of Business in partial fulfillment of ACC 201 Submited by: Your names ID #s. Date: 14 TO BE SUBMITTED WITH YOUR WORK (PRINT THIS OUT, SIGN IT & Attachment it with your project) PLAGIARISM Plagiarism is the act of claiming another person's work as your own. Students should ensure that all individual assignments (if any) should be their original work and not simply 'cut and paste' technique. Students caught for plagiarizing will obtain an \"F\" for the assignment. Student Declaration This assignment is my individual piece of work. I contributed 100% to complete the accounting cycle of Holiday Jet Ski. I, hereby, attest that contents of this assignment are my own work. I have read and understood the college's policy on academic dishonesty. I have not copied, without proper citation, from any books, websites, people and other resources. This includes data excerpted from CD-ROMs, the Internet, other private networks, and other people's disk of the computer system. Student's Signature: ____________________________ Name: Date: 15 Awarding of Grades: A Grade B Grade C Grade - good coverage of analysis relationships with good interpretation. - an excellent understanding of the task - a very good understanding of the task - ability to apply and interpret the analysis comprehensively Including demonstration of how various measures interlink to support the argument. - a very high standard of coverage of analysis relationships with good interpretation OR, a high standard of interpretation of good coverage of analysis relationships. - reasonable attempt to use appropriate terminology in context OR, the meaning is otherwise made relatively clear. - use of appropriate and concise language - successfully used appropriate terminology in context. - basically sound conclusions in light of interpretations. - revelation of insightful conclusions. - sound conclusions in light of interpretations. C Minus Grade - weak coverage of analysis relationships with reasonable interpretation. F Grade - only interpreted the percentage analysis OR, only interpreted the ratio - unjustified or badly argued analysis But did not interpret conclusions, or lacking in both. conclusion altogether. - fail attempt to use appropriate terminology in context or the meanings is otherwise understandable. - poor to fair coverage of analysis relationships. - basically sound conclusions in light of interpretation. - poor analysis resulting in inadequate discussion. - poor expression that seriously impedes communication, understanding and decision makings. 16 PRINCIPLES OF ACCOUNTING 1 ACC 201 JAN 2020 SESSION (INDIVIDUAL PROJECT - HOLIDAY JET SKI) Rubrics - Marking Scheme Base Score Journal Entries 77 Trial Balance 23 TOTAL POINT:------------- Description 100 17