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Instructions A. Prepare journal entries for each transaction. Explanation not required. (5 marks) B. Post each transaction to the appropriate ledger accounts, prepare the trial balance and the financial statements dated August 31, 2020. (5 marks) C. Comment on the performance and financial position of the business. (5 marks) GRADING RUBRICS Criteria Weight|Above average (85- Average (75-85%) Adequate (50-75%) Inadequate (0-50%) 100%) Context of and 30 Demonstrates a thorough Demonstrates Demonstrates Demonstrates Purpose for understanding of context, adequate awareness of context, minimal attention to Writing audience, and purpose consideration of Jaudience, purpose, context, audience, that is responsive to the context, audience, and to the assigned purpose, and to the assigned task(s) and and purpose and a tasks(s) (e.g., begins assigned tasks(s) focuses all elements of clear focus on the to show awareness of (e.g., expectation of the work. assigned task(s) Jaudience's instructor or self as (e.g., the task perceptions and audience). aligns with assumptions). audience, purpose, and context). Content 20 Uses appropriate, Uses appropriate, Uses appropriate and Uses appropriate and Development relevant, and compelling relevant, and relevant content to relevant content to content to illustrate compelling content develop and explore develop simple ideas mastery of the subject, to explore ideas ideas through most of in some parts of the conveying the writer's within the context the work. work. understanding, and of the discipline shaping the whole work and shape the whole work. Genre and 15 Demonstrates detailed Demonstrates Follows expectations Attempts to use a Disciplinary attention to and consistent use of appropriate to a consistent system for Conventions successful execution of a important specific discipline basic organization wide range of conventions Jand/or writing task(s) and presentation. conventions particular to particular to a for basic a specific discipline specific discipline organization, content, and/or writing task (s) and/or writing and presentation including organization, task(s), including content, presentation, organization, formatting, and stylistic content, choices presentation, and stylistic choices Sources and 20 Demonstrates skillful useDemonstrates Demonstrates an Demonstrates an Evidence of high-quality, credible, consistent use of attempt to use attempt to use sources relevant sources to credible, relevant credible and/or to support ideas in the develop ideas that are sources to support relevant sources to writing appropriate for the ideas that are support ideas that are discipline and genre of situated within the appropriate for the the writing discipline and discipline and genre genre of the of the writing. writing Control of 15 Uses graceful language Uses Uses language that Uses language that Syntax and that skillfully straightforward generally conveys sometimes impedes Mechanics communicates meaning language that meaning to readers meaning because of to readers with clarity generally conveys with clarity, although errors in usage. and fluency, and is meaning to writing may include virtually error-free. readers. The some errors. language in the portfolio has few errors. QUESTION 1 Dr. Filler, DMD, opened a dental clinic on August 1, 2020. The business transactions for August are shown below: Aug. 1 Dr. Filler invested $250,000 cash in the business in exchange for 1,000 shares of capital stock. Aug. 4 Land and a building were purchased for $320,000. Of this amount, $85,000 applied to the land, and $235,000 to the building. A cash payment of $100,000 was made at the time of the purchase, and a note payable was issued for the remaining balance. Aug. 9 Medical instruments were purchased for $62,000 cash. Aug. 16 Office fixtures and equipment were purchased for $30,000. Dr. Filler paid $5,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. Aug. 21 Office supplies expected to last several months were purchased $3,500 cash. Aug. 24 Dr. Filler billed patients $2,500 for services rendered. Of this amount, $1,200 was received in cash, and $1,300 was billed on account (due in 30 days). Aug. 27 A $500 invoice was received for several newspaper advertisements placed in August. The entire amount is due on September 8. Aug. 28 Received a $400 payment on the $6,300 account receivable recorded August 24. Paid employees $2,700 for salaries earned in August. Aug. 31 A partial list of account titles used by Dr. Filler includes: Cash Notes Payable Accounts Receivable Account Payable Office Supplies Capital Stock Medical Instruments Service Revenue Office Fixtures and Equipment Advertising Expense Land Salary Expense Building