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. Youve just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and pool repair specialist, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesnt know where to begin. Its your job to go through the complete Accounting cycle to prepare the financial statements for the PPC.

ACCT 212: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance C2 X fix 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 & A D E F G H - J B Course Project Overview 1 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 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. 4 Scenario You've just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and pool repair specialist, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the PPC. 5 6 7 Requirements 8 Requirement 9 10 11 12 13 1 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 Worksheet Name 1 - Journal Entries 2- General Ledger 3- Trial Balance 2 3 C8 fic Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. Date July 1 July 1 July 1 July 6 July Transactions 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. 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. 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 8 July 10 July 11 July 18 July 20 July 31 July 31 July 31 D36 fic Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Normal Balance Account Type Assets 111 117 119 144 145 Cash Repair Supplies Prepaid Insurance Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Pool Service Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Debit Telephone Expense Debit Insurance Expense Debit Repair Supplies Expense Debit Dep Expense - Repair Equipment Debit Income Tax Expense Debit Electric Expense Debit D47 -- fx =SUM(D4:046) B D E F G H. REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal 1 below. Remember that Debits must equal CreditsAll of your Journal Entries should balance. 2 General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 22 E18 A B D F G H - J K 1 REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date Pool Service Revenue (411) 2 3 4 5 6 7 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. Repair Supplies (117) Store Rent Expense (511) 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Prepaid Insurance (119) Telephone Expense (512) Repair Equipment (144) Insurance Expense (513) part of are requirement Clipboard E18 A D E I G B Accum. Depr.-Repair Equipment (145) F Repair Supplies Expense (514) Accounts Payable (212) Depr. Exp.-Repair Equipment (515) 40 41 42 43 44 45 46 47 48 49 50 51 52 63 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 Income Tax Payable (213) Income Tax Expense (516) Common Stock (311) Electric Expense (517) Retained Earnings (312) 73 74 75 76 77 C11 fix B D E F G REQUIREMENT #3: Prepare a trial balance for July in the space below. 1 2 3 Peter's Pool Corporation Trial Balance July 31 Account Title Only enter accounts that have a balance. Account Number Balance Debit Credit 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 0 0 36 37 38 20