ACCT212 Course Project 1 Template Parts A_B UPDATED

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					              ACCT 212: Course Project 1
Requirement

  Part A
     1

     2

     3


  Part B
     4

     5

     6

     7

     8

     9

    10
               ACCT 212: Course Project 1
                  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
oject 1
                      Worksheet


                                  Click on the worksheet
    Journal Entries               link to complete the
                                  corresponding
                                  Requirement or the Project
    General Ledger
                                  Instructions button below
                                  for an overview.
    Trial Balance




    Adjusting Entries
                                  Project Instructions
    General Ledger

    Adjusted TB

    Financial Statements

    Closing Entries

    General Ledger

    Post Closing TB
Course Project #1 Overview
                      Course Project #1 consists of two parts, A and B, respectively. There are 10 Requirements for you to complete in this
                      exercise, Part A has 1-3 and Part B has 4-10. Part A&B is due on Wednesday, 18 July 2012. All of the information you
                      need to complete Course Project #1 is located in this Workbook.
                      • There are 8 worksheets in the workbook you will need to complete for Parts A & B.
                      • A list of October transactions
                      • A Chart of Accounts reference sheet
                                                                                                                                                   Before You Begin:
                      • A Grading Rubric to help explain what is expected.
                                                                                                                                                       Review the Week 2 Lecture prior to
                      • Each worksheet has the Check Figures embedded as a comment.
                                                                                                                                                        starting work on this project.
                                                                                                                                                       Print the Chart of Accounts and
                                                                                                                                                        October Transactions worksheets for
                                                                                                                                                        your reference. You will need to refer
Scenario                                                                                                                                                to both throughout the project.
                      You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new                    Review the Grading Criteria.
                      small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but       SAVE your work frequently in this
                      definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been in operation            workbook.
                      for a month and things have not gotten too out of hand yet! Rob 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 RRC.



Requirements




Guidelines
                      For Part A:
                                     •         Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets.
                                     •         Type your work directly into the worksheets.
                                     •         Save your workbook as “CourseProject1A_ ACCT212_YourLastNames”.
                                     •        A total of 927 words disucssing the first 3 steps in the accounting cycle.
                                     Part A is it on spread sheet

                      For Part B:
                                     •         Using feedback from your instructor and Part A, complete Requirements 4-10.
                                     •         Type your work directly into the worksheets.
                                     •         Save your workbook as “CourseProject1B_ACCT212_YourLastNames”.
                                     •         A total of 927 words disucssing the 4-10 steps in the accounting cycle.
                                     Part B is it on spreadsheet
During its first month of operation, the Rawls Repair Corporation, which specializes in
bicycle repairs, completed the following transactions:

                              October Transactions
Date                      Transaction Description
Oct. 1                    Began business by making a deposit in a company bank
                          account of $12,000, in exchange for 1,200 shares of $10 par
                          value common stock.
Oct. 1                    Paid the premium on a one-year insurance policy, $1,200.
Oct. 1                    Paid the current month's store rent expense, $1,040.
Oct. 3                    Purchased repair equipment from Conklin Company, $4,400.
                          Paid $600 down and the balance was placed on account.
                          Payments will be $200.00 per month for nineteen months. The
                          first payment is due 11/1. Note: Use Accounts Payable for the
                          Balance Due.

Oct. 8                    Purchased repair supplies from McKenna Company on credit,
                          $390.
Oct. 12                   Paid utility bill for October, $154.
Oct. 16                   Cash bicycle repair revenue for the first half of October, $1,362.

Oct. 19                   Made payment to McKenna Company, $200.
Oct. 31                   Cash bicycle repair revenue for the last half of October, $1,310.

Oct. 31                   Declared and paid cash dividend of $800.
Use the following account descriptions for journal entries.



                                 Chart of Accounts
                          Account
Account Type              Number      Account Title                    Normal Balance
Assets
                          111         Cash                             Debit
                                                                                        Review Chapter 2,
                          117         Prepaid Insurance                Debit
                                                                                        p. 90 for more
                          119         Repair Supplies                  Debit            information on the
                          144         Repair Equipment                 Debit            Chart of Accounts
                          145         Accum Dep -Repair Equipment      Credit

Liabilities
                          212         Accounts Payable                 Credit
                          213         Income Tax Payable               Credit

Stockholders Equity
                          311         Common Stock                     Credit
                          312         Retained Earnings                Credit
                          313         Dividends                        Debit

Revenue
                          411         Bicycle Repair Revenue           Credit

Expenses
                          511         Store Rent Expense               Debit
                          512         Utility Expense                  Debit
                          513         Insurance Expense                Debit
                          514         Repair Supplies Expense          Debit
                          515         Dep Expense - Repair Equipment   Debit
                          516         Income Tax Expense               Debit
                                           Journal Entries



REQUIREMENT #1: Prepare journal entries to record the October transactions in the General
Journal below. Remember that Debits must equal Credits - All of your Journal Entries
should balance.

                                  General Journal
Date          Description (Account Name)                          Debit         Credit




                                                                            0            -
                              Journal Entries




Once you've completed this
requirement print your
General Journal to complete
Requirement #2 on the
General Ledger worksheet.
REQUIREMENT #2: Post the October journal entries to the following T-Accounts and compute ending
balances.
               Cash (111)                                      Bicycle Repair Revenue (411)




         Prepaid Insurance (117)                                 Store Rent Expense (511)




          Repair Supplies (119)                                     Utility Expense (512)




         Repair Equipment (144)                                  Insurance Expense (513)




  Accum. Depr.-Repair Equipment (145)                          Repair Supplies Expense (514)




         Accounts Payable (212)                              Depr. Exp.-Repair Equipment (515)
Income Taxes Payable (213)   Income Taxes Expense (516)




   Common Stock (311)




  Retained Earnings (312)




     Dividends (313)
 ounts and compute ending


cle Repair Revenue (411)

                             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.

ore Rent Expense (511)




Utility Expense (512)




 urance Expense (513)




ir Supplies Expense (514)




xp.-Repair Equipment (515)
me Taxes Expense (516)
                                          Journal Entries


REQUIREMENT #3: Prepare a trial balance for October in the space below.


                     Rawls Repair Corporation
                           Trial Balance                                      Only enter
                                                                              accounts that
                            October 31
                    Account                                Balance            have a balance.
                      Title                             Debit    Credit




                                                             0            0
                  Journal Entries




Only enter
accounts that
have a balance.
                                            Journal Entries


Requirement #4: Prepare adjusting entries using the following information in the General
Journal below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of repair supplies is $194.
c) The estimated depreciation on repair equipment is $70.
d) The estimated income taxes are $40.

Requirement #5: Post the adjusting entries on October 31 below to the General Ledger T-
accounts and compute adjusted balances. Just add to the balances that are already
listed.


                                   General Journal
Date          Description (Account Name)                             Debit       Credit




                                                                             0             0
                                  Journal Entries




Click here to go to the General
Ledger worksheet to complete
Requirement #5.
                                          Journal Entries


REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.


                     Rawls Repair Corporation
                      Adjusted Trial Balance                                  Only enter
                                                                              accounts that
                            October 31
                    Account                                Balance            have a balance.
                      Title                             Debit    Credit




                                                             0            0
                  Journal Entries




Only enter
accounts that
have a balance.
Requirement #7: Prepare the financial statements for Rawls Repair Corporation as of October 31 in the sp
You will only be preparing the Income Statement, Statement of Retained Earning and the Balance Sheet
The Statement of Cash Flows is a required Financial Statement, but is not required for this Project.



             Rawls Repair Corporation                               Rawls Repair Corporation
                 Income Statement                                Statement of Retained Earnings
         For the Month Ending October 31                        For the Month Ending October 31

Revenues:                                                Retained Earnings, October 1
Bicycle Repair Revenue                                   Add: Net Income
  Total Revenue                              0           Subtotal
                                                         Less : Dividends
Expenses:                                                Retained Earnings, October 31
Store Rent Expense
Utility Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Taxes Exp.
  Total Expenses                             0

Net Income                                   0
 n as of October 31 in the space below.
ning and the Balance Sheet.
 red for this Project.



air Corporation                                 Rawls Repair Corporation
Retained Earnings                                    Balance Sheet
Ending October 31                                      October 31

                                 Assets:
                                 Cash
                     0           Prepaid Insurance
                                 Repair Supplies
                     0           Repair Equipment
                                 Less: Accum. Depr.
                                 Total Assets                              0

                                 Liabilities and Stockholders' Equity
                                 Liabilities:
                                 Accounts Payable
                                 Income Taxes Payable
                                 Total Liabilities                         0

                                 Stockholders' Equity:
                                 Common Stock
                                 Retained Earnings
                                 Total Stockholders' Equity                0

                                 Total Liabilities & Stockholders'
                                 Equity                                    0
                                           Journal Entries


Requirement #8: Prepare the closing entries at October 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
worksheet and compute ending balances. Just add to the adjusted balances already
listed.


                                  General Journal
Date          Description (Account Name)                           Debit        Credit




                                                                            0             0
                                   Journal Entries




Click here to go to the General
Ledger worksheet to complete
Requirement #9.




       See the Week 2 Lecture
       for examples of how to
       complete closing entries.
                                           Journal Entries


Requirement #10: Prepare a post-closing trial balance as of October 31 in
the space below.

                     Rawls Repair Corporation
                     Post-Closing Trial Balance
                            October 31
                     Account                                Balance
                       Title                             Debit    Credit




                                                               0            0
Project 1 Grading Rubric - Students

  Criteria                           Excellent              Good                   Poor

Parts:                           90% to 100%              70% to 89%            50% to 69%
             Step 1           Journal Entries use     Journal Entries       Journal Entries have
             -Journal Entries accurate accounts       mostly use            some errors in use
             (40pts)          and amounts; and        accurate accounts     of accounts and
                              debits and credits      and amounts; and      amounts; and
                              are used correctly.     debits and credits    debits and credits
                                                      are used correctly.   are only somewhat
                                                                            used correctly.




             Step 2&3           Posting is correct    Posting is mostly     Posting has several
             -Posted and        leading to an         correct leading to    errors leading to a
             Unadjusted Trial   accurate trial        a mostly correct      trial balance with
             Balance.           balance.              trial balance.        several errors.
             (10pts)

             2 page paper       Follows APA,         Mostly follows APA, Partially follows
             (20 pts)           grammar and          grammar and          APA, grammar and
                                spelling guidelines. spelling guidelines. spelling guidelines.


             Step 4             Journal Entries use   Journal Entries       Journal Entries have
             -Adjusting         accurate accounts     mostly use            some errors in use
             Journal Entries    and amounts; and      accurate accounts     of accounts and
             (12pts)            debits and credits    and amounts; and      amounts; and
                                are used correctly.   debits and credits    debits and credits
                                                      are used correctly.   are only somewhat
                                                                            used correctly.




             Step 5&6           Posting is correct    Posting is mostly     Posting has several
             -Posted and        leading to an         correct leading to    errors leading to a
             Adjusted Trial     accurate trial        a mostly correct      trial balance with
             Balance.           balance.              trial balance.        several errors.
             (11pts)
Step 7              All four Financial    Three of four         Two of four
-Financial          Statements are        Financial             Financial
Statements          prepared              Statements are        Statements are
(33pts)             accurately and in     prepared              prepared
                    an appropriate        accurately and        accurately and
                    format.               mostly in an          mostly in an
                                          appropriate           appropriate format,
                                          format, one           two statements
                                          statement has         have some errors.
                                          some errors.

Step 8              Journal Entries use   Journal Entries       Journal Entries have
-Closing            accurate accounts     mostly use            some errors in use
Journal Entries     and amounts; and      accurate accounts     of accounts and
(12pts)             debits and credits    and amounts; and      amounts; and
                    are used correctly.   debits and credits    debits and credits
                                          are used correctly.   are only somewhat
                                                                used correctly.




Step 9&10           Posting is correct    Posting is mostly     Posting has several
-Posted and         leading to an         correct leading to    errors leading to a
Post-closingTrial   accurate trial        a mostly correct      trial balance with
Balance.            balance.              trial balance.        several errors.
(12pts)

2 page paper        Follows APA,         Mostly follows APA, Partially follows
(20 pts)            grammar and          grammar and          APA, grammar and
                    spelling guidelines. spelling guidelines. spelling guidelines.
     Very Poor

   Less than 50%
Journal Entries have
some errors in use
of accounts and
amounts; and
debits and credits
are not used
correctly.




Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.

Does not follow
APA, grammar and
spelling guidelines.
                        First part is 70 points total
Journal Entries have
some errors in use
of accounts and
amounts; and
debits and credits
are not used
correctly.




Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
One or fewer of
four Financial
Statements are
prepared
accurately and
mostly in an
appropriate format,
three or all
statements have
some errors.

Journal Entries have
some errors in use
of accounts and
amounts; and
debits and credits
are not used
correctly.




Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.

Does not follow
APA, grammar and
spelling guidelines.
                        Second part is 100 points total

				
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