Description To complete the Milestone 2 of the Course Project (due at the end of Week 6), do the following.Complete requirements 4–10 on the worksheets.Type your work directly into the worksheets.Save your workbook as “Milestone 2_CourseProject_ ACCT212_YourName.”Don’t forget to submit your workbook by the end of Week 6. 1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview ACCT 212: Course Project Requirement 1 2 3 4 5 6 7 8 9 10 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 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 Worksheet Name 1 – Journal Entries 2 – General Ledger 3 – Trial Balance 4 &5 – Adjusting Entries 4 &5 -Adjusting Entries ( Use worksheet #2) 6- Adjusted TB 7 – Financial Statements 8&9 – Closing Entries ( use worksheet #2) 8&9- General Ledger 10 – Post Closing Trial Balance Course Project Overview 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 of 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. 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. Requirements 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 4 Prepare the Adjusting Entries 4 &5 – Adjusting Entries 5 Post Adjusting Entries to the General Ledger 4 &5 -Adjusting Entries ( Use worksheet #2) 6 7 Prepare an Adjusted Trial Balance Prepare the Financial Statements 6- Adjusted TB 7 – Financial Statements 8 Prepare the Closing Entries 8&9 – Closing Entries ( use worksheet #2) 9 Post Closing Entries to the General Ledger 8&9- General Ledger 10 Prepare the Post Closing Trial Balance 10 – Post Closing Trial Balance Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 4 – This includes project requirements 1-3. Milestone 2 is due in Week 6 – This includes project requirements 4-10. You Begin: the Week 2 Lecture prior to starting work on this project. the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. the Grading Criteria. your work frequently in this workbook. During its first month of operation, Peter’s Pool Corporation, which specializes in pool repairs, completed the following transactions. July Transactions Date July 1 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. July 1 July 1 July 6 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. July 8 Purchased repair supplies from Mary’s Repair Company on credit, $450. July 10 July 11 Paid telephone bill, $300. Cash pool service revenue for the first third of July, $2,650. July 18 July 20 Made payment to Mary’s Repair Company, $300. Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 July 31 Paid the current month’s electric bill, $500. Declared and paid cash dividend of $1,100. Use the following account descriptions for journal entries. Chart of Accounts Account Type Assets Account Number Account Title Normal Balance 111 117 119 144 145 Cash Repair Supplies Prepaid Insurance Repair Equipment Accum Dep -Repair Equipment Debit Debit Debit Debit Credit 212 213 Accounts Payable Income Tax Payable Credit Credit 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit 411 Pool Service Revenue Credit 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense – Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit Liabilities Stockholders Equity Revenue Expenses Journal Entries REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit 1-Jul 111 Cash 311 Common Stock 40,000 1-Jul 119 Prepaid Insurance 111 Cash 4,800 1-Jul 511 Store Rent Expense 111 Cash 3,600 6-Jul 114 Repair Equipment 111 Cash 212 Accounts Payable 7,800 8-Jul 117 Repair Supplies 212 Accounts Payable 450 10-Jul 512 Telephone Expense 111 Cash 300 11-Jul 111 Cash 411 Pool Service Revenue 18-Jul 212 Accounts Payable 111 Cash 20-Jul 111 Cash 411 Pool Service Revenue 4,000 31-Jul 111 Cash 411 Pool Service Revenue 2,250 31-Jul 517 Electric Expense 111 Cash 31-Jul 313 Dividends Cash 2,650 300 500 1,100 Journal Entries 67,750 Journal Entries al Journal below. . Credit 40,000 4,800 3,600 600 7,200 450 300 2,650 300 4,000 2,250 500 1,100 Once you’ve completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. Journal Entries 67,750 REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute ending b Date 1-Jul 1-Jul 1-Jul 6-Jul 10-Jul 11-Jul 18-Jul 20-Jul 31-Jul 31-Jul 31-Jul Bal Cash (111) 40,000 Date 4,800 3,600 600 300 11-Jul 20-Jul 31-Jul Bal 2,650 300 4,000 2,250 48,900 37,700 500 1,100 11,200 8-Jul Bal Repair Supplies (117) 450 450 1-Jul Bal 1-Jul Bal Prepaid Insurance (119) 4,800 4,800 10-Jul Bal 6-Jul Bal Repair Equipment (144) 7,800 7,800 Accum. Depr.-Repair Equipment (145) Accounts Payable (212) 6-Jul 8-Jul 18-Jul 7,200 450 300 300 Bal 7,650 7,350 Income Tax Payable (213) Common Stock (311) 40,000 40,000 1-Jul Bal Retained Earnings (312) 1-Jul Bal Dividends (313) 1,100 1,100 31-Jul Bal g T-Accounts and compute ending balances. Pool Service Revenue (411) 2,650 4,000 2,250 8,900 Store Rent Expense (511) 3,600 3,600 Telephone Expense (512) 300 300 Insurance Expense (513) Repair Supplies Expense (514) 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. Depr. Exp.-Repair Equipment (515) Income Tax Expense (516) Electric Expense (517) 500 500 Journal Entries REQUIREMENT #3: Prepare a trial balance for July in the space below. Account Number 111 117 119 144 212 311 313 411 511 512 517 Peter’s Pool Corporation Trial Balance July 31 Account Title Cash Repair Supplies Prepaid Insurance Repair Equipment Accounts Payable Common Stock Dividends Pool Service Revenue Store Rent Expense Telephone Expense Electric Expense Balance Debit Credit 37,700 450 4,800 7,800 7,350 40,000 1,100 8,900 3,600 300 500 56,250 56,250 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 calculations! a) One month’s insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95. Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed. Requirement #4 Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit 0 Journal Entries al Journal below. Show your counts (Step 2) Credit 0 Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Account Number Peter’s Pool Corporation Adjusted Trial Balance July 31 Account Title Balance Debit Credit 0 0 Journal Entries Only enter accounts that have a balance. Requirement #7: Prepare the financial statements for Peter’s Pool Corporation as of July 31 in the space b You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Shee The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter’s Pool Corporation Income Statement For the Month Ending July 31 Revenues: Pool Repair Revenue Total Revenue Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Tax Expense Electric Expense Total Expenses Net Income Peter’s Pool Corporation Statement of Retained Earnings For the Month Ending July 31 Retained Earnings, July 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, July 31 ation as of July 31 in the space below. d Earnings, and the Balance Sheet. required for this project. ol Corporation Retained Earnings h Ending July 31 Peter’s Pool Corporation Balance Sheet July 31 Assets: Cash Repair Supplies Prepaid Insurance Repair Equipment Less: Accum. Dep – Repair Equipment. Total Assets Liabilities and Stockholders’ Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders’ Equity: Common Stock Retained Earnings Total Stockholders’ Equity Total Liabilities & Stockholders’ Equity Journal Entries Requirement #8: Prepare the closing entries at July 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 ( Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Journal Entries 0 Journal Entries nt: Use the p 2) worksheet and Credit See the Week 2 Lecture for how to complete closing entries. Journal Entries 0 Journal Entries Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Account Number Peter’s Pool Corporation Post-Closing Trial Balance July 31 Account Title Balance Debit Credit – – Course Project Grading Rubric – Students Criteria Excellent Step 1 —Journal Entries Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Step 1 Grading Scale Step 2 Ledger Posting and Balancing 24-22 Posting is done in the correct accounts and at the correct side (Dr./Cr.) and balances are correct. Step 2 Grading Scale Step 3 – Unadjusted Trial Balance 16-15 Accounts are listed correctly and in the proper order leading to an accurate trial balance. Step 3 Grading Scale 16-15 The student’s submission fully analyzes and records all transactions, and provides a complete and accurate trial balance. Milestone 1 Milestone 1 Milestone 1 Milestone 1 CO2 – Given economic transactions and events, analyze and record them leading to the development and analysis of a trial balance and reports important for decisionmaking. CO 2 Grading Scale 4 Step 4 —Adjusting Journal Entries Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Step 4 Grading Scale Steps 5 and 6 —Posted and Adjusted Trial Balance. 15-14 Posting is correct leading to an accurate trial balance. Milestone 2 Milestone 2 Steps 5/6 Grading Scale Step 7.1 – Income Statement 15-14 The income statement is prepared completely and accurately. Milestone 2 Step 7.1 Grading Scale Step 7.2 -Retained Earnings Statement Milestone 2 10-9 The retained earnings statement is prepared completely and accurately. Step 7.2 Grading Scale 6 Step 7.3 – Balance Sheet The balance sheet is prepared completely and accurately. Milestone 2 Step 7.3 Grading Scale Step 8 —Closing Journal Entries 15-14 Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Milestone 2 Step 8 Grading Scale 20-18 Steps 9 and 10 —Posted Posting is correct leading and Post-closing Trial to an accurate trial Balance balance. Milestone 2 Steps 9-10 Grading Scale 15-14 Milestone 2 CO 3 – Given a trial balance sheet and economic financial information, analyze and record adjusting and closing journal entries leading to the creation and analysis of financial statements using the accrual accounting method. The student’s submission fully and properly analyzes the adjusting information, resulting in an accurate adjusted trial balance and financial statements. The submission also contains closing entries that are fully and accurately prepared, resulting in an accurate post-closing trial balance. CO 3 Grading Scale 4 Good Fair Poor Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 21-19 Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. 18-17 Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. 16-15 Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. 14-13 Most accounts are listed correctly leading to a mostly correct trial balance. 12-11 Listing of accounts has several errors leading to incorrect trial balance. 10-9 Listing of accounts is done poorly or not at all, leading to inaccurate or no trial balance. 14-13 The student’s submission properly analyzes and records the given transactions, and provides a trial balance that is accurate based on the entries recorded. 12-11 The student’s submission demonstrates analysis and recording of transactions, although several analysis errors exist, leading to a trial balance that is somewhat inaccurate. 10-9 The student’s submission demonstrates limited analysis and recording of transactions, and significant errors exist, leading to an inaccurate or incomplete trial balance. 3 2 1 Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 13-12 Posting is mostly correct leading to a mostly correct trial balance. 11-10 Posting has several errors leading to a trial balance with several errors. 9-8 Posting is done poorly or not at all, leading to inaccurate or no trial balance. 13-12 The income statement is prepared accurately, but may have some minor errors. 8 11-10 The income statement is prepared with several errors. 7 9-8 The income statement is prepared with significant errors. 6 The retained earnings The retained earnings The retained earnings statement is prepared statement is prepared with statement is prepared with accurately, but may have several errors. significant errors. some minor errors. 5 4 3 The balance sheet is The balance sheet is prepared accurately and prepared with several mostly, but may have errors. some minor errors. The balance sheet is prepared with significant errors. 13-12 Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 11-10 Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. 9-8 Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 17-16 Posting is mostly correct leading to a mostly correct trial balance. 15-14 Posting has several errors leading to a trial balance with several errors. 13-12 Posting is done poorly or not at all, leading to inaccurate trial balance, or no trial balance was prepared. 13-12 11-10 9-8 The student’s submission analyzes the adjusting information, resulting in a mostly accurate adjusted trial balance and financial statements. The submission also contains closing entries that are accurately prepared, resulting in a mostly accurate postclosing trial balance. The student’s submission demonstrates analysis of the adjusting information and the preparation of an adjusted trial balance and financial statements, although several errors exist. The closing entries are prepared with several errors, resulting in the completion of a postclosing trial balance, that has limited accuracy. The student’s submission demonstrates limited analysis of the adjusting information and the preparation of an adjusted trial balance and financial statements, however significant errors exist. The closing entries are prepared with significant errors, resulting in an inaccurate post-closing trial balance. 3 2 1 Unacceptable Points Available The submission does not meet this requirement. 14-0 The submission does not meet this requirement, or posting is not done at all. 24 8-0 The submission does not meet this requirement. 16 8-0 The student’s submission does not meet the criteria of the outcome. 16 0 4 The submission does not meet this requirement. 7-0 The submission does not meet this requirement. 7-0 15 15 The submission does not meet this requirement. 5-0 10 The submission does not meet this requirement. 2-0 6 The submission does not meet this requirement. 7-0 The submission does not meet this requirement. 15 11-0 The submission does not meet this requirement. 20 7-0 15 The student’s submission does not meet the criteria of the outcome. 0 4 Purchase answer to see full attachment Tags: excel accounting journal Trial Balance general ledger Peter Pool User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.

Description

To complete the Milestone 2 of the Course Project (due at the end of Week 6), do the following.Complete requirements 4–10 on the worksheets.Type your work directly into the worksheets.Save your workbook as “Milestone 2_CourseProject_ ACCT212_YourName.”Don’t forget to submit your workbook by the end of Week 6.

1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }

Unformatted Attachment Preview

ACCT 212: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
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
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
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
4 &5 – Adjusting Entries
4 &5 -Adjusting Entries ( Use worksheet #2)
6- Adjusted TB
7 – Financial Statements
8&9 – Closing Entries ( use worksheet #2)
8&9- General Ledger
10 – Post Closing Trial Balance
Course Project Overview
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 of 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.
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.
Requirements
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
4
Prepare the Adjusting Entries
4 &5 – Adjusting Entries
5
Post Adjusting Entries to the General Ledger
4 &5 -Adjusting Entries ( Use
worksheet #2)
6
7
Prepare an Adjusted Trial Balance
Prepare the Financial Statements
6- Adjusted TB
7 – Financial Statements
8
Prepare the Closing Entries
8&9 – Closing Entries ( use
worksheet #2)
9
Post Closing Entries to the General Ledger
8&9- General Ledger
10
Prepare the Post Closing Trial Balance
10 – Post Closing Trial Balance
Guidelines
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to
complete this project. Should you have any questions contact your professor.
Milestone 1 is due in Week 4 – This includes project requirements 1-3.
Milestone 2 is due in Week 6 – This includes project requirements 4-10.
You Begin:
the Week 2 Lecture prior to
starting work on this project.
the Chart of Accounts and July
Transactions worksheets for your
reference. You will need to refer to
both throughout the project.
the Grading Criteria.
your work frequently in this
workbook.
During its first month of operation, Peter’s Pool Corporation, which specializes in pool
repairs, completed the following transactions.
July Transactions
Date
July 1
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.
July 1
July 1
July 6
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.
July 8
Purchased repair supplies from Mary’s Repair Company on
credit, $450.
July 10
July 11
Paid telephone bill, $300.
Cash pool service revenue for the first third of July, $2,650.
July 18
July 20
Made payment to Mary’s Repair Company, $300.
Cash pool service revenue for the second third of July, $4,000.
July 31
Cash pool service revenue for the last third of July, $2,250.
July 31
July 31
Paid the current month’s electric bill, $500.
Declared and paid cash dividend of $1,100.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
117
119
144
145
Cash
Repair Supplies
Prepaid Insurance
Repair Equipment
Accum Dep -Repair Equipment
Debit
Debit
Debit
Debit
Credit
212
213
Accounts Payable
Income Tax Payable
Credit
Credit
311
312
313
Common Stock
Retained Earnings
Dividends
Credit
Credit
Debit
411
Pool Service Revenue
Credit
511
512
513
514
515
516
517
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Expense
Dep Expense – Repair Equipment
Income Tax Expense
Electric Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below.
Remember that Debits must equal Credits—All of your Journal Entries should balance.
General Journal
Account Number
from Chart of
Accounts tab
Date
Account Title from Chart of Accounts tab
Debit
1-Jul
111 Cash
311
Common Stock
40,000
1-Jul
119 Prepaid Insurance
111
Cash
4,800
1-Jul
511 Store Rent Expense
111
Cash
3,600
6-Jul
114 Repair Equipment
111
Cash
212
Accounts Payable
7,800
8-Jul
117 Repair Supplies
212
Accounts Payable
450
10-Jul
512 Telephone Expense
111
Cash
300
11-Jul
111 Cash
411
Pool Service Revenue
18-Jul
212 Accounts Payable
111
Cash
20-Jul
111 Cash
411
Pool Service Revenue
4,000
31-Jul
111 Cash
411
Pool Service Revenue
2,250
31-Jul
517 Electric Expense
111
Cash
31-Jul
313 Dividends
Cash
2,650
300
500
1,100
Journal Entries
67,750
Journal Entries
al Journal below.
.
Credit
40,000
4,800
3,600
600
7,200
450
300
2,650
300
4,000
2,250
500
1,100
Once you’ve completed this
requirement print your
General Journal to
complete Requirement #2
on the General Ledger
worksheet.
Journal Entries
67,750
REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute ending b
Date
1-Jul
1-Jul
1-Jul
6-Jul
10-Jul
11-Jul
18-Jul
20-Jul
31-Jul
31-Jul
31-Jul
Bal
Cash (111)
40,000
Date
4,800
3,600
600
300
11-Jul
20-Jul
31-Jul
Bal
2,650
300
4,000
2,250
48,900
37,700
500
1,100
11,200
8-Jul
Bal
Repair Supplies (117)
450
450
1-Jul
Bal
1-Jul
Bal
Prepaid Insurance (119)
4,800
4,800
10-Jul
Bal
6-Jul
Bal
Repair Equipment (144)
7,800
7,800
Accum. Depr.-Repair Equipment (145)
Accounts Payable (212)
6-Jul
8-Jul
18-Jul
7,200
450
300
300
Bal
7,650
7,350
Income Tax Payable (213)
Common Stock (311)
40,000
40,000
1-Jul
Bal
Retained Earnings (312)
1-Jul
Bal
Dividends (313)
1,100
1,100
31-Jul
Bal
g T-Accounts and compute ending balances.
Pool Service Revenue (411)
2,650
4,000
2,250
8,900
Store Rent Expense (511)
3,600
3,600
Telephone Expense (512)
300
300
Insurance Expense (513)
Repair Supplies Expense (514)
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.
Depr. Exp.-Repair Equipment (515)
Income Tax Expense (516)
Electric Expense (517)
500
500
Journal Entries
REQUIREMENT #3: Prepare a trial balance for July in the space below.
Account
Number
111
117
119
144
212
311
313
411
511
512
517
Peter’s Pool Corporation
Trial Balance
July 31
Account
Title
Cash
Repair Supplies
Prepaid Insurance
Repair Equipment
Accounts Payable
Common Stock
Dividends
Pool Service Revenue
Store Rent Expense
Telephone Expense
Electric Expense
Balance
Debit
Credit
37,700
450
4,800
7,800
7,350
40,000
1,100
8,900
3,600
300
500
56,250
56,250
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
calculations!
a) One month’s insurance has expired.
b) The remaining inventory of repair supplies is $250.
c) The estimated depreciation on repair equipment is $160.
d) The estimated income taxes are $95.
Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2)
and compute adjusted balances. Just add to the balances that are already listed.
Requirement #4
Date
Account
Number from
Chart of
Accounts
tab
Account Title from Chart of Accounts tab
Debit
0
Journal Entries
al Journal below. Show your
counts (Step 2)
Credit
0
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Account
Number
Peter’s Pool Corporation
Adjusted Trial Balance
July 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balance.
Requirement #7: Prepare the financial statements for Peter’s Pool Corporation as of July 31 in the space b
You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Shee
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Peter’s Pool Corporation
Income Statement
For the Month Ending July 31
Revenues:
Pool Repair Revenue
Total Revenue
Expenses:
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Tax Expense
Electric Expense
Total Expenses
Net Income
Peter’s Pool Corporation
Statement of Retained Earnings
For the Month Ending July 31
Retained Earnings, July 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, July 31
ation as of July 31 in the space below.
d Earnings, and the Balance Sheet.
required for this project.
ol Corporation
Retained Earnings
h Ending July 31
Peter’s Pool Corporation
Balance Sheet
July 31
Assets:
Cash
Repair Supplies
Prepaid Insurance
Repair Equipment
Less: Accum. Dep – Repair Equipment.
Total Assets
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
Total Liabilities & Stockholders’ Equity
Journal Entries
Requirement #8: Prepare the closing entries at July 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 ( Step 2) worksheet and
compute ending balances. Just add to the adjusted balances already listed.
General Journal
Date
Account
Number from
Chart of
Accounts
tab
Account Title from Chart of Accounts tab
Debit
Journal Entries
0
Journal Entries
nt: Use the
p 2) worksheet and
Credit
See the Week 2 Lecture
for how to complete
closing entries.
Journal Entries
0
Journal Entries
Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Account
Number
Peter’s Pool Corporation
Post-Closing Trial Balance
July 31
Account
Title
Balance
Debit
Credit
–
–
Course Project Grading Rubric – Students
Criteria
Excellent
Step 1
—Journal Entries
Journal entries use
accurate accounts and
amounts; and debits and
credits are used correctly.
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
24-22
Posting is done in the
correct accounts and at
the correct side (Dr./Cr.)
and balances are
correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
16-15
Accounts are listed
correctly and in the
proper order leading to
an accurate trial
balance.
Step 3 Grading Scale
16-15
The student’s submission
fully analyzes and records
all transactions, and
provides a complete and
accurate trial balance.
Milestone 1
Milestone 1
Milestone 1
Milestone 1
CO2 – Given economic
transactions and events,
analyze and record them
leading to the development
and analysis of a trial
balance and reports
important for decisionmaking.
CO 2 Grading Scale
4
Step 4
—Adjusting Journal
Entries
Journal entries use
accurate accounts and
amounts; and debits and
credits are used correctly.
Step 4 Grading Scale
Steps 5 and 6
—Posted and Adjusted
Trial Balance.
15-14
Posting is correct leading
to an accurate trial
balance.
Milestone 2
Milestone 2
Steps 5/6 Grading Scale
Step 7.1 – Income
Statement
15-14
The income statement is
prepared completely and
accurately.
Milestone 2
Step 7.1 Grading Scale
Step 7.2 -Retained
Earnings Statement
Milestone 2
10-9
The retained earnings
statement is prepared
completely and
accurately.
Step 7.2 Grading Scale
6
Step 7.3 – Balance Sheet The balance sheet is
prepared completely
and accurately.
Milestone 2
Step 7.3 Grading Scale
Step 8
—Closing Journal Entries
15-14
Journal entries use
accurate accounts and
amounts; and debits and
credits are used correctly.
Milestone 2
Step 8 Grading Scale
20-18
Steps 9 and 10 —Posted Posting is correct leading
and Post-closing Trial
to an accurate trial
Balance
balance.
Milestone 2
Steps 9-10 Grading Scale
15-14
Milestone 2
CO 3 – Given a trial balance
sheet and economic
financial information,
analyze and record
adjusting and closing
journal entries leading to
the creation and analysis of
financial statements using
the accrual accounting
method.
The student’s submission
fully and properly
analyzes the adjusting
information, resulting in an
accurate adjusted trial
balance and financial
statements. The
submission also contains
closing entries that are
fully and accurately
prepared, resulting in an
accurate post-closing trial
balance.
CO 3 Grading Scale
4
Good
Fair
Poor
Journal entries mostly use
accurate accounts and
amounts; and debits and
credits are used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
21-19
Posting is done mostly in
the correct accounts and
mostly at the correct
side(Dr./Cr.) and balances
are mostly correct.
18-17
Posting has errors with
incorrect accounts and
incorrect debits/credits
and incorrect balances.
16-15
Listing of accounts is mostly
incorrect with most
incorrect accounts and
incorrect Dr./Cr. Most
ledger balances are
incorrect.
14-13
Most accounts are listed
correctly leading to a
mostly correct trial
balance.
12-11
Listing of accounts has
several errors leading to
incorrect trial balance.
10-9
Listing of accounts is done
poorly or not at all, leading
to inaccurate or no trial
balance.
14-13
The student’s submission
properly analyzes and
records the given
transactions, and provides
a trial balance that is
accurate based on the
entries recorded.
12-11
The student’s submission
demonstrates analysis and
recording of transactions,
although several analysis
errors exist, leading to a
trial balance that is
somewhat inaccurate.
10-9
The student’s submission
demonstrates limited
analysis and recording of
transactions, and significant
errors exist, leading to an
inaccurate or incomplete
trial balance.
3
2
1
Journal entries mostly use
accurate accounts and
amounts; and debits and
credits are used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
13-12
Posting is mostly correct
leading to a mostly
correct trial balance.
11-10
Posting has several errors
leading to a trial balance
with several errors.
9-8
Posting is done poorly or not
at all, leading to inaccurate
or no trial balance.
13-12
The income statement is
prepared accurately, but
may have some minor
errors.
8
11-10
The income statement is
prepared with several
errors.
7
9-8
The income statement is
prepared with significant
errors.
6
The retained earnings
The retained earnings
The retained earnings
statement is prepared
statement is prepared with statement is prepared with
accurately, but may have several errors.
significant errors.
some minor errors.
5
4
3
The balance sheet is
The balance sheet is
prepared accurately and prepared with several
mostly, but may have
errors.
some minor errors.
The balance sheet is
prepared with significant
errors.
13-12
Journal entries mostly use
accurate accounts and
amounts; and debits and
credits are used correctly.
11-10
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
9-8
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
17-16
Posting is mostly correct
leading to a mostly
correct trial balance.
15-14
Posting has several errors
leading to a trial balance
with several errors.
13-12
Posting is done poorly or not
at all, leading to inaccurate
trial balance, or no trial
balance was prepared.
13-12
11-10
9-8
The student’s submission
analyzes the adjusting
information, resulting in a
mostly accurate adjusted
trial balance and financial
statements. The submission
also contains closing
entries that are accurately
prepared, resulting in a
mostly accurate postclosing trial balance.
The student’s submission
demonstrates analysis of
the adjusting information
and the preparation of an
adjusted trial balance and
financial statements,
although several errors
exist. The closing entries
are prepared with several
errors, resulting in the
completion of a postclosing trial balance, that
has limited accuracy.
The student’s submission
demonstrates limited
analysis of the adjusting
information and the
preparation of an adjusted
trial balance and financial
statements, however
significant errors exist. The
closing entries are prepared
with significant errors,
resulting in an inaccurate
post-closing trial balance.
3
2
1
Unacceptable
Points
Available
The submission does
not meet this
requirement.
14-0
The submission does
not meet this
requirement, or
posting is not done at
all.
24
8-0
The submission does
not meet this
requirement.
16
8-0
The student’s
submission does not
meet the criteria of
the outcome.
16
0
4
The submission does
not meet this
requirement.
7-0
The submission does
not meet this
requirement.
7-0
15
15
The submission does
not meet this
requirement.
5-0
10
The submission does
not meet this
requirement.
2-0
6
The submission does
not meet this
requirement.
7-0
The submission does
not meet this
requirement.
15
11-0
The submission does
not meet this
requirement.
20
7-0
15
The student’s
submission does not
meet the criteria of
the outcome.
0
4

Purchase answer to see full
attachment

Tags:
excel

accounting journal

Trial Balance

general ledger

Peter Pool

User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.