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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.
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