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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 | Prepare an Adjusted Trial Balance | 6- Adjusted TB |
7 | Prepare the Financial Statements | 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 |
11 | Compute Ratios | 11-Ratios |
12 | Interpret the Ratios | 12-Interpretation of Ratios |
Project Instructions
Course Project Overview |
The Course Project consists of 10 Requirements for you to complete. The Course Project is due 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 March 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. |
Scenario |
You’ve just secured a new client in your accounting practice, Bethany’s Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her 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 BBC. |
Requirements |
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 3 – This includes project requirements 1-3. |
Milestone 2 is due in Week 5 – This includes project requirements 4-10. |
Milestone 3 is due in Week 7 – This includes project requirements 11-12. |
Before You Begin: Review the Week 2 Lecture prior to starting work on this project. Print the Chart of Accounts and October 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.
March Transactions
During its first month of operation, the Bethany’s Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. | |
March Transactions | |
Date | Transaction Description |
March 1 | Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. |
March 1 | Paid the premium on a 1-year insurance policy, $2,400. |
March 1 | Paid the current month’s store rent expense, $1,900. |
March 3 | Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. |
March 8 | Purchased repair supplies from Jackson Company on credit, $650. |
March 10 | Paid telephone bill for March, $340. |
March 11 | Cash bicycle repair revenue for the first third of March, $1,650. |
March 18 | Made payment to Jackson Company, $400. |
March 20 | Cash bicycle repair revenue for the second third of March, $2,450. |
March 31 | Cash bicycle repair revenue for the last third of March, $1,250. |
March 31 | Paid the current month’s electice bill, $250. |
March 31 | Declared and paid cash dividend of $1,000. |
Chart of Accounts
Use the following account descriptions for journal entries. | |||
Chart of Accounts | |||
Account Type | Account Number | Account Title | Normal Balance |
Assets | |||
111 | Cash | Debit | |
117 | Prepaid Insurance | Debit | |
119 | Repair Supplies | Debit | |
144 | Repair Equipment | Debit | |
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 | Telephone Expense | Debit | |
513 | Insurance Expense | Debit | |
514 | Repair Supplies Expense | Debit | |
515 | Dep Expense – Repair Equipment | Debit | |
516 | Income Tax Expense | Debit | |
517 | Electric Expense | Debit |
1 – Journal Entries
REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance. | ||||
General Journal | ||||
Date | Account Number from Chart of Accounts tab | Account Title from Chart of Accounts tab | Debit | Credit |
March 1st | 111 | Cash | 20,000 | |
311 | Common Stock | 20,000 | ||
March 1st | 117 | Prepaid Insurance | 2,400 | |
111 | Cash | 2,400 | ||
March 1st | 511 | Store rent expenses | 1,900 | |
111 | Cash | 1,900 | ||
March 3rd | 144 | Repair Equipment | 5,800 | |
111 | Cash | 1,000 | ||
212 | Account Payable to Andrew Company | 4,800 | ||
March 8th | 119 | Repair Supplies | 650 | |
212 | Account Payable to Jackson Company | 650 | ||
March 10th | 512 | Telephone Expenses | 340 | |
111 | Cash | 340 | ||
March 11th | 111 | Cash | 1,650 | |
411 | Bicycle Repair Revenue | 1,650 | ||
March 18th | 212 | Account Payable to Jackson Company | 400 | |
111 | Cash | 400 | ||
March 20th | 111 | Cash | 2,450 | |
411 | Bicycle Repair Revenue | 2,450 | ||
March 31st | 111 | Cash | 1,250 | |
411 | Bicycle Repair Revenue | 1,250 | ||
March 31st | 517 | Electric Expenses | 250 | |
111 | Cash | 250 | ||
March 31st | 313 | Dividends | 1,000 | |
111 | Cash | 1,000 | ||
38,090 Harris, Nicole: Debits = $38,090 |
38,090 Harris, Nicole: Credits = $38,090 |
Journal Entries
Once you’ve completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.
2 – General Ledger
REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. | |||
Date | Cash (111) DeVry: The balance of the Cash account after posting journal entries for Part A should be $18,060 . |
Date | Bicycle Repair Revenue (411) |
1-Mar | 20,000 | 11-Mar | 1,650 |
1-Mar | 2,400 | 20-Mar | 2,400 |
1-Mar | 1,900 | 20-Mar | 1,250 |
3-Mar | 1,000 | ||
10-Mar | 340 | ||
11-Mar | 1,650 | Bal | 5,300 |
18-Mar | 400 | ||
20-Mar | 2,450 | ||
31-Mar | 1,250 | 250 | |
31-Mar | 1,000 | ||
bal | 18,060 | ||
Prepaid Insurance (117) | Store Rent Expense (511) | ||
1-Mar | 2,400 | 1-Mar | 1,900 |
31-Mar | 200 | 1,900 | |
bal | 1,900 | ||
bal | 2,200 | ||
Repair Supplies (119) | Telephone Expense (512) | ||
8-Mar | 650 | 10-Mar | 340 |
31-Mar | 450 | 10-Mar | 340 |
bal | 200 | bal | 0 |
Repair Equipment (144) | Insurance Expense (513) | ||
3-Mar | 5,800 | 31-Mar | 200 |
31-Mar | 120 | 31-Mar | 200 |
bal | 5,680 | bal | 0 |
Accum. Depr.-Repair Equipment (145) | Repair Supplies Expense (514) | ||
31-Mar | 120 | 31-Mar | 450 |
31-Mar | 450 | ||
Bal | 120 | bal | 0 |
Accounts Payable (212) | Depr. Exp.-Repair Equipment (515) | ||
3-Mar | 4,800 | 31-Mar | 120 |
8-Mar | 650 | 31-Mar | 120 |
18-Mar | 400 | bal | 0 |
Bal | 5,050 | ||
Income Taxes Payable (213) | Income Taxes Expense (516) | ||
31-Mar | 65 | 31-Mar | 65 |
31-Mar | 65 | ||
Bal | 65 | bal | 0 |
Common Stock (311) | Electric Expense (517) | ||
1-Mar | 20,000 | 31-Mar | 250 |
31-Mar | 250 | ||
bal | 0 | ||
Bal | 20,000 | ||
Retained Earnings (312) | |||
31-Mar | 5,350 | ||
31-Mar | 3,325 | ||
31-Mar | 1,000 | ||
bal | 1,025 | ||
Dividends (313) | |||
31-Mar | 1,000 | ||
31-Mar | 1,000 | ||
bal | 0 |
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.
3 – Trial Balance
REQUIREMENT #3: Prepare a trial balance for March in the space below. | |||
Bethany’s Bicycle Corporation Trial Balance March 31 | |||
Account | Account | Balance | |
Number | Title | Debit | Credit |
111 | Cash | 18,060 | |
117 | Prepaid Insurance | 2,400 | |
119 | repair Service | 650 | |
144 | repair eqipment | 5,800 | |
212 | Accounts Payable | 5,050 | |
311 | Common stocks | 20,000 | |
313 | Dividends | 1,000 | |
411 | Bicycle repair revenue | 5,350 | |
511 | Store rent Expense | 1,900 | |
512 | Telephone Expense | 340 | |
517 | Electric Expense | 250 | |
30,400 User: Debit Balance = $30,400 |
30,400 User: Credit Balance = $30,400 |
Journal Entries
Only enter accounts that have a balance.
4&5 Adjusting 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 $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. | ||||
Requirement #5: Post the adjusting entries on March 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 | Credit |
31-Mar | 513 | Insurance Expense (2,400/12) | 200 | |
517 | Prepaid Insurance | 200 | ||
31-Mar | 514 | Repair Supplies Expense | 450 | |
119 | Repair Supplies | 450 | ||
To record one month repair supplies used (650-200) | ||||
31-Mar | 515 | Dep Expense -Repair Equipment | 120 | |
145 | Accum Dep -Repair Equipment | 120 | ||
To record depreciation of repair equipment for 1 month | ||||
31-Mar | 516 | Income Tax Expense | 65 | |
213 | Income Tax Payable | 65 | ||
To record Income Tax payable | ||||
835 Bruce: Balance $ 835.00 |
835 Bruce: Balance $835.00 |
Journal Entries
6 – Adjusted TB
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. | |||
Bethany’s BicycleCorporation Adjusted Trial Balance March 31 | |||
Account | Account | Balance | |
Number | Title | Debit | Credit |
111 | Cash | 18,060 | |
117 | Prepaid Insurance | 2,200 | |
119 | Repair Supplies | 200 | |
144 | Repair Equipment | 5,800 | |
145 | Accum Dep -Repair Equipment | 120 | |
212 | Accounts Payable | 5,050 | |
213 | Income Tax Payable | 65 | |
311 | Common Stock | 20,000 | |
313 | Dividends | 1,000 | |
411 | Bicycle Repair Revenue | 5,350 | |
511 | Store Rent Expense | 1,900 | |
512 | Telephone Expense | 340 | |
513 | Insurance Expense | 200 | |
514 | Repair Supplies Expense | 450 | |
515 | Dep Expense – Repair Equipment | 120 | |
516 | Income Tax Expense | 65 | |
517 | Electric Expense | 250 | |
30,585 User: Debit Balance = $30,585 |
30,585 User: Credit Balance = $30,585 |
Journal Entries
Only enter accounts that have a balance.
7 – Financial Statements
Requirement #7: Prepare the financial statements for Bethany’s Bicycle Corporation as of March 31 in the space below. 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. | |||||
Bethany’s Bicycle Corporation | Bethany’s Bicycle Corporation | Bethany’s Bicycle Corporation | |||
Income Statement | Statement of Retained Earnings | Balance Sheet | |||
For the Month Ending March 31 | For the Month Ending March 31 | March 31 | |||
Revenues: | Retained Earnings, March 1 | $0 | Assets: | ||
Bicycle Repair Revenue | $5,350 | Add: Net Income | 2,025 | Cash | $18,060 |
Total Revenue | 5,350 | Subtotal | 2,025 | Prepaid Insurance | 2,200 |
Less: Dividends | (1,000) | Repair Supplies | 200 | ||
Expenses: | Retained Earnings, March 31 | $1,025 User: Retained Earnings = $1,025 |
Repair Equipment | 5,920 | |
Store Rent Expense | 1,900 | Less: Accum. Depr. | (120) | ||
Telephone Expense | 340 | Total Assets | $26,260 User: $26,140 |
||
Insurance Expense | 250 | ||||
Repair Supplies Exp. | 200 | Liabilities and Stockholders’ Equity | |||
Depreciation Exp. | 450 | Liabilities: | |||
Income Taxes Expense | 120 | Accounts Payable | $5,050 | ||
Electric Expense | 65 | Income Taxes Payable | 65 | ||
Total Expenses | 3,325 | Total Liabilities | 5,115 | ||
Net Income | 2,025 User: Net Income = $2,025 |
Stockholders’ Equity: | |||
Common Stock | 20,000 | ||||
Retained Earnings | 1,025 | ||||
Total Stockholders’ Equity | |||||
21,025 | |||||
Total Liabilities & Stockholders’ Equity | $26,140 User: $26,140 |
8&9- Closing Entries
Requirement #8: Prepare the closing entries at March 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 | Credit |
31-Mar | 411 | Bicycle Repair Revenue | 5,350 | |
312 | Retained Earnings | 5,350 | ||
(To Record closing of Income Account) | ||||
31-Mar | 312 | Retained Earnings | 3,325 | |
511 | Store Rent Expenses | 1,900 | ||
513 | Telephone Expenses | 340 | ||
517 | Electric Expenses | 200 | ||
513 | Insurance Expenses | 450 | ||
514 | Repair Supplies Expenses | 120 | ||
515 | Depreciation Expenses – Repair Equipment | 65 | ||
516 | Income Tax Expenses | 250 | ||
(To Record closing of all Expenses Account) | ||||
31-Mar | 312 | Retained Earnings | 1,000 | |
313 | Dividends | 1,000 | ||
(To Record closing of Dividend Account) | ||||
9,675 Bruce: Debit $9,675 |
9,675 Bruce: Credit $9,675 |
Journal Entries
See the Week 2 Lecture for examples of how to complete closing entries.
10- Post Closing Trial Balance
Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. | |||
Bethany’s Bicycle Corporation Post-Closing Trial Balance March 31 | |||
Account | Account | Balance | |
Number | Title | Debit | Credit |
111 | Cash | 18,060 | |
117 | Prepaid Insurance | 2,200 | |
119 | Repair Supplies | 200 | |
144 | Repair Equipment | 5,800 | |
145 | Accumulated dep repair equip. | 120 | |
212 | Accounts Payable | 5,050 | |
213 | Income Taxes Payable | 65 | |
311 | Common Stock | 20,000 | |
312 | Retained Earnings | 1,025 | |
26,260 User: Debits = $26,260 |
26,260 User: Credits = 26,260 |
Journal Entries
11- Ratios
Requirement #11: Ratios | |
Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios. | |
Current Ratio | |
Formula | Computation |
Leverage Ratio | |
Formula | Computation |
Assets Turnover Ratio | |
Formula | Computation |
Net Profit Margin Ratios | |
Formula | Computation |
Rate of Return on Total Assets | |
Formula | Computation |
12- Interpretation of Ratios
Requirement #12: Interpret the ratios computed in step 11. Your interpretation should include the definition of the ratio,its managerial use and how does it reflect the operating performance and financial health of the company. |
Liquidity Ratios |
Solvency Ratios |
Profitability Ratios |
Grading Rubric (2)
Course Project Grading Rubric – Students | ||||||
Criteria | Excellent | Good | Fair | Poor | Unacceptable | Points Available |
Milestone 1 | Step 1 —Journal Entries | Journal entries use accurate accounts and amounts; and debits and credits are used correctly. | 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. | The submission does not meet this requirement. |
Step 1 Grading Scale | 20-18 | 17-16 | 15-14 | 13-12 | 11-0 | 20 |
Milestone 1 | Step 2 Ledger Posting and Balancing | 1.Posting is done in the correct accounts and at the correct side (Dr./Cr.) and balances are correct. | Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. | Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. | Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. Or posting is not done at all. | The submission does not meet this requirement. |
Step 2 Grading Scale | 16-14 | 13-12 | 11-10 | 9 | 8-0 | 16 |
Milestone 1 | Steps 3 – Unadjusted Trial Balance | 1.Accounts are listed correctly leading to an accurate trial balance. | 1.Most accounts are listed correctly leading to a mostly correct trial balance. 2. Few errors in Voice Thread or narrated power point presentation and average presentation skills. | Listing of accounts has several errors leading to incorrect trial balance. 2.Several errors in Voice Thread or narrated power point presentation and below average presentation skills. | 1.Listing of accounts is done poorly or not at all, leading to inaccurate or no trial balance.2.Very poor or no Voice Thread or narrated power point presentation | The submission does not meet this requirement. |
Step 3 Grading Scale | 10-9 | 8 | 7 | 6 | 5-0 | 10 |
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 decision-making. | The student’s submission fully analyzes and records all transactions, and provides a complete and accurate trial balance. | The student’s submission properly analyzes and records the given transactions, and provides a trial balance that is accurate based on the entries recorded. | The student’s submission demonstrates analysis and recording of transactions, although several analysis errors exist, leading to a trial balance that is somewhat inaccurate. | The student’s submission demonstrates limited analysis and recording of transactions, and significant errors exist, leading to an inaccurate or incomplete trial balance. | The student’s submission does not meet the criteria of the outcome. |
CO 2 Grading Scale | 4 | 3 | 2 | 1 | 0 | 4 |
Milestone 2 | Step 4 —Adjusting Journal Entries | Journal entries use accurate accounts and amounts; and debits and credits are used correctly. | 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. | The submission does not meet this requirement. |
Step 4 Grading Scale | 16-15 | 14-13 | 12-11 | 10-9 | 8-0 | 20 |
Milestone 2 | Steps 5 and 6 —Posted and Adjusted Trial Balance. | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. | The submission does not meet this requirement. |
Steps 5/6 Grading Scale | 20-18 | 17-16 | 15-14 | 13-12 | 11-0 | 10 |
Milestone 2 | Step 7.1 – Income Statement | The income statement is prepared accurately and in an appropriate format. | The income statement is prepared accurately and mostly in an appropriate format, but may have some minor errors. | The income statement is prepared with several errors, but is prepared in an appropriate format. | The income statement is prepared with significant errors, using an inappropriate format. | The submission does not meet this requirement. |
Step 7.1 Grading Scale | 10-9 | 8 | 7 | 6 | 5-0 | 10 |
Milestone 2 | Step 7.2 -Retained Earnings Statement | The retained earnings statement is prepared accurately and in an appropriate format. | The retained earnings statement is prepared accurately and mostly in an appropriate format, but may have some minor errors. | The retained earnings statement is prepared with several errors, but is prepared in an appropriate format. | The retained earnings statement is prepared with significant errors, using an inappropriate format. | The submission does not meet this requirement. |
Step 7.2 Grading Scale | 6 | 5 | 4 | 3 | 2-0 | 6 |
Milestone 2 | Step 7.3 – Balance Sheet | The balance sheet is prepared accurately and in an appropriate format. | The balance sheet is prepared accurately and mostly in an appropriate format, but may have some minor errors. | The balance sheet is prepared with several errors, but is prepared in an appropriate format. | The balance sheet is prepared with significant errors, using an inappropriate format. | The submission does not meet this requirement. |
Step 7.3 Grading Scale | 10-9 | 8 | 7 | 6 | 5-0 | 10 |
Milestone 2 | Step 8 —Closing Journal Entries | Journal entries use accurate accounts and amounts; and debits and credits are used correctly. | 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. | The submission does not meet this requirement. |
Step 8 Grading Scale | 20-18 | 17-16 | 15-14 | 13-12 | 11-0 | 20 |
Milestone 2 | Steps 9 and 10 —Posted and Post-closingTrial Balance | Posting is correct leading to an accurate trial balance. | Posting is mostly correct leading to a mostly correct trial balance. | Posting has several errors leading to a trial balance with several errors. | Posting is done poorly or not at all, leading to inaccurate or no trial balance. | The submission does not meet this requirement. |
Steps 9-10 Grading Scale | 20-18 | 17-16 | 15-14 | 13-12 | 11-0 | 20 |
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. | 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 post-closing trial balance. | The student’s submission demonstrates analysis of the adjusting information and the preparation of an adjusted trial balance and financial statemetns, althought several errors esit. The closing entries are prepared with several errors, resulting in the completion of a post-closing trial balance, that has limited accuracy. | The student’s submission demonstrates limited analysis of the adjusting information and the prepration 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. | The student’s submission does not meet the criteria of the outcome. |
CO 3 Grading Scale | 4 | 3 | 2 | 1 | 0 | 4 |
Milestone 3 | Step 11 Computation of Ratios (21 points) | All ratios computed are correct as to the formula used and the amounts | Ratios computed are mostly correct as to the formula used and amounts | Several ratios are computed incorrectly as to the formula and amounts used. | Most ratios are computed incorrectly as to the formula and amounts used.Or no ratios computed. | The submission does not meet this requirement. |
Step 11 Grading Scale | 21-19 | 18-17 | 16-15 | 14-13 | 12-0 | 21 |
Milestone 3 | Step 12 Interpretation of Ratios | Good interpreation of all ratios and 2.Good demonstration of presentation skills with Voice Thread or narrated power point slides. | Good interpreation of most of the ratios and 2. Few errors in Voice Thread or narrated power point presentation and average presentation skills. | Interpreation of ratios lacks clarity and basic understanding of ratios is not visible. 2.Several errors in Voice Thread or narrated power point presentation and below average presentation skills. | Interpreation of ratios is mostly incorrect or no interpretation of ratios is done. 2.Very poor or no Voice Thread or narrated power point presentation | The submission does not meet this requirement. |
Step 12 Grading Scale | 25-23 | 22-20 | 19-17 | 16-15 | 14-0 | 25 |
Milestone 3 | 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 calculates the appropriate ratios, and provides substantial analysis to support the evaluation of company performance. | The student’s submission properly calculates the appropriate ratios, and provides analysis that supports the evaluation of company performance. | The student’s submission calculates the appropriate ratios, although several errors exist in the calculations, leading to an evaluation of the company that has limited accuracy. | The student’s submission calculates the requested ratios, although significant errors exist in the calculations, leading to an inaccurate evaluation of the company’s performance. | The student’s submission does not meet the criteria of the outcome. |
CO 3 Grading Scale | 4 | 3 | 2 | 1 | 0 | 4 |
RequirementRequirement DescriptionWorksheet Name
1
Prepare the Journal Entries in the General Journal1 – Journal Entries
2
Post Journal Entries to the General Ledger2 – General Ledger
3
Prepare a Trial Balance3 – Trial Balance
4
Prepare the Adjusting Entries4 &5 – Adjusting Entries
5
Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2)
6
Prepare an Adjusted Trial Balance6- Adjusted TB
7
Prepare the Financial Statements7 – Financial Statements
8
Prepare the Closing Entries8&9 – Closing Entries ( use worksheet #2)
9
Post Closing Entries to the General Ledger8&9- General Ledger
10
Prepare the Post Closing Trial Balance10 – Post Closing Trial Balance
11
Compute Ratios11-Ratios
12
Interpret the Ratios12-Interpretation of Ratios
ACCT 212: Course Project
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