Course Project

Anonymous
timer Asked: Apr 5th, 2018
account_balance_wallet $10

Question description

The Course Project consists of 10 Requirements for yo

u to complete. The Course Project is due at the e

6. See the Syllabus section ”Due Dates for Assignment

s & Exams” for due date information. All of the i

you need to complete the Course Project is located

in this Workbook.

• There are eight worksheets in the workbook you wi

ll 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.

You’ve just secured a new client in your accounting

practice, Bethany's Bicycle Corporation (BBC), a br

small business specializing in bicycle repair. The

owner, Bethany Beck, is a terriic cyclist and bike

rep

but deinitely not an accountant. Your job is to hel

pBethany put his afairs in order. Luckily Bethany h

a

in operation for a month and things have not gotten

too out of hand yet! Bethany has to submit his in

statements to her investors and doesn’t know where

to begin. It’s your job to go through the complete

cycle to prepare the inancial statements for the BB

C.

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 roject Worksheet Name 1 - Journal Entries 2 - General Ledger 3 - Trial Balance 4 - Adjusting Entries 2 - General Ledger 5 - Adjusted TB 6 - Financial Statements 7 - Closing Entries 2 - General Ledger 8 - Post Closing Trial Balance 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. 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. During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. March Transactions Date March 1 Transaction Description Began business by making a deposit in a company bank account of $30,000, in exchange for 3,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a 1-year insurance policy, $3,600. Paid the current month's store rent expense, $2,000. 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 March 11 Paid telephone bill for March, $410. Cash bicycle repair revenue for the first third of March, $1,650. March 18 March 20 Made payment to Jackson Company, $450. Cash bicycle repair revenue for the second third of March, $2,450. March 31 Cash bicycle repair revenue for the last third of March, $1,650. March 31 March 31 Paid the current month's electice bill, $650. Declared and paid cash dividend of $1,000. 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 Prepaid Insurance Repair Supplies 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 Bicycle Repair 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 Review Chapter 2, p. 90 for more information on the Chart of Accounts 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 Journal Entries 0 0 REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute endin balances. Date Cash (111) Prepaid Insurance (117) Repair Supplies (119) Repair Equipment (144) Accum. Depr.-Repair Equipment (145) Date Accounts Payable (212) Income Taxes Payable (213) Common Stock (311) Retained Earnings (312) Dividends (313) ing T-Accounts and compute ending Bicycle Repair Revenue (411) Store Rent Expense (511) Telephone Expense (512) Insurance Expense (513) Repair Supplies Expense (514) Depr. Exp.-Repair Equipment (515) Income Taxes Expense (516) Electric Expense (517) Journal Entries REQUIREMENT #3: Prepare a trial balance for March in the space below. Account Number Bethany's Bicycle Corporation Trial Balance March 31 Account Title Balance 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 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 and compute adjusted balances. Just add to the balances that are already listed. General Journal Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit 0 Journal Entries al Journal below. Show your accounts and Credit 0 Journal Entries REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Account Number Bethany's BicycleCorporation Adjusted Trial Balance March 31 Account Title Balance Debit Credit 0 0 Journal Entries Only enter accounts that have a balance. Requirement #7: Prepare the financial statements for Bethany's Bicycle Corporation as of March 31 in the You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Shee The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Bethany's Bicycle Corporation Income Statement For the Month Ending March 31 Revenues: Bicycle Repair Revenue Total Revenue Bethany's Bicycle Corporation Statement of Retained Earnings For the Month Ending March 31 0 - Expenses: Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Exp. Depreciation Exp. Income Taxes Expense Electric Expense Total Expenses Net Income 0 0 Retained Earnings, March 1 Add: Net Income Subtotal Less : Dividends Retained Earnings, March 31 Corporation as of March 31 in the space below. d Earning, and the Balance Sheet. required for this project. ycle Corporation Retained Earnings Ending March 31 Bethany's Bicycle Corporation Balance Sheet March 31 $0 0 $0 Assets: Cash Prepaid Insurance Repair Supplies 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 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 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 Hint: Use the sheet and Credit See the Week 2 Lecture for examples of how to complete closing entries. Journal Entries 0 Journal Entries Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Account Number Bethany's Bicycle Corporation Post-Closing Trial Balance March 31 Account Title Balance Debit Credit - - Project 1 Grading Rubric - Students Criteria Parts: Excellent Good Poor 90% to 100% Step 1 Journal entries use —Journal Entries accurate (20 points) accounts and amounts; and debits and credits are used correctly. 70% to 89% Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 50% to 69% Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Steps 2 and 3 —Posted and Unadjusted Trial Balance. (10 points) 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. Step 4 —Adjusting Journal Entries (10 points) 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. Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points) 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. Step 7 —Financial Statements (10 points) All four financial statements are prepared accurately and in an appropriate format. Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors. Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors. Step 8 —Closing Journal Entries (10 points) 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. Steps 9 and 10 —Posted and Post-closingTrial Balance. (10 points) 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. 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. 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.

Tutor Answer

Moltmann
School: Carnegie Mellon University

Attached.

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

roject
Worksheet Name
1 - Journal Entries
2 - General Ledger
3 - Trial Balance
4 - Adjusting Entries
2 - General Ledger
5 - Adjusted TB
6 - Financial Statements
7 - Closing Entries
2 - General Ledger
8 - Post Closing Trial Balance

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.

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.

During its first month of operation, the Bethany's Bicycle Corporation, which specializes in
bicycle repairs, completed the following transactions.

March Transactions
Date
March 1

Transaction Description
Began business by making a deposit in a company bank
account of $30,000, in exchange for 3,000 share...

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