3-1 Problem Set: Module Three 3-2 Milestone OneAssignmentTask: Submit to complete this assignmentSubmit your assignment here. Make sure you’ve included all the required elements by reviewing the requirements and rubric.OverviewIn previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.ScenarioYou are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department.PromptRecord Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December in the Company Accounting Workbook Template using the data provided in the Accounting Data Appendix document.Specifically, you must address the following rubric criteria:Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the “Inventory Valuation” tab to complete your journal for the month of December.Guidelines for SubmissionUsing the provided template, submit your company accounting workbook with the following portions completed: October, November, and December journal entries; the “T Accounts” tab; and the “Inventory Valuation” tab. This should be completed and submitted using Microsoft Excel. Please note that there are drop-down menus embedded in the “Accounts” columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.Milestone One RubricCriteria Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) ValueAccuracy Prepares accurate entries with no errors Prepares accurate entries with minimal errors Prepares entries that have significant inaccuracies Does not attempt criterion 35Completeness Prepares entries that are complete for each month, including transferring posted entries to T accounts, with no errors Prepares entries that are complete for each month, including transferring posted entries to T accounts, with minimal errors Prepares entries that are complete for each month, including transferring posted entries to T accounts, with significant errors Does not attempt criterion 35Inventory Valuation Prepares entries for the month of December that reflect the new line of products offered by the company with no errors Prepares entries for the month of December that reflect the new line of products offered by the company with minimal errors Prepares entries for the month of December that reflect the new line of products offered by the company with significant errors Does not attempt criterion 30
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