Accounting Question

Professor Comments on milestone 1: Good job, you have a couple balances off in your trial balance, check the highlighted ones and make sure your trial balance is in balance.

Project Milestone 2

Instructions

:

Instructions

Complete requirements 4 through 10 of the Jane’s Skateboards for the second milestone of the course project.  You will use the file you completed in milestone one.  Make sure you updated the file if you received feedback from your instructor about any errors you might have in your milestone one submission.

You will use the Course Project Template Jane’s Skateboards.

Save your file as “LastnameFirstinitial-ACCT105-M2.”

Your homework exercises/problems will be evaluated according to the following Homework Problems Grading:

Course Project Overview
Scenario
Requirements
ACCT 105: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
11
12
Guidelines
se Project Overview
The Course Project consists of 12 Requirements for you to complete. Part 1 of the Course
Project is due at the end of Week 2 and Part 2 at the end of Week 4 and Part 3 is due at the
end of week 7. 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 ten (12) assignments in the workbook you will need to complete.
• A list of July transactions
• A Chart of Accounts – Tip: Make reference to this worksheet often to determine if a
transaction should be recorded as a “Debit” or “Credit”
• A Grading Rubric to help explain what is expected.
You’ve just secured a new client in your accounting practice, Jane’s Skateboards Inc., a brand
new small business specializing in selling skate boards. The owner, Jane Jones, is good at
selling skateboards, but she needs your help with accounting. You have decided to use the
perpetual inventory method to account for inventory and Cost of Goods Sold.
ACCT 105: 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 *** You have the Option to do this by completing
the General Ledger worksheet or the Use T-Accounts Worksheet.
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
Prepare ratio analysis
Prepare Break-Even Analysis
Use 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 2 – This includes project requirements 1-3.
Milestone 2 is due in Week 4 – This includes project requirements 4-10.
Milestone 3 is due in Week 7- This includes project requirements 11-12.
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
11 -Ratio Analysis
12 – Break Even
***Make reference this worksheet often to determine if a transaction should b
“Credit”
Chart of Accounts
Account Name
Cash
Store Supplies
Prepaid Insurance
Merchandise Inventory
Store Fixtures
Accumulated Depreciation -Fixtures
Accounts Payable
Income Tax Payable
Common Stock
Retained Earnings
Dividends
Sales Revenue
Cost of Good Sold
Store Rent Expense
Telephone Expense
Depreciation Expense
Electric Expense
Insurance Expense
Supplies Expense
Income Tax Expense
Number
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
ne if a transaction should be recorded as a “Debit” or
t of Accounts
Account Type
Asset
Asset
Asset
Asset
Asset
Contra Asset
Liability
Liability
Owners Equity
Owners Equity
Contra Owners Equity
Revenue
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Expense
Increase with Decrease with
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Debit
Credit
Credit
Debit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
During its first month of operation (July), Jane’s Skateboards completed the following transacti
Instructions: Record these transactions in the next worksheet titled “1 – Journal Entries”.
Note: These figures are different from the demo videos you watched under the Content Tab in the Onl
Journal
Entry #
Date
JE01
July 1
JE02
July 2
JE03
July 3
JE04
July 5
JE05
July 6
JE06
July 8
JE07
July 10
JE08
July 11
JE09
July 18
JE10
July 20
JE11
July 25
JE12
July 26
JE13
July 30
month of operation (July), Jane’s Skateboards completed the following transactions:
ns: Record these transactions in the next worksheet titled “1 – Journal Entries”.
different from the demo videos you watched under the Content Tab in the Online Classroom
Transactions
Begin business by making a $100,000 deposit into the company’s bank account in exchange for
10,000 shares of common stock – Par value $10
Paid $16,000 for shelf fixtures for the Jane’s Skateboard storefront
Paid $6,000 for the premium on a 1-year insurance policy
Paid $3,000 for the Jane’s Skateboards store rent
Purchased on Credit – 1000 skateboards costing $25 each from Acme MFG
Purchased on Credit – Store supplies costing $600 from Mike’s Supply
Paid $200 for Jane’s Skateboards July telephone bill
Sold 24 skateboards for $50 each to a customer who paid cash
Paid $300 for 1/2 of the Store Supplies purchased on July 8 from Mike’s Supply
Sold 140 skateboards for $50 each to a customer who paid cash
Sold 100 skateboards for $50 each to a customer who paid cash
This transaction differ
Paid $500 for Jane’s Skateboards July electric bill
Paid $1,500 to Jane’s Skateboards shareholder(s) for dividend declared on July 30
his transaction differs from the demo video in which inventory was purchased with cash.
REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journ
below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
General Journal
Date
Account Name
7/1/2022 Cash
Common Stock
7/2/2022 store fixtures
Cash
7/3/2022 prepaid insurance
Cash
7/5/2022 store rent expense
Cash
7/6/2022 merchandise inventory
Accounts payable
7/8/2022 store supplies
accounts payable
7/10/2022 Telephone Expense
Cash
7/11/2022 Cash
sales revenue
Cost of Goods Sold
Merchandise Inventory
7/18/2022 Accounts Payable
Cash
7/20/2022 Cash
sales revenue
Cost of Goods Sold
Merchandise Inventory
7/25/2022 Cash
Sales Revenue
Cost of Goods Sold
Merchandise Inventory
7/26/2022 Electric Expense
Cash
0/07/2022
Dividends
Account Number
111
311
130
111
119
111
505
111
130
212
117
212
517
111
111
411
505
130
212
111
111
411
505
130
111
411
505
130
522
111
313
Debit
100,000
16,000
6,000
3,000
2,500
600
200
1,200
600
300
7,000
3,500
5,000
2,500
500
1,500
Cash
111
Total:
150,400
ons in the General Journal
ntries should balance.
Credit
Post Ref.
JE01
100,000 JE01
JE02
16,000 JE02
JE03
6,000 JE03
JE04
3,000 JE04
JE05
25,000 JE05
JE06
600 JE06
JE07
200 JE07
JE08
1,200 JE08
JE08
600 JE08
JE09
300 JE09
JE10
7,000 JE10
JE10
3,500 JE10
JE11
5,000 JE11
JE11
2,500 JE11
JE12
500 JE12
JE13
1,500 JE13
172,900
Date
Account Number
111
7/1/2022
Account Name
Cash
100,000
Totals
100,000
Account Balance
100,000
117
–
Store Supplies
Totals
–
Account Balance
–
119
JE1
–
Prepaid Insurance
Totals
–
Account Balance
–
–
130
Merchandise Inventory
Totals
–
Account Balance
–
144
Store Fixtures
Totals
–
Account Balance
–
145
Totals
Account Balance
Totals
–
Accounts Payable
–
Account Balance
213
–
Accumulated Depreciation
–
212
–
–
Income Tax Payable
Totals
–
–
Account Balance
311
Common Stock
7/1/2022
100,000 JE1
Totals
–
Account Balance
312
Totals
100,000
100,000
Retained Earnings
–
Account Balance
313
Dividends
Totals
–
Account Balance
–
411
–
Sales Revenue
–
Totals
–
Account Balance
505
Cost of Goods Sold
Totals
–
Account Balance
–
511
–
Account Balance
–
–
Telephone Expense
Totals
–
Account Balance
–
520
–
Store Rent Expense
Totals
517
–
Depreciation Expense
–
Totals
–
Account Balance
–
522
Electric Expense
Totals
–
Account Balance
–
525
–
Account Balance
–
–
Account Balance
–
Totals
Account Balance
–
Supplies Expense
Totals
535
–
Insurance Expense
Totals
530
–
–
Income Tax Expense
–
–
REQUIREMENT #3: Prepare a trial balance for July in the space below.
Janes Skateboard
Trial Balance
For the Month Ended July 31, 20XX
Account
Number
Cash
111
Store Supplies
117
Prepaid Insurance
119
Merchandise Inventory
130
Store Fixtures
144
Accumulated Depreciation -Fixtures
145
Accounts Payable
212
Income Tax Payable
213
Common Stock
311
Retained Earnings
312
Dividends
313
Sales Revenue
411
Cost of Good Sold
505
Store Rent Expense
511
Telephone Expense
517
Depreciation Expense
520
Electric Expense
522
Insurance Expense
525
Supplies Expense
530
Income Tax Expense
535
Total:
Account Name
Debit
85,700
300
600
18,400
16,000
1,500
6,600
3,000
200
500
132,800
e below.
XX
Credit
25,300
100,000
13,200
138,500
Requirement #4: Prepare adjusting entries using the following information in the General
Journal below. Show your calculations using Excel formulas!
1) One month’s insurance has expired.
2) The remaining inventory of store supplies is $250.
3) The estimated depreciation on store fixtures is $160.
4) The estimated income taxes are $295.
Requirement #5: Post the adjusting entries on July 31 below to the General Ledger accounts
(2 – General Ledger worksheet). Adjusting entries are referenced in the General Ledger
as AE#1, AE#2, etc.
Date
Account Name
7/31/2022 Insurance Expense
Prepaid Insurance
7/31/2022 Supplies Expense
Store Supplies
7/31/2022 Depreciation Expense
Accumulated Depreciation-Fixtures
7/31/2022 Income Tax Expense
Income Tax Payable
Account Number
525
119
530
117
520
145
535
212
Debit
500
350
160
295
n the General
Ledger accounts
General Ledger
Credit Post ref
AE#1
500 AE#1
AE#2
350 AE#2
AE#3
160 AE#3
AE#4
295 AE#4
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Janes Skateboard
Adjusted Trial Balance
For the Month Ended July 31, 20XX
Account
Number
Cash
111
Store Supplies
117
Prepaid Insurance
119
Merchandise Inventory
130
Store Fixtures
144
Accumulated Depreciation -Fixtures
145
Accounts Payable
212
Income Tax Payable
213
Common Stock
311
Retained Earnings
312
Dividends
313
Sales Revenue
411
Cost of Good Sold
505
Store Rent Expense
511
Telephone Expense
517
Depreciation Expense
520
Electric Expense
522
Insurance Expense
525
Supplies Expense
530
Income Tax Expense
535
Total:
Account Name
Debit
85,700
250
5,500
18,400
16,000
1,500
6,600
3,000
200
160
500
500
350
295
138,955
pace below.
XX
Credit
160
25,300
295
100,000
13,200
138,955
Requirement #7: Prepare the financial statements for Jane’s Skateboard’s as of July 31 in the s
You will only be preparing the Income Statement, Statement of Retained Earnings, and the Bala
The Statement of Cash Flows is a required Financial Statement, but is not required for this proje
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Total Revenue
Expenses:
Cost of Goods Sold
Store Rent Expense
Telephone Expense
Insurance Expense
Store Supplies Exp.
Depreciation Exp.
Income Tax Expense
Electric Expense
Total Expenses
Net Income
13,200
13,200
6,600
3,000
200
500
350
160
295
500
11,605
1,595
ane’s Skateboard’s as of July 31 in the space below.
ment of Retained Earnings, and the Balance Sheet.
tement, but is not required for this project.
Jane’s Skateboards Inc.
Statement of Retained Earnings
For the Month Ending July 31
Retained Earnings, July 1
Add: Net Income
Subtotal
Less: Dividends
Retained Earnings, July 31
1,595
1,595
1,595
Jane’s Skateboards Inc.
Balance Sheet
July 31
Assets
Assets:
Cash
Store supplies
Prepaid Insurance
Merchandise Inventory
Store fixtures
Less: Accum. Dep – Fixtures.
Total Assets
85,700
250
5,500
18,400
16,000
(160)
126,010
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
25,300
295
25,595
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
100,000
1,595
101,595
Total Liabilities & Stockholders’ Equity
127,190
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 Accounts on the “2 – General Ledger”
worksheet and compute ending balances. Closing entries are referenced in the General
Ledger as CE#1, CE#2, etc.
Date
Account Name
7/31/2022 Sales Revenue
Income Summary
7/31/2022 Income Summary
Cost of Goods Sold
Store Rent Expense
Telephone Expense
Insurance Expense
Store Supplies Expense
Depreciation Expense
Income Tax Expense
Electric Expense
7/31/2022 Income Summary
Retained Earnings
7/31/2022 Retained Earnings
Dividends
Account Number
411
Debit
13,200
11,605
505
511
517
525
530
520
535
522
1,595
312
312
312
Total:
1,500
27,900
ral Journal below.
ed Trial Balance for
– General Ledger”
nced in the General
post ref
CE#1
13,200 CE#1
CE#2
6,600 CE#2
3,000 CE#2
200 CE#2
500 CE#2
350 CE#2
160 CE#2
295 CE#2
500 CE#2
CE#3
1,595 CE#3
CE#4
1,500 CE#4
26,400
Credit
Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Janes Skateboard
Post Closing Trial Balance
For the Month Ended July 31, 20XX
Account
Number
Cash
111
Store Supplies
117
Prepaid Insurance
119
Merchandise Inventory
130
Store Fixtures
144
Accumulated Depreciation -Fixtures
145
Accounts Payable
212
Income Tax Payable
213
Common Stock
311
Retained Earnings
312
Dividends
313
Sales Revenue
411
Cost of Good Sold
505
Store Rent Expense
511
Telephone Expense
517
Depreciation Expense
520
Electric Expense
522
Insurance Expense
525
Supplies Expense
530
Income Tax Expense
535
Total:
Account Name
Debit
85,700
250
5,500
18,400
16,000
285
126,135
y 31 in the space below.
XX
Credit
160
25,300
295
100,000
125,755
Instructions: Ensure your Excel solutions below are rounded to nearest hundredth place (i.e. 5
Ratio Analysis Compute the
Following:
Current Ratio
Debt to Total Assets
Gross Profit Percentage
Net Income by Net Sales
Earnings per Common Share (EPS)
Payout Ratio on Common Stock
l solutions below are rounded to nearest hundredth place (i.e. 55.476, should round to 55.48)
Using Words, Show Formula (i.e.
Owner’s Equity = Assets Liabilities)
Show Calculations Using an
Excel Formula
Current Assets / Current Liabilities
4.29
Total Liabilities / Total Assets
0.20
(Sales Revenue – Cost of Goods Sold) / Sales0.50
Revenue
Net Income / Sales Revenue
0.12
Net Income / Number of Shares
0.16
Dividends / Net Income
0.94
Explain What the Ratio
Means, as it relates to
Jane’s Skateboards
Indicates liquidity; ability to cover shortterm liabilities.
Measures leverage; portion of assets
financed by debt.
Indicates profitability of core business
activities.
Measures overall profitability; efficiency
in converting sales into actual profit.
Indicates earnings allocated to each
share of common stock.
Shows portion of earnings paid out as
dividends to shareholders.
Instructions: Complete the income statement below then us it to compute
Break-Even analysis.
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Less: Variable Expenses
Contribution Margin
Less: Fixed Expenses
Operating Income
Break-Even in Sales Dollars =
Break-Even in Units =
13,200
6,600
6,600
4,360
2,240
8,720
175
Course Project Grading Rubric – Students
Criteria
Excellent
Good
Step 1
—Journal Entries
Journal entries use
Journal entries mostly
accurate accounts and
accurate accounts an
amounts; and debits and amounts; and debits a
credits are used correctly. credits are used corre
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
24-22
21-19
Posting is done in the
Posting is done mostly
correct accounts and at the correct accounts
the correct side (Dr./Cr.)
mostly at the correct
and balances are correct. side(Dr./Cr.) and bala
are mostly correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
16-15
14-13
Accounts are listed
Most accounts are list
correctly and in the
correctly leading to a
proper order leading to
mostly correct trial
an accurate trial
balance.
balance.
16-15
14-13
The student’s submission
The student’s submissio
fully analyzes and records properly analyzes and
all transactions, and
records the given
provides a complete and transactions, and prov
accurate trial balance.
a trial balance that is
accurate based on th
entries recorded.
Milestone 1
Milestone 1
Milestone 1
Step 3 Grading Scale
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.
CO 2 Grading Scale
Step 4
—Adjusting Journal
Entries
Milestone 2
4
3
Journal entries use
Journal entries mostly
accurate accounts and
accurate accounts an
amounts; and debits and amounts; and debits a
credits are used correctly. credits are used corre
Step 4
—Adjusting Journal
Entries
Journal entries use
Journal entries mostly
accurate accounts and
accurate accounts an
amounts; and debits and amounts; and debits a
credits are used correctly. credits are used corre
Step 4 Grading Scale
Steps 5 and 6
—Posted and Adjusted
Trial Balance.
15-14
Posting is correct leading
to an accurate trial
balance.
Steps 5/6 Grading Scale
15-14
Milestone 2
13-12
Posting is mostly corre
leading to a mostly co
trial balance.
Milestone 2
Step 7.1 – Income
Statement
Milestone 2
Step 7.1 Grading Scale
Step 7.2 -Retained
Earnings Statement
Milestone 2
Step 7.2 Grading Scale
Step 7.3 – Balance Sheet
Milestone 2
Step 7.3 Grading Scale
Step 8
—Closing Journal Entries
13-12
The income statement is The income statemen
prepared completely and prepared accurately,
accurately.
may have some mino
errors.
10-9
8
The retained earnings
statement is prepared
completely and
accurately.
6
The retained earnings
statement is prepared
accurately, but may
some minor errors.
5
The balance sheet is
prepared completely
and accurately.
The balance sheet is
prepared accurately
mostly, but may have
some minor errors.
15-14
13-12
Journal entries use
Journal entries mostly
accurate accounts and
accurate accounts an
amounts; and debits and amounts; and debits a
credits are used correctly. credits are used corre
Milestone 2
Step 8 Grading Scale
Steps 9 and 10 —Posted
and Post-closing Trial
Balance
20-18
Posting is correct leading
to an accurate trial
balance.
17-16
Posting is mostly corre
leading to a mostly co
trial balance.
Milestone 2
Steps 9-10 Grading Scale
Milestone 2
15-14
13-12
CO 3 – Given a trial
The student’s submission
The student’s submissio
balance sheet and
fully and properly
analyzes the adjusting
economic financial
analyzes the adjusting
information, resulting
information, analyze and
information, resulting in an mostly accurate adju
record adjusting and
accurate adjusted trial
trial balance and fina
closing journal entries
statements. The subm
leading to the creation and balance and financial
analysis of financial
statements. The
also contains closing
statements using the
submission also contains
entries that are accur
accrual accounting
closing entries that are
prepared, resulting in
method.
fully and accurately
mostly accurate postprepared, resulting in an closing trial balance.
accurate adjusted trial
closing journal entries
leading to the creation and balance and financial
analysis of financial
statements. The
statements using the
submission also contains
accrual accounting
closing entries that are
method.
CO 3 Grading Scale
fully and accurately
prepared, resulting in an
accurate post-closing trial
balance.
4
trial balance and fina
statements. The subm
also contains closing
entries that are accur
prepared, resulting in
mostly accurate postclosing trial balance.
3
Good
Journal entries mostly use
accurate accounts and
amounts; and debits and
y. credits are used correctly.
Fair
Poor
Unacceptable
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.
16-15
Listing of accounts is mostly
incorrect with most
incorrect accounts and
incorrect Dr./Cr. Most
ledger balances are
incorrect.
10-9
Listing of accounts is done
poorly or not at all, leading
to inaccurate or no trial
balance.
14-0
The submission does
not meet this
requirement, or
posting is not done a
all.
21-19
18-17
Posting is done mostly in
Posting has errors with
the correct accounts and incorrect accounts and
mostly at the correct
incorrect debits/credits
t. side(Dr./Cr.) and balances and incorrect balances.
are mostly correct.
14-13
Most accounts are listed
correctly leading to a
mostly correct trial
balance.
14-13
The student’s submission
s properly analyzes and
records the given
d transactions, and provides
a trial balance that is
accurate based on the
entries recorded.
3
Journal entries mostly use
accurate accounts and
amounts; and debits and
y. credits are used correctly.
12-11
Listing of accounts has
several errors leading to
incorrect trial balance.
8-0
The submission does
not meet this
requirement.
12-11
10-9
8-0
The student’s submission
The student’s submission
The student’s
demonstrates analysis and demonstrates limited
submission does not
recording of transactions, analysis and recording of
meet the criteria of
although several analysis transactions, and significant the outcome.
errors exist, leading to a
errors exist, leading to an
trial balance that is
inaccurate or incomplete
somewhat inaccurate.
trial balance.
2
1
0
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.
Journal entries mostly use
accurate accounts and
amounts; and debits and
y. credits are used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
13-12
11-10
Posting is mostly correct
Posting has several errors
leading to a mostly correct leading to a trial balance
trial balance.
with several errors.
13-12
The income statement is
d prepared accurately, but
may have some minor
errors.
8
11-10
The income statement is
prepared with several
errors.
7
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
9-8
7-0
Posting is done poorly or not The submission does
at all, leading to inaccurate not meet this
or no trial balance.
requirement.
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
prepared accurately and
mostly, but may have
some minor errors.
13-12
Journal entries mostly use
accurate accounts and
amounts; and debits and
y. credits are used correctly.
The balance sheet is
prepared with several
errors.
11-10
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
17-16
15-14
Posting is mostly correct
Posting has several errors
leading to a mostly correct leading to a trial balance
trial balance.
with several errors.
The submission does
not meet this
requirement.
The balance sheet is
prepared with significant
errors.
7-0
The submission does
not meet this
requirement.
5-0
The submission does
not meet this
requirement.
2-0
The submission does
not meet this
requirement.
9-8
7-0
Journal entries have some The submission does
errors in use of accounts
not meet this
and amounts; and debits
requirement.
and credits are not used
correctly.
13-12
11-0
Posting is done poorly or not The submission does
at all, leading to inaccurate not meet this
trial balance, or no trial
requirement.
balance was prepared.
13-12
11-10
9-8
7-0
The student’s submission
The student’s submission
The student’s submission
The student’s
analyzes the adjusting
demonstrates analysis of
demonstrates limited
submission does not
information, resulting in a the adjusting information
analysis of the adjusting
meet the criteria of
n mostly accurate adjusted and the preparation of an information and the
the outcome.
trial balance and financial adjusted trial balance and preparation of an adjusted
statements. The submission financial statements,
trial balance and financial
also contains closing
although several errors
statements, however
entries that are accurately exist. The closing entries
significant errors exist. The
prepared, resulting in a
are prepared with several closing entries are prepared
mostly accurate posterrors, resulting in the
with significant errors,
closing trial balance.
completion of a postresulting in an inaccurate
trial balance and financial adjusted trial balance and preparation of an adjusted
statements. The submission financial statements,
trial balance and financial
also contains closing
although several errors
statements, however
entries that are accurately exist. The closing entries
significant errors exist. The
prepared, resulting in a
are prepared with several closing entries are prepared
mostly accurate posterrors, resulting in the
with significant errors,
closing trial balance.
completion of a postresulting in an inaccurate
al
closing trial balance, that post-closing trial balance.
has limited accuracy.
3
2
1
0
Unacceptable
e
Points
Available
The submission does
not meet this
requirement.
14-0
y The submission does
not meet this
requirement, or
posting is not done at
all.
24
8-0
e
The submission does
g not meet this
requirement.
16
8-0
The student’s
submission does not
meet the criteria of
nt the outcome.
16
e
0
The submission does
not meet this
requirement.
4
e
The submission does
not meet this
requirement.
7-0
not The submission does
ate not meet this
requirement.
h
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
not The submission does
ate not meet this
requirement.
20
7-0
The student’s
submission does not
meet the criteria of
the outcome.
15
e
d
al
ed
d
al
ed
0
4