Accounting 3

Completerequirements 11 through 12 of the Jane’s Skateboards case for the third milestone of the course project.

Read the attached assignment help document!

You may use the file you completed in milestone Part 2 only if youreceiveda 100% in part 2 and have permission from the instructor. If you had anything but a 100% , I will attach a new template to the feedback in part 2.

DO NOT change the Excel template drop-down menus or formulas that are already in the template. Do not delete any of the tabs. Do not convert the Excel file to an Apple numbers file.

Save your file as “LastnameFirstinitial-ACCT105-M3.”

Submityour work by midnight ETon Day 7 (Sunday).

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

**NOTE: Please make sure you verify the number of tabs in the Excel template, so you do not miss any requirements.

The ratios are straight forward but presentation is important.
•
Use the internet to see the proper format for the ratios. For example, is your
current ratio is 1.782051 this is not the typical form you will be in
a company’s published ratios. There are several of these ratios that are
commonly displayed as percentages. Here is a good example, Apple Inc.
(AAPL) Financial Ratios and Metrics – Stock Analysis
•
The Apple link is only provided so you can see how ratios look
when published.
Break even analysis
This version of the project is a little more realistic than the example in the video and the sales price
is different for the three sales. Break even units needs the average sales price of one unit. In the
video all sales were sold for the same price, so the calculation was not necessary. The tab for
break-even has four sections. There are many formulas. Do NOT type over any of the formulas. On
the top right there is the revenue section. In this section you will need to complete the Sales
Revenue, Cost of goods sold and the fixed expense block. On the left side note that the top
specifically says do NOT type in this area. These are check fields to see if you have done your
calculations correctly. The bottom section is required to calculate the break-even units. Complete
the information in the units sold and unit sale price and the units purchased and the unit cost. Get
this information from the transaction’s description tap in part 1. Finally, you should have all the
information you need to complete the answer to Break-even Units and Break-even dollars block.
The break-even point is the revenue level where sales dollars result in zero net income.
Stated differently Sales minus cost of goods sold equals the total of all other expenses
(total expenses minus cost of goods sold) and net income will be zero.
One you have the breakeven sales dollars you can get the breakeven units by dividing
your breakeven dollars by the average sales price per unit. You must complete the
break-even chart on the bottom right-hand side of the sheet.
There are other methods. If you know them, you can calculate breakeven using both
methods to see if you have the same answer.
Finally check your answer to see if it is reasonable. In this problem sales were $28,200
and had a profit so logically your breakeven sales dollars with be lower than $28,200. In
this problem we sold 300 units and had a profit so logically your breakeven units will be
lower than 300.
Course Project Overview
Scenario
Requirements
ACCT 105: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
11
12
Guidelines
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 reference sheet
• A Grading Rubric to help explain what is expected.
The Course Project has help videos for each part. These videos are
similar transactions to guide you BUT are not expected to give you the
exact transactions. They may be different than the project transaction.
You will need to read the transaction descriptions carefully. After each
part you will get an email with a new template for use in the next part.
DO NOT use your part one submission for part two unless the instructor
specially says it is OK to use it. DO NOT use your part two submission for
part three unless the instructor specially says it is OK to use it. In Part 1
you may use either the general ledger or T-accounts. In part 2 you
must use the general ledger.
You’ve just secured a new client in your accounting practice, Jane’s
Skate Boards Inc., a brand new small business specializing in selling
skate boards. The owner, Jane Jones, is good at selling 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 or T-Accounts
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
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
Journal Entries
General Ledger or T-Accounts
Trial Balance
Adjusting Entries
General Ledger – You can’t use Taccounts in Part 2.
Adjusted Trial Balance
Financial Statements
Closing Entries
General Ledger – You can’t use Taccounts in Part 2.
Post Closing Trial Balance
Ratio Analysis
Break Even
Account Name
Number Account Type
Cash
111 Asset
Store Supplies
117 Asset
Prepaid Insurance
119 Asset
Merchandise Inventory
130 Asset
Store Fixtures
144 Asset
Accumulated Depreciation -Fixtures
145 Contra Asset
Accounts Payable
212 Liability
Income Tax Payable
213 Liability
Common Stock
311 Owners Equity
Retained Earnings
312 Owners Equity
Dividends
313 Contra Owners Equity
Sales Revenue
411 Revenue
Cost of Good Sold
505 Expense
Store Rent Expense
511 Expense
Telephone Expense
517 Expense
Depreciation Expense
520 Expense
Electric Expense
522 Expense
Insurance Expense
525 Expense
Supplies Expense
530 Expense
Income Tax Expense
535 Expense
Increase with
Debit
Debit
Debit
Debit
Debit
Credit
Credit
Credit
Credit
Credit
Debit
Credit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Decrease with
Credit
Credit
Credit
Credit
Credit
Debit
Debit
Debit
Debit
Debit
Credit
Debit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Normal balance Financial Reported on
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Debit
Balance Sheet
Credit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
During its first month of operation, Jane’s Skateboards completed the following transactions.
Record these transactions in the Journal entries page
July Transactions
Journal entry #
JE01
Date of transaction
July 1
Begin business by making a $200,000 deposit into the companies bank account
in exchange for 10,000 shares of common stock -Par value $20
JE02
July 2
Paid Cash $25,000 for Display cases for the Store Sales floor
JE03
July 3
Paid Cash $24,000 for the premium on a 2-year Insurance policy
JE04
July 5
Paid Cash $4,000 for the July store rent
JE05
July 6
Paid Cash- 750 skateboards costing $50 each from Skate MFG
JE05
July 7
Purchased on Credit – 750 skateboards costing $50 each from Skate MFG
JE06
July 8
Purchased on Credit – Store supplies costing $1000 from Office Supply Inc.
JE07
July 10
Paid Cash $400 for for July telephone bill
JE08
July 11
Sold 50 skateboards for $100 each to a customer who paid cash
JE09
July 18
Paid Cash $500 for 1/2 of the Store Supplies purchased on July 8
JE10
July 20
Sold 150 skateboards for $90 each to a customer who paid cash
JE11
July 25
Sold 100 skateboards for $95 each to a customer who paid cash
JE12
July 26
Paid Cash $800 for for July electric bill
JE13
July 30
Paid Cash $2,000 for dividens on common stock declared on July 30
JE#
1
2
3
4
Date
Description
7/1/2022 Cash
311
7/2/2022 Store Fixtures
144
Cash
111
7/3/2022 Prepaid Insurance
119
Cash
111
7/5/2022 Store Rent Expense
7/6/2022 Merchandise Inventory
Cash
6
7/7/2022 Merchandise Inventory
Accounts Payable
7
7/8/2022 Store Supplies
Accounts Payable
8
9
111
Common Stock
Cash
5
Post Ref.
7/10/2022 Telephone Expense
511
130
130
111
7/11/2023 Cash
111
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
7/18/2022 Accounts Payable
212
Cash
111
11
7/20/2022 Cash
111
13
14
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
111
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
7/26/2022 Electric Expense
522
Cash
111
7/30/2022 Dividends
Cash
25,000
313
24,000
4,000
JE03
JE04
4,000
37,500
JE04
JE05
37,500
37,500
JE05
JE06
37,500
1,000
JE06
JE07
1,000
400
JE07
JE08
400
5,000
JE08
JE09
5,000
2,500
JE09
JE09
2,500
500
500
13,500
13,500
7,500
7,500
9,500
9,500
5,000
5,000
800
800
2,000
2,000
375,700
JE02
JE03
24,000
111
JE01
JE02
25,000
212
517
JE01
200,000
212
117
Post Ref.
200,000
111
Cash
7/25/2023 Cash
Credit
111
10
12
Debit
375,700
JE09
JE10
JE10
JE11
JE11
JE11
JE11
JE12
JE12
JE12
JE12
JE13
JE13
JE14
JE14
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Account: Cash – 111
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
200,000
Credit
7/1/2022
JE#1
200,000
7/2/2022
JE#2
25,000
175,000
7/3/2022
JE#3
24,000
151,000
7/5/2022
JE#4
4,000
147,000
7/6/2022
JE#5
37,500
109,500
7/10/2022
JE#8
400
109,100
7/11/2023
JE#9
7/18/2022
JE#10
7/20/2022
JE#11
13,500
127,100
7/25/2023
JE#12
9,500
136,600
7/26/2022
JE#13
800
135,800
7/30/2022
JE#14
2,000
133,800
5,000
114,100
500
113,600
Store Supplies – 117
Balance
Date
Description
Post Ref.
7/8/2022
JE#7
7/31/2022
AE#2
Debit
Credit
Debit
1,000
Credit
1,000
600
400
Prepaid Insurance – 119
Balance
Date
Description
Post Ref.
7/3/2022
JE#3
7/31/2022
AE#1
Debit
Credit
24,000
Debit
Credit
24,000
1,000
23,000
Merchandise Inventory – 130
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/6/2022
JE#5
37,500
37,500
7/7/2022
JE#6
37,500
75,000
7/11/2023
JE#9
2,500
72,500
7/20/2022
JE#11
7,500
65,000
7/25/2023
JE#12
5,000
60,000
Store Fixtures – 144
Balance
Date
Description
7/2/2022
Post Ref.
JE#2
Debit
Credit
Debit
25,000
Credit
25,000
Accumulated Depreciation -Fixtures -145
Balance
Date
Description
7/31/2022
Post Ref.
Debit
Credit
AE#3
Debit
Credit
300
300
Accounts Payable – 212
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/7/2022
JE#6
37,500
37,500
7/8/2022
JE#7
1,000
38,500
7/18/2022
JE#10
500
38,000
Income Tax Payable – 213
Balance
Date
7/31/2022
Description
Post Ref.
AE#4
Debit
Credit
1,000
Debit
Credit
1,000
Common Stock – 311
Balance
Date
Description
Post Ref.
7/1/2022
Debit
JE#1
Credit
Debit
Credit
200,000
200,000
Retained Earnings – 312
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/31/2022
CE#1
7/31/2022
CE#2
23,100
4,900
CE#3
2,000
2,900
7/31/2022
4
28,000
28,000
Dividends – 313
Balance
Date
Description
Post Ref.
7/30/2022
JE#14
7/31/2022
CE#3
Debit
Credit
2,000
Debit
Credit
2,000
2,000
–
Sales Revenue – 411
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/11/2023
JE#9
5,000
5,000
7/20/2022
JE#11
13,500
18,500
7/25/2023
JE#12
9,500
28,000
7/31/2022
CE#1
28,000
–
Cost of Good Sold – 505
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/11/2023
JE#9
2,500
2,500
7/20/2022
JE#11
7,500
10,000
7/25/2023
JE#12
5,000
15,000
7/31/2022
CE#2
15,000
–
Store Rent Expense – 511
Balance
Date
Description
Post Ref.
7/5/2022
JE#4
7/31/2022
CE#2
Debit
Credit
Debit
4,000
Credit
4,000
4,000
–
Telephone Expense – 517
Balance
Date
Description
Post Ref.
7/10/2022
JE#8
7/31/2022
CE#2
Debit
Credit
Debit
400
Credit
400
400
–
Depreciation Expense – 520
Balance
Date
Description
Post Ref.
7/31/2022
AE#3
7/31/2022
CE#2
Debit
Credit
Debit
300
Credit
300
300
–
Electrict Expense – 522
Balance
Date
Description
Post Ref.
7/26/2022
JE#13
7/31/2022
CE#2
Debit
Credit
Debit
800
Credit
800
800
–
Insurance Expense – 525
Balance
Date
Description
Post Ref.
7/31/2022
AE#1
7/31/2022
CE#2
Debit
Credit
1,000
Debit
Credit
1,000
1,000
–
Supplies Expense – 530
Balance
Date
Description
Post Ref.
7/31/2022
AE#2
7/31/2022
CE#2
Debit
Credit
Debit
600
Credit
600
600
–
Income Tax Expense – 535
Balance
Date
Description
Post Ref.
7/31/2022
AE#4
7/31/2022
CE#2
Debit
Credit
1,000
Debit
Credit
1,000
1,000
–
JE Number
JE#1
JE#2
JE#3
JE#4
JE#5
JE#6
JE#7
JE#8
JE#9
JE#10
JE#11
JE#12
JE#12
JE#13
JE#14
AE#1
AE#2
AE#3
AE#4
CE#1
CE#2
CE#3
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Date
Acct #
111
7/1/2022
Account Name
Cash
200,000
JE#1
7/2/2022
25000 JE#2
7/3/2022
24000 JE#3
7/5/2022
4000 JE#4
7/6/2022
37500 JE#5
########
400 JE#8
########
5000
JE#9
########
500 JE#10
########
13500
JE#11
########
9500
JE#12
########
800 JE#13
########
2000 JE#14
Totals
228000
Balance
133800
117
7/8/2022
94200
Store Supplies
1000
Totals
1000
Balance
1000
119
7/3/2022
JE#7
0
Prepaid Insurance
24000
Totals
24000
Balance
24000
130
Merchandise Inventory
JE#3
0
7/6/2022
37500
JE#5
7/7/2022
37500
JE#6
########
2500 JE#9
########
7500 JE#11
########
5000 JE#12
Totals
75000
Balance
60000
144
7/2/2022
15000
Store Fixtures
25000
Totals
25000
Balance
25000
145
Totals
0
Accumulated Depreciation
0
Balance
212
JE#2
0
0
Accounts Payable
7/7/2022
37500 JE#6
7/8/2022
1000 JE#7
########
500
Totals
500
Balance
213
Totals
JE#10
38500
38000
Income Tax Payable
0
0
Balance
311
0
Common Stock
7/1/2022
200,000 JE#1
Totals
0
Balance
312
Totals
200000
Retained Earnings
0
Balance
313
########
200000
0
0
Dividends
2000
Totals
2000
Balance
2000
411
JE#14
0
Sales Revenue
########
5000 JE#9
########
13500 JE#11
########
9500 JE#12
Totals
0
Balance
505
28000
28000
Cost of Goods Sold
########
2500
JE#9
########
7500
JE#11
########
5000
JE#12
Totals
15000
Balance
15000
511
7/5/2022
0
Store Rent Expense
4000
Totals
4000
Balance
4000
517
########
JE#4
0
Telephone Expense
400
Totals
400
Balance
400
520
0
Balance
0
########
0
Depreciation Expense
Totals
522
JE#8
0
Electric Expense
800
Totals
800
Balance
800
525
Insurance Expense
JE#13
0
Totals
0
Balance
0
530
Supplies Expense
Totals
0
Balance
0
535
Totals
Balance
0
0
Income Tax Expense
0
0
0
Account Name
Acct #
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
Janes Skateboard
Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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
133,800
1,000
24,000
60,000
25,000
Credit
38,000
200,000
2,000
28,000
15,000
4,000
400
800
266,000
266,000
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Requirement #4: Prepare adjusting entries using the
following information in the General Journal below. Show
your calculations!
1) One month’s insurance has expired.
2) The remaining inventory of store supplies is $400.
3) The estimated depreciation on store fixtures is $300 per
month
4) The estimated income taxes are $1000.
Requirement #5: Post the adjusting entries on July 31 below
to the General Ledger accounts (Step 2) . Ajusting entries
are referenced in the General Ledger as
AE#1,AE#2,AE#3,AE#4
AE#
1
2
3
4
5
Date
Description
Post Ref.
7/31/2022 Insurance Expense
525
Prepaid Insurance
119
Supplies Expense
530
Store Supplies
117
Depreciation Expense
520
Accumulated Depreciation -Fixtures
145
Income Tax Expense
535
Income Tax Payable
213
Debit
Credit
1,000
1 AE#1
1,000
600
2 AE#1
3 AE#2
600
300
4 AE#2
5 AE#3
300
1000
6 AE#3
7 AE#4
1000
8 AE#4
9
10
6
11
12
7
13
14
8
15
16
9
17
18
10
19
20
11
21
22
12
23
24
13
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Janes Skateboard
Adjusted Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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
133,800
1,000
24,000
60,000
25,000
Credit
38,000
200,000
2,000
28,000
15,000
4,000
400
800
266,000
266,000
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Requirement #7: Prepare the financial statements for Jane’s Skateboard’s as of July 31 in the space below
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Total Revenue
$28,000
Expenses:
Cost of Goods Sold
Store Rent Expense
Telephone Expense
Insurance Expense
Store Supplies Exp.
Depreciation Exp.
Income Tax Expense
Electric Expense
Total Expenses
$15,000
$4,000
400
1,000
600
300
1,000
800
Net Income
Jane’s Skateboards Inc.
Statement of Retained Earnings
For the Month Ending July 31
$28,000
Retained Earnings, July 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, July 31
23,100
$4,900
4,900
$4,900
2,000
$2,900
1 in the space below.
Jane’s Skateboards Inc.
Balance Sheet
July 31
Assets:
Cash
Store supplies
Prepaid Insurance
Merchandise Inventory
Store fixtures
Less: Accum. Dep – Fixtures.
Total Assets
$133,800
400
23,000
60,000
25,000
300
$241,900
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
38,000
1,000
$39,000
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
200,000
2,900
$202,900
Total Liabilities & Stockholders’ Equity
$241,900
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 General Ledger ( Step 2) worksheet and compute
ending balances. Closing entries are referenced in the
General Ledger as CE#1 ,2 etc.
CE#
1
2
3
Date
Description
7/31/2022 Sales Revenue
Post Ref.
411
Debit
Credit
28000
1 CE#1
Retained Earnings
312
28000
Retained Earnings
312
Cost of Good Sold
505
15000
4 CE#2
Store Rent Expense
511
4000
5 CE#2
Telephone Expense
517
400
6 CE#2
Insurance Expense
525
1000
7 CE#2
Supplies Expense
530
600
8 CE#2
Depreciation Expense
520
300
9 CE#2
Income Tax Expense
535
1000
10 CE#2
Electric Expense
522
800
11 CE#2
Retained Earnings
312
Dividends
313
23100
3 CE#2
2000
53100
2 CE#1
12 CE#3
2000
13 CE#3
53100
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Janes Skateboard
Post Closing Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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 & Electric Expense
517
Depreciation Expense
520
Insurance Expense
525
Supplies Expense
530
Income Tax Expense
535
133,800
400
23,000
60,000
25,000
Credit
300
38,000
1,000
200,000
2,900
242,200
242,200
Account Name
Acct #
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
Ratio Analysis
Compute the folowing:
Current ratio
Debt to Total Assets
Gross profit percentage
Net Income by Net Sales
Earnings per Common Share
Dividend payout ratio
Show Formula used
Show Calculations
Answer
Complete the income statement below then us it to compute Break-eve
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Less: Cost of Goods Sold
Contribution Margin
Contribution Margin Percentage
Less: Fixed expenses
Operating income
Break-even in sales dollars =
Break-even in units =
0.00%
$0
it to compute Break-even analysis;
Jane’s Skateboards Inc.
Break-even dollars check
For the Month Ending July 31
DO NOT TYPE IN THE AREA BELOW IF YOU DID YOUR $ CALCULATIONS CORRECTLY OPERAT
INCOME WILL BE 0
Break-even in sales dollars
Break-even in units
Revenues:
Sales Revenue
Less: Variable Expenses
Contribution Margin
Less: Fixed expenses
Operating income
Revenues:
Sales Revenue
0 Less: Variable Expenses
Contribution Margin
0 Less: Fixed expenses
$0 Operating income
Hint: Use the form below to calculate the weighted average Sales dollars per unit
You will need this to calculate the break-even units
Sales date
Sale Price Total Revenue
Units Sold
7/11/2022
7/20/2022
7/25/2022
Totals
Average Sale Price
Purchase date
Units bought
7/6/2022
7/7/2022
Totals
Average Purchase Price
0
0
0
0
0
0
Purchase
Price
Total Purchase
0
0
0
0
0
–
S CORRECTLY OPERATING
0
0
$0
Course Project Grading Rubric – Students
Criteria
Excellent
Good
Step 1
—Journal Entries
Journal entries use
Journal entries mostly u
accurate accounts and
accurate accounts and
amounts; and debits and amounts; and debits an
credits are used correctly. credits are used correc
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
24-22
21-19
Posting is done in the
Posting is done mostly in
correct accounts and at the correct accounts a
the correct side (Dr./Cr.)
mostly at the correct
and balances are correct. side(Dr./Cr.) and balan
are mostly correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
16-15
14-13
Accounts are listed
Most accounts are liste
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 submission
fully analyzes and records properly analyzes and
all transactions, and
records the given
provides a complete and transactions, and provid
accurate trial balance.
a trial balance that is
accurate based on the
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 u
accurate accounts and
accurate accounts and
amounts; and debits and amounts; and debits an
credits are used correctly. credits are used correc
Step 4
—Adjusting Journal
Entries
Journal entries use
Journal entries mostly u
accurate accounts and
accurate accounts and
amounts; and debits and amounts; and debits an
credits are used correctly. credits are used correc
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 correc
leading to a mostly cor
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 statement
prepared completely and prepared accurately, b
accurately.
may have some minor
errors.
10-9
8
The retained earnings
statement is prepared
completely and
accurately.
6
The retained earnings
statement is prepared
accurately, but may ha
some minor errors.
5
The balance sheet is
prepared completely
and accurately.
The balance sheet is
prepared accurately a
mostly, but may have
some minor errors.
15-14
13-12
Journal entries use
Journal entries mostly u
accurate accounts and
accurate accounts and
amounts; and debits and amounts; and debits an
credits are used correctly. credits are used correc
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 correc
leading to a mostly cor
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 submission
balance sheet and
fully and properly
analyzes the adjusting
economic financial
analyzes the adjusting
information, resulting in
information, analyze and
information, resulting in an mostly accurate adjuste
record adjusting and
accurate adjusted trial
trial balance and finan
closing journal entries
statements. The submiss
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 accurat
accrual accounting
closing entries that are
prepared, resulting in a
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 finan
statements. The submiss
also contains closing
entries that are accurat
prepared, resulting in a
mostly accurate postclosing trial balance.
3
Good
Fair
Poor
Unacceptable
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.
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 at
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
. 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.
12-11
Listing of accounts has
several errors leading to
incorrect 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
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.
8-0
The submission does
not meet this
requirement.
3
2
1
0
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.
P
A
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.
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
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.
The submission does
not meet this
requirement.
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
7-0
The submission does
not meet this
requirement.
5-0
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 submission does
not meet this
requirement.
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
credits are used correctly.
The submission does
not meet this
requirement.
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 balance sheet is
prepared with significant
errors.
2-0
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
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
closing trial balance, that post-closing trial balance.
has limited accuracy.
3
2
1
0
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
t the outcome.
16
0
The submission does
not meet this
requirement.
4
The submission does
not meet this
requirement.
7-0
t The submission does
e 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
t The submission does
e not meet this
requirement.
20
7-0
The student’s
submission does not
meet the criteria of
the outcome.
15
d
d
0
4
Course Project Overview
Scenario
Requirements
ACCT 105: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
11
12
Guidelines
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 reference sheet
• A Grading Rubric to help explain what is expected.
The Course Project has help videos for each part. These videos are
similar transactions to guide you BUT are not expected to give you the
exact transactions. They may be different than the project transaction.
You will need to read the transaction descriptions carefully. After each
part you will get an email with a new template for use in the next part.
DO NOT use your part one submission for part two unless the instructor
specially says it is OK to use it. DO NOT use your part two submission for
part three unless the instructor specially says it is OK to use it. In Part 1
you may use either the general ledger or T-accounts. In part 2 you
must use the general ledger.
You’ve just secured a new client in your accounting practice, Jane’s
Skate Boards Inc., a brand new small business specializing in selling
skate boards. The owner, Jane Jones, is good at selling 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 or T-Accounts
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
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
Journal Entries
General Ledger or T-Accounts
Trial Balance
Adjusting Entries
General Ledger – You can’t use Taccounts in Part 2.
Adjusted Trial Balance
Financial Statements
Closing Entries
General Ledger – You can’t use Taccounts in Part 2.
Post Closing Trial Balance
Ratio Analysis
Break Even
Number
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
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Increase Decrease
with
with
Account Type
Asset
Debit
Credit
Asset
Debit
Credit
Asset
Debit
Credit
Asset
Debit
Credit
Asset
Debit
Credit
Contra Asset
Credit
Debit
Liability
Credit
Debit
Liability
Credit
Debit
Owners Equity
Credit
Debit
Owners Equity
Credit
Debit
Contra Owners Equity
Debit
Credit
Revenue
Credit
Debit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Expense
Debit
Credit
Normal Financial Reported
balance on
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Debit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Credit
Balance Sheet
Debit
Balance Sheet
Credit Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
Debit
Income Statement
During its first month of operation, Jane’s Skateboards completed the following transactions.
Record these transactions in the Journal entries page
July Transactions
Journal entry #
JE01
Date of transaction
July 1
Begin business by making a $200,000 deposit into the companies bank account
in exchange for 10,000 shares of common stock -Par value $20
JE02
July 2
Paid Cash $25,000 for Display cases for the Store Sales floor
JE03
July 3
Paid Cash $24,000 for the premium on a 2-year Insurance policy
JE04
July 5
Paid Cash $4,000 for the July store rent
JE05
July 6
Paid Cash- 750 skateboards costing $50 each from Skate MFG
JE05
July 7
Purchased on Credit – 750 skateboards costing $50 each from Skate MFG
JE06
July 8
Purchased on Credit – Store supplies costing $1000 from Office Supply Inc.
JE07
July 10
Paid Cash $400 for for July telephone bill
JE08
July 11
Sold 50 skateboards for $100 each to a customer who paid cash
JE09
July 18
Paid Cash $500 for 1/2 of the Store Supplies purchased on July 8
JE10
July 20
Sold 150 skateboards for $90 each to a customer who paid cash
JE11
July 25
Sold 100 skateboards for $95 each to a customer who paid cash
JE12
July 26
Paid Cash $800 for for July electric bill
JE13
July 30
Paid Cash $2,000 for dividens on common stock declared on July 30
JE#
1
2
3
4
Date
Description
7/1/2022 Cash
311
7/2/2022 Store Fixtures
144
Cash
111
7/3/2022 Prepaid Insurance
119
Cash
111
7/5/2022 Store Rent Expense
7/6/2022 Merchandise Inventory
Cash
6
7/7/2022 Merchandise Inventory
Accounts Payable
7
7/8/2022 Store Supplies
Accounts Payable
8
9
111
Common Stock
Cash
5
Post Ref.
7/10/2022 Telephone Expense
511
130
130
111
7/11/2023 Cash
111
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
7/18/2022 Accounts Payable
212
Cash
111
11
7/20/2022 Cash
111
13
14
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
111
Sales Revenue
411
Cost of Good Sold
505
Merchandise Inventory
130
7/26/2022 Electric Expense
522
Cash
111
7/30/2022 Dividends
Cash
313
25,000
24,000
JE03
JE04
4,000
4,000
JE04
JE05
37,500
37,500
JE05
JE06
37,500
37,500
JE06
JE07
1,000
1,000
JE07
JE08
400
400
JE08
JE09
5,000
5,000
JE09
JE09
2,500
2,500
500
500
13,500
13,500
7,500
7,500
9,500
9,500
5,000
5,000
800
800
2,000
2,000
375,700
JE02
JE03
24,000
111
JE01
JE02
25,000
212
517
JE01
200,000
212
117
Post Ref.
200,000
111
Cash
7/25/2023 Cash
Credit
111
10
12
Debit
JE09
JE10
JE10
JE11
JE11
JE11
JE11
JE12
JE12
JE12
JE12
JE13
JE13
JE14
JE14
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Account: Cash – 111
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
200,000
Credit
7/1/2022
JE#1
200,000
7/2/2022
JE#2
25,000
175,000
7/3/2022
JE#3
24,000
151,000
7/5/2022
JE#4
4,000
147,000
7/6/2022
JE#5
37,500
109,500
7/10/2022
JE#8
400
109,100
7/11/2023
JE#9
7/18/2022
JE#10
7/20/2022
JE#11
13,500
127,100
7/25/2023
JE#12
9,500
136,600
7/26/2022
JE#13
800
135,800
7/30/2022
JE#14
2,000
133,800
5,000
114,100
500
113,600
Store Supplies – 117
Balance
Date
Description
Post Ref.
7/8/2022
JE#7
7/31/2022
AE#2
Debit
Credit
Debit
1,000
Credit
1,000
600
400
Prepaid Insurance – 119
Balance
Date
Description
Post Ref.
7/3/2022
JE#3
7/31/2022
AE#1
Debit
Credit
24,000
Debit
24,000
1,000
23,000
Credit
Merchandise Inventory – 130
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/6/2022
JE#5
37,500
37,500
7/7/2022
JE#6
37,500
75,000
7/11/2023
JE#9
2,500
72,500
7/20/2022
JE#11
7,500
65,000
7/25/2023
JE#12
5,000
60,000
Store Fixtures – 144
Balance
Date
Description
7/2/2022
Post Ref.
JE#2
Debit
Credit
Debit
25,000
Credit
25,000
Accumulated Depreciation -Fixtures -145
Balance
Date
Description
7/31/2022
Post Ref.
Debit
Credit
AE#3
Debit
Credit
300
300
Accounts Payable – 212
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/7/2022
JE#6
37,500
37,500
7/8/2022
JE#7
1,000
38,500
7/18/2022
JE#10
Income Tax Payable – 213
500
38,000
Balance
Date
Description
7/31/2022
Post Ref.
Debit
AE#4
Credit
Debit
Credit
1,000
1,000
Common Stock – 311
Balance
Date
Description
7/1/2022
Post Ref.
Debit
JE#1
Credit
Debit
Credit
200,000
200,000
Retained Earnings – 312
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/31/2022
CE#1
7/31/2022
CE#2
23,100
28,000
28,000
4,900
7/31/2022
CE#3
2,000
2,900
Dividends – 313
Balance
Date
Description
Post Ref.
7/30/2022
JE#14
7/31/2022
CE#3
Debit
Credit
2,000
Debit
Credit
2,000
2,000
–
Sales Revenue – 411
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/11/2023
JE#9
5,000
5,000
7/20/2022
JE#11
13,500
18,500
7/25/2023
JE#12
9,500
28,000
7/31/2022
CE#1
28,000
–
Cost of Good Sold – 505
Balance
Date
Description
Post Ref.
Debit
Credit
Debit
Credit
7/11/2023
JE#9
2,500
2,500
7/20/2022
JE#11
7,500
10,000
7/25/2023
JE#12
5,000
15,000
7/31/2022
CE#2
15,000
–
Store Rent Expense – 511
Balance
Date
Description
Post Ref.
7/5/2022
JE#4
7/31/2022
CE#2
Debit
Credit
Debit
4,000
Credit
4,000
4,000
–
Telephone Expense – 517
Balance
Date
Description
Post Ref.
7/10/2022
JE#8
7/31/2022
CE#2
Debit
Credit
Debit
400
Credit
400
400
–
Depreciation Expense – 520
Balance
Date
Description
Post Ref.
7/31/2022
AE#3
7/31/2022
CE#2
Debit
Credit
Debit
300
Credit
300
300
–
Electrict Expense – 522
Balance
Date
Description
Post Ref.
7/26/2022
JE#13
7/31/2022
CE#2
Insurance Expense – 525
Debit
Credit
Debit
800
Credit
800
800
–
Balance
Date
Description
Post Ref.
7/31/2022
AE#1
7/31/2022
CE#2
Debit
Credit
Debit
1,000
Credit
1,000
1,000
–
Supplies Expense – 530
Balance
Date
Description
Post Ref.
7/31/2022
AE#2
7/31/2022
CE#2
Debit
Credit
Debit
600
Credit
600
600
–
Income Tax Expense – 535
Balance
Date
Description
Post Ref.
7/31/2022
AE#4
7/31/2022
CE#2
Debit
Credit
1,000
Debit
Credit
1,000
1,000
–
JE Number
JE#1
JE#2
JE#3
JE#4
JE#5
JE#6
JE#7
JE#8
JE#9
JE#10
JE#11
JE#12
JE#12
JE#13
JE#14
AE#1
AE#2
AE#3
AE#4
CE#1
CE#2
CE#3
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Date
Acct #
111
7/1/2022
Account Name
Cash
200,000
JE#1
7/2/2022
25000 JE#2
7/3/2022
24000 JE#3
7/5/2022
4000 JE#4
7/6/2022
37500 JE#5
########
400 JE#8
########
5000
JE#9
########
500 JE#10
########
13500
JE#11
########
9500
JE#12
########
800 JE#13
########
2000 JE#14
Totals
228000
Balance
133800
117
7/8/2022
94200
Store Supplies
1000
########
JE#7
600 AE#2
Totals
1000
Balance
400
119
7/3/2022
600
Prepaid Insurance
24000
########
JE#3
1000 AE#1
Totals
24000
Balance
23000
130
Merchandise Inventory
1000
7/6/2022
37500
JE#5
7/7/2022
37500
JE#6
########
2500 JE#9
########
7500 JE#11
########
5000 JE#12
Totals
75000
Balance
60000
144
7/2/2022
15000
Store Fixtures
25000
Totals
25000
Balance
25000
145
JE#2
0
Accumulated Depreciation
########
300 AE#3
Totals
0
Balance
212
300
300
Accounts Payable
7/7/2022
37500 JE#6
7/8/2022
1000 JE#7
########
500
Totals
500
Balance
213
JE#10
38500
38000
Income Tax Payable
########
1000 AE#4
Totals
0
1000
Balance
311
1000
Common Stock
7/1/2022
200,000 JE#1
Totals
0
Balance
312
200000
200000
Retained Earnings
########
28000
########
23100
########
2000
Totals
25100
Balance
313
########
28000
2900
Dividends
2000
########
JE#14
2000
Totals
Balance
411
2000
2000
0
Sales Revenue
########
5000 JE#9
########
13500 JE#11
########
9500 JE#12
########
28000
Totals
28000
Balance
505
28000
0
Cost of Goods Sold
########
2500
JE#9
########
7500
JE#11
########
5000
JE#12
########
15000
Totals
Balance
511
7/5/2022
15000
15000
0
Store Rent Expense
4000
########
4000
Totals
Balance
517
########
4000
Telephone Expense
400
JE#8
400
Totals
400
Balance
0
520
########
400
Depreciation Expense
300
########
AE#3
300
Totals
300
Balance
0
522
########
300
Electric Expense
800
########
JE#13
800
Totals
800
Balance
0
525
########
4000
0
########
########
JE#4
800
Insurance Expense
1000
AE#1
1000
Totals
Balance
530
########
1000
1000
0
Supplies Expense
600
########
AE#2
600
Totals
600
Balance
0
535
########
600
Income Tax Expense
1000
########
AE#4
1000
Totals
Balance
1000
0
1000
Account Name
Acct #
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
Janes Skateboard
Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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
133,800
1,000
24,000
60,000
25,000
Credit
38,000
200,000
2,000
28,000
15,000
4,000
400
800
266,000
266,000
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Requirement #4: Prepare adjusting entries using the following
information in the General Journal below. Show your
calculations!
1) One month’s insurance has expired.
2) The remaining inventory of store supplies is $400.
3) The estimated depreciation on store fixtures is $300 per
month
4) The estimated income taxes are $1000.
Requirement #5: Post the adjusting entries on July 31 below to
the General Ledger accounts (Step 2) . Ajusting entries are
referenced in the General Ledger as AE#1,AE#2,AE#3,AE#4
AE#
1
2
Date
Description
7/31/2022 Insurance Expense
525
Prepaid Insurance
119
7/31/2022 Supplies Expense
530
Store Supplies
3
7/31/2022 Depreciation Expense
Accumulated Depreciation -Fixtures
4
5
Post Ref.
Debit
Credit
1000
600
7/31/2022 Income Tax Expense
535
Income Tax Payable
213
4 AE#2
5 AE#3
300
145
2 AE#1
3 AE#2
600
117
520
1 AE#1
1000
300
6 AE#3
7 AE#4
1000
1000
8 AE#4
9
10
6
11
12
7
13
14
8
15
16
9
17
18
10
19
20
11
21
22
12
23
24
13
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Janes Skateboard
Adjusted Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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
133,800
400
23,000
60,000
25,000
Credit
300
38,000
1,000
200,000
2,000
28,000
15,000
4,000
400
300
800
1,000
600
1,000
267,300
267,300
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Requirement #7: Prepare the financial statements for Jane’s Skateboard’s as of July 31 in the space below
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Total Revenue
Jane’s Skateboards Inc.
Statement of Retained Earnings
For the Month Ending July 31
$28,000
$28,000
Expenses:
Cost of Goods Sold
Store Rent Expense
Telephone Expense
$15,000
$4,000
400
Insurance Expense
Store Supplies Exp.
Depreciation Exp.
Income Tax Expense
Electric Expense
Total Expenses
1,000
600
300
1,000
800
Net Income
$23,100
$4,900
Retained Earnings, July 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, July 31
4,900
$4,900
2,000
$2,900
1 in the space below.
Jane’s Skateboards Inc.
Balance Sheet
July 31
Assets:
Cash
Store supplies
Prepaid Insurance
Merchandise Inventory
$133,800
400
23,000
60,000
Store fixtures
Less: Accum. Dep – Fixtures.
Total Assets
25,000
300
$241,900
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
38,000
1,000
$39,000
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
200,000
2,900
$202,900
Total Liabilities & Stockholders’ Equity
$241,900
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 General Ledger ( Step 2) worksheet and compute
ending balances. Closing entries are referenced in the
General Ledger as CE#1 ,2 etc.
CE#
1
2
3
Date
Description
7/31/2022 Sales Revenue
Post Ref.
411
Debit
Credit
1 CE#1
28000
312
7/31/2022 Retained Earnings
312
Cost of Good Sold
505
15000
4 CE#2
Store Rent Expense
511
4000
5 CE#2
Telephone Expense
517
400
6 CE#2
Depreciation Expense
520
300
7 CE#2
Electric Expense
522
800
8 CE#2
Insurance Expense
525
1000
9 CE#2
Supplies Expense
530
600
10 CE#2
Income Tax Expense
535
1000
11 CE#2
7/31/2022 Retained Earnings
Dividends
312
313
28000
2 CE#1
Retained Earnings
3 CE#2
23100
12 CE#3
2000
2000
13 CE#3
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
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
Acct #
111
117
119
130
144
145
212
213
311
312
313
411
505
511
517
520
522
525
530
535
Janes Skateboard
Post Closing Trial Balance
For the Month Ended July 31, 2022
Trial Balance
Account Name
Debit
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 & Electric Expense
517
Depreciation Expense
520
Insurance Expense
525
Supplies Expense
530
Income Tax Expense
535
133,800
400
23,000
60,000
25,000
Credit
300
38,000
1,000
200,000
2,900
242,200
242,200
Account Name
Acct #
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
Ratio Analysis
Compute the folowing:
Current ratio
Debt to Total Assets
Gross profit percentage
Net Income by Net Sales
Earnings per Common Share
Dividend payout ratio
Show Formula used
Show Calculations
Answer
Complete the income statement below then us it to compute Break-eve
Jane’s Skateboards Inc.
Income Statement
For the Month Ending July 31
Revenues:
Sales Revenue
Less: Cost of Goods Sold
Contribution Margin
Contribution Margin Percentage
Less: Fixed expenses
Operating income
Break-even in sales dollars =
Break-even in units =
0.00%
$0
it to compute Break-even analysis;
Jane’s Skateboards Inc.
Break-even dollars check
For the Month Ending July 31
DO NOT TYPE IN THE AREA BELOW IF YOU DID YOUR $
CALCULATIONS CORRECTLY OPERATING INCOME WILL BE 0
Break-even in sales dollars
Break-even in units
Revenues:
Sales Revenue
Less: Variable Expenses
Contribution Margin
Less: Fixed expenses
Operating income
Revenues:
Sales Revenue
0 Less: Variable Expenses
Contribution Margin
0 Less: Fixed expenses
$0 Operating income
Hint: Use the form below to calculate the weighted average Sales dollars per unit
You will need this to calculate the break-even units
Sales date
Sale Price Total Revenue
Units Sold
7/11/2022
7/20/2022
7/25/2022
0
0
0
0
Totals
Weighted Average Sale Price
Purchase date
Units bought
7/6/2022
7/7/2022
Totals
Weighted Average Sale Price
0
Purchase
Price
Total Purchase
0
0
0
0
0
–
YOUR $
OME WILL BE 0
0
0
$0
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
. 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
. 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
. 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
. 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
e
Unacceptable
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
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
ot The submission does
te 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
ot The submission does
te 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