MenuACCT 212: Course ProjectRequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 - Journal Entries2Post Journal Entries to the General Ledger2 - General Ledger3Prepare a Trial Balance3 - Trial Balance4Prepare the Adjusting Entries4 &5 - Adjusting Entries5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2)6Prepare an Adjusted Trial Balance6- Adjusted TB7Prepare the Financial Statements7 - Financial Statements8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2)9Post Closing Entries to the General Ledger8&9- General Ledger10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance11Compute Ratios11-Ratios12Interpret the Ratios12-Interpretation of Ratios
Project InstructionsCourse Project OverviewThe Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of March transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
ScenarioYou’ve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the BBC.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.Milestone 1 is due in Week 4 - This includes project requirements 1-3.Milestone 2 is due in Week 6 - This includes project requirements 4-10.
Before You Begin:
Review the Week 2 Lecture prior to starting work on this project.
Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.
Review the Grading Criteria.
SAVE your work frequently in this workbook.
March TransactionsDuring its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.March TransactionsDateTransaction DescriptionMarch 1Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value.
Comprehensive Accounting Cycle Review Problem
Acct2310
Student Name____________________________
Complete the Comprehensive Problem, beginning on page 2, on the included work papers.
Submit the assignment to your instructor by uploading on to Connect on the link on Chapter 2 part 3.
Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters 2-4 in your Financial Accounting book (from acct1110) to continue on and have a successful experience in this course. Please give it your best shot!
A solution to this problem is not available for your reference. The following check figures are provided:
Unadjusted Trial Balance
$117,430
Adjusted Trial Balance
$117,690
Net Income
$16,060
Ending Capital
$75,560
Post-Closing Trial Balance
$106,450
Comprehensive Accounting Cycle Review Problem
On December 1st Gary Walton began an auto repair shop, Walton Quality Automotive. The following information about December’s transactions, accounts, and adjustment data is available.
Transactions
Accounts
Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated
Depreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Walton, Capital; Walton, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment.
Adjustment Data
a. Office Supplies used during the month, $600.
b. Depreciation for the month, $200.
c. One month insurance has expired.
d. Accrued Interest Expense, $60.
Requirements:
Complete the following on the attached work papers
1. Prepare the journal entries and post to the T-accounts.
2. Prepare an unadjusted trial balance.
3. Prepare the adjusting entries and post to the T-accounts.
4. Prepare an adjusted trial balance.
5. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings, dollar signs, and underlining.
6. Prepare the closing entries and post to the T-accounts.
7. Prepare a post-closing trial balance.
8. Submit to your instructor via Connect.
GENERAL JOURNAL
DATE
ACCOUNT TITLES AND EXPLANATION
DEBIT
CREDIT
Record Transactions, Adjusting Entries, Closing Entries in this journal
1
DATE
ACCOUNT TITLES AND EXPLANATION
DEBIT
CREDIT
(
GENERAL
JOURNAL
)
Cash Accts. Rec Office Supplies Prepaid Insurance
Equipment Accum. Deprec. – E.
MenuACCT 212: Course ProjectRequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 - Journal Entries2Post Journal Entries to the General Ledger2 - General Ledger3Prepare a Trial Balance3 - Trial Balance4Prepare the Adjusting Entries4 &5 - Adjusting Entries5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2)6Prepare an Adjusted Trial Balance6- Adjusted TB7Prepare the Financial Statements7 - Financial Statements8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2)9Post Closing Entries to the General Ledger8&9- General Ledger10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance11Compute Ratios11-Ratios12Interpret the Ratios12-Interpretation of Ratios
Project InstructionsCourse Project OverviewThe Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook.
• There are eight worksheets in the workbook you will need to complete.
• A list of March transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
ScenarioYou’ve just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the BBC.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor.Milestone 1 is due in Week 4 - This includes project requirements 1-3.Milestone 2 is due in Week 6 - This includes project requirements 4-10.
Before You Begin:
Review the Week 2 Lecture prior to starting work on this project.
Print the Chart of Accounts and October Transactions worksheets for your reference. You will need to refer to both throughout the project.
Review the Grading Criteria.
SAVE your work frequently in this workbook.
March TransactionsDuring its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.March TransactionsDateTransaction DescriptionMarch 1Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value.
Comprehensive Accounting Cycle Review Problem
Acct2310
Student Name____________________________
Complete the Comprehensive Problem, beginning on page 2, on the included work papers.
Submit the assignment to your instructor by uploading on to Connect on the link on Chapter 2 part 3.
Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters 2-4 in your Financial Accounting book (from acct1110) to continue on and have a successful experience in this course. Please give it your best shot!
A solution to this problem is not available for your reference. The following check figures are provided:
Unadjusted Trial Balance
$117,430
Adjusted Trial Balance
$117,690
Net Income
$16,060
Ending Capital
$75,560
Post-Closing Trial Balance
$106,450
Comprehensive Accounting Cycle Review Problem
On December 1st Gary Walton began an auto repair shop, Walton Quality Automotive. The following information about December’s transactions, accounts, and adjustment data is available.
Transactions
Accounts
Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated
Depreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Walton, Capital; Walton, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment.
Adjustment Data
a. Office Supplies used during the month, $600.
b. Depreciation for the month, $200.
c. One month insurance has expired.
d. Accrued Interest Expense, $60.
Requirements:
Complete the following on the attached work papers
1. Prepare the journal entries and post to the T-accounts.
2. Prepare an unadjusted trial balance.
3. Prepare the adjusting entries and post to the T-accounts.
4. Prepare an adjusted trial balance.
5. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings, dollar signs, and underlining.
6. Prepare the closing entries and post to the T-accounts.
7. Prepare a post-closing trial balance.
8. Submit to your instructor via Connect.
GENERAL JOURNAL
DATE
ACCOUNT TITLES AND EXPLANATION
DEBIT
CREDIT
Record Transactions, Adjusting Entries, Closing Entries in this journal
1
DATE
ACCOUNT TITLES AND EXPLANATION
DEBIT
CREDIT
(
GENERAL
JOURNAL
)
Cash Accts. Rec Office Supplies Prepaid Insurance
Equipment Accum. Deprec. – E.
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