ACC 201 Accounting Data Appendix The following events.docx

ACC 201 Accounting Data Appendix
The following events occurred in March:
·
March 1: Owner borrowed $125,000 to fund/start the
business. The loan term is 5 years.
·
March 1: Owner paid $250 to the county for a business
license.
·
March 2: Owner signed lease on office space; paying
first (March 20XX) and last month’s rent of $950 per month.
· March 5: Owner contributed office furniture valued at $2,750
and cash in the amount of $15,000 to the business.
·
March 6: Owner performed service for client in the
amount of $650. Customer paid in cash.
· March 8: Owner purchased advertising services on account in
the amount of $500.
· March 10: Owner provided services to client on account, in
the amount of $1,725.
· March 15: Owner paid business insurance in the amount of
$750.
·
March 20: The owner received first utility bill in the
amount of $135, due in April.
·

March 20: Office copier required maintenance; owner
paid $95.00 for copier servicing.
·
March 22: Owner withdrew $500 cash for personal use.
·
March 25: Owner paid $215 for office supplies.
·
March 25: Owner provided service to client in the
amount of $350. Client paid at time of service.
·
March 30: Owner paid balance due for advertising
expense purchase on March 8.
·
March 30: Received payment from customer for March
10 invoice in the amount of $1,725.
·
March 31: Last day of pay period; owner owes part-time
worker $275 for the March 16 through March 31 pay period.
This will be paid on April 5.
·
March 31: Provided service for client on account in the
amount of $3,500.
·
March 31: Record depreciation of the office furniture at
$45.83.
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Chart of AccountsThis chart of accounts should help you
identify the appropriate accounts to record to as you are
analyzing and journaling transactions for this workbook. There
is nothing to complete on this page; this is simply a resource for
you.Asset AccountsLiability AccountsEquity AccountsAcct
#Acct #Acct #Cash101Notes Payable201Owner's
Capital301Accounts Receivable102Accounts Payable202Owner
Draws302Prepaid Rent103Wages Payable203Office
Furniture104Office Supplies105Accumulated Depreciation
(contra asset)106Revenue AccountsAcct #Service
Revenue401Expense AccountsAcct #Rent expense501Business
License Expense502Insurance Expense503Repairs and
Maintenance504Advertising Expense506Wages
Expense507Utilities Expense508Depreciation
Expense509CashBaking SuppliesPrepaid RentPrepaid
InsuranceBaking EquipmentOffice SuppliesAccounts
ReceivableAccumulated DepreciationMerchandise
InventoryNotes PayableAccounts PayableWages PayableInterest
Payable Common StockDividendsBakery SalesMerchandise
SalesBaking Supplies ExpenseRent ExpenseInsurance
ExpenseMisc. ExpenseBusiness License ExpenseAdvertising
ExpenseWages ExpenseTelephone ExpenseInterest
ExpenseDepreciation ExpenseOffice Supplies ExpenseCost of
Goods Sold
General JournalA CompanyGeneral Journal Entries Journal
Entry TipsThe debited account is recorded first, credited
account recorded second.Debits and credits must always
equal!DateAccountsDebitCreditThere can be compound entries
in which two accounts receive a debt to an equivalent credited
amount to one account.Be sure to use your chart of accounts
(the first page of this workbook). Each account you will record
to is already listed and organized by classification of the
account.Total- 0- 0If Red, this means your debits and credits do
not equal. Be sure to review for errors.
Ledger

AccountsAssetsLiabilitiesEquityRevenueExpensesCashNotes
PayableOwner's CapitalService RevenueRent Expense$ - 0$ -
0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0Accounts Rec.Accounts PayableOwner
DrawsBusiness License Expense$ - 0$ - 0$ - 0$ - 0$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Prepaid RentWages
PayableInsurance ExpensePosting to the ledger/t accountsDon't
overthink it! You are just posting each debit and credit from the
journal entries to the account you identified in the entry.These
accounts are set to calculate your balances for you. Please be
careful not to delete the running totals as those will calculate
the ending balance.The ending balance will transfer to the Trial
Balance sheet.If you have posted all entries and your trial
balance is not in balance (total debits = total credits), $ - 0$ -
0$ - 0$ - 0this means that there is an error.$ - 0$ - 0$ -
0$ - 0$ - 0Office FurnitureRepairs & Maint.$ - 0$ - 0$ -
0$ - 0$ - 0$ - 0Office SuppliesAdvertising Expense$ - 0$
- 0$ - 0$ - 0$ - 0$ - 0Accumulated DepreciationWages
Expense$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0Utilities Expense$
- 0$ - 0$ - 0Depreciation Expense$ - 0$ - 0$ - 0
Trial BalanceTrial BalanceAs of 03/31/20XXUnadjusted trial
balanceAccountDebitCreditTrial BalanceCash- 0Balances from
the t accounts will autofill your trial balance.Accounts
Receivable- 0If total debits do not equal total credits in the trial
balance, you know you have an error.Prepaid Rent- 0These are
the balances that will be used to prepare the financial
statements.Office Furniture- 0Be sure to implement feedback
provided by your instructor for this Milestone One
submission!Office Supplies- 0Accumulated Depreciation-
0Notes Payable- 0Accounts Payable- 0Wages Payable- 0Owner's
Capital- 0Owner Draws- 0Service Revenue- 0Rent Expense-
0Business License Expense- 0Depreciation Expense- 0Insurance
Expense- 0Repairs and Maintenance Expense- 0Advertising
Expense- 0Wages Expense- 0Utilities Expense- 0Retained
EarningsTotal:- 0- 0Debits should equal credits`
Income StatementA CompanyIncome StatementFor Month

ending 3/31/20XXRevenues Total Revenues$ - 0Operating
Expenses:Total Operating Expenses:- 0Net Income- 0
Statement of Stockholder EquityCompany NameStatement of
Owner's EquityPeriod Ending 03/31/20XXBeginning Capital on
3/01/20XX$ - 0 Increases to capitalNet income/loss:Owner
ContributionsSubtotal:$ - 0 Decreases to capitalOwner
DrawsEnding Equity as of 03/31/20XX$ - 0
Balance SheetA CompanyBalance SheetAs of March 31,
20XXAssetsLiabilities and Owners' EquityCurrent
Assets:Current Liabilities:Total Current Liabilities- 0Long
Term Liabilities:Total Current Assets- 0Total Long Term
Liabilities:- 0Total Liabilities:- 0Owner's EquityNon-Current
Assets:Total Equity - 0Total Non Current/Fixed Assets- 0Total
Assets:- 0Total Liabilities & Equity - 0<== Total Assets on the
left should equal Liabilities + Owner's Equity on the right.
Closing EntriesA CompanyClosing Entries Month ending
03/31/20XXDateAccountsDebitCredit31-MarClose revenues 31-
MarClose Expenses31-MarClose Income Summary31-MarClose
Dividends- 0- 0
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Milestone One Guidelines and Rubric
Focus
Overview
In previous modules, you examined the initial stages of the
accounting cycle and practiced journalizing financial
transactions. In Milestone One, you will complete the first part
of your course project to demonstrate your ability to accurately
record financial data, which will continue to be used to
complete other parts of the project.
Scenario
You were recently hired as an entry-level bookkeeper for a

service business that recently opened. This is the first month in
operation for the business and your first task is to record
business transactions for their first month using the source
documents and transaction data the owner will provide to you.
Because this is a small business that does not use computerized
accounting, you will apply the accounting cycle in Excel to
record transactions and generate financial reporting results for
the owner.
Prompt
Record Financial Data: Use accepted accounting principles to
accurately capture business transactions for the month in the
Company Accounting Workbook Template using the
data provided in the
Accounting Data Appendix document.
Specifically, you must address the following rubric criteria:
·
Accuracy: Prepare entries that are accurate in that they
fully reflect the appropriate information.
·
Completeness: Prepare entries that are complete for
each month, including transferring posted entries to T
accounts.
·
Unadjusted Trial Balance: Prepare the unadjusted trial
balance portion of the “Trial Balance” tab of the company
accounting workbook, ensuring that the total debits and credits
match.
Guidelines for Submission
Using the provided template, submit your company accounting
workbook with the following portions completed: the General
Journal tab, the Ledger Accounts tab, and the Trial Balance tab.
This should be completed and submitted using the Microsoft

Excel workbook template. Please note that the first tab of the
workbook provides you with the chart of accounts. These are
the accounts you will use in recording transactions for the
month.
Supporting Materials
The following resources support your work on the project:
Video: Milestone One Walkthrough (14:40)
This video walkthrough is available if you need
additional assistance completing this milestone. The video uses
a sample data set for illustrative purposes.
A video transcript is available:
Transcript for ACC 201 Milestone One Walkthrough
Milestone One Rubric
Criteria
Exemplary (100%)
Proficient (85%)
Needs Improvement (55%)
Not Evident (0%)
Value
Accuracy
Prepares accurate entries with no errors
Prepares accurate entries with minimal errors
Prepares entries that have significant inaccuracies
Does not attempt criterion
35
Completeness
Prepares entries that are complete for each month, including
transferring posted entries to T accounts, with no errors
transferring posted entries to T accounts, with minimal errors
transferring posted entries to T accounts, with significant
errors
35

Unadjusted Trial Balance
Prepares the unadjusted trial balance accurately, ensuring the
total debits and credits match with no errors
Prepares the unadjusted trial balance with minimal errors
Prepares the unadjusted trial balance with significant errors
30
Total:
100%
2

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