Course Project

Overview and GuidelinesThe Course Project has 10 requirements for you to complete. The Course Project is due at the end of Week 6. See Syllabus/”Due Dates for Assignments & Exams” for due date information.The Course Project template has all of the information you will need to complete the project. The template also includes:Detailed Project Instructions (with requirements)A reference list of October transactionsA Chart of Accounts reference sheetA Grading Rubric to help explain what is expected.Each worksheet has the Check Figures embedded as a comment.Download the Excel template named ACCT212_CourseProject located on the Files section of the Course Menu.To complete the Course Project (due at the end of Week 6):Complete Requirements 1-10 on the worksheets.Type your work directly into the worksheets.Save your workbook as “CourseProject_ ACCT212_YourLastName”.Don’t forget to submit your workbook by the end of Week 6.
acct212_course_project_template_updated_for_sep.oct_2016_6.xlsx

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ACCT 212: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
ACCT 212: 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
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
roject
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
4 – Adjusting Entries
2 – General Ledger
5 – Adjusted TB
6 – Financial Statements
7 – Closing Entries
2 – General Ledger
8 – Post Closing Trial Balance
Course Project Overview
The 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.
Scenario
You’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.
Requirements
Guidelines
Use 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.
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.
During its first month of operation, the Bethany’s Bicycle Corporation, which specializes in
bicycle repairs, completed the following transactions.
March Transactions
Date
March 1
Transaction Description
Began business by making a deposit in a company bank
account of $20,000, in exchange for 2,000 shares of $10 par
value common stock.
March 1
March 1
March 3
Paid the premium on a 1-year insurance policy, $2,400.
Paid the current month’s store rent expense, $1,900.
Purchased repair equipment from Andrew Company, $5,800.
Paid $1,000 down and the balance was placed on account.
Payments will be $400.00 per month for 12 months. The first
payment is due 4/1. Note: Use Accounts Payable for the
Balance Due.
March 8
Purchased repair supplies from Jackson Company on credit,
$650.
March 10
March 11
Paid telephone bill for March, $340.
Cash bicycle repair revenue for the first third of March, $1,650.
March 18
March 20
Made payment to Jackson Company, $400.
Cash bicycle repair revenue for the second third of March,
$2,450.
March 31
Cash bicycle repair revenue for the last third of March, $1,250.
March 31
March 31
Paid the current month’s electice bill, $250.
Declared and paid cash dividend of $1,000.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
117
119
144
145
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Accum Dep -Repair Equipment
Debit
Debit
Debit
Debit
Credit
212
213
Accounts Payable
Income Tax Payable
Credit
Credit
311
312
313
Common Stock
Retained Earnings
Dividends
Credit
Credit
Debit
411
Bicycle Repair Revenue
Credit
511
512
513
514
515
516
517
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Expense
Dep Expense – Repair Equipment
Income Tax Expense
Electric Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Review Chapter 2,
p. 90 for more
information on the
Chart of Accounts
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the March transactions in the General
Journal below. Remember that Debits must equal Credits—All of your Journal Entries should
balance.
General Journal
Date
Account
Number from
Chart of
Accounts tab Account Title from Chart of Accounts tab
Debit
Credit
Journal Entries
0

Journal Entries
Once you’ve completed this
requirement print your
General Journal to
complete Requirement #2
on the General Ledger
worksheet.
REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute endin
balances.
Date
Cash (111)
Prepaid Insurance (117)
Repair Supplies (119)
Repair Equipment (144)
Accum. Depr.-Repair Equipment (145)
Date
Accounts Payable (212)
Income Taxes Payable (213)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
ing T-Accounts and compute ending
Bicycle Repair Revenue (411)
This worksheet will be
used to complete
Requirements #2, #5 and
#9. Instructions for #5
can be found on the
Adjusting Entries
Worksheet. Instructions
for #9 can be found on
the Closing Entries
Worksheet.
Store Rent Expense (511)
Telephone Expense (512)
Insurance Expense (513)
Repair Supplies Expense (514)
Depr. Exp.-Repair Equipment (515)
Income Taxes Expense (516)
Electric Expense (517)
Journal Entries
REQUIREMENT #3: Prepare a trial balance for March in the space below.
Account
Number
Bethany’s Bicycle Corporation
Trial Balance
March 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balance.
Journal Entries
Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show
calculations!
a) One month’s insurance has expired.
b) The remaining inventory of repair supplies is $200.
c) The estimated depreciation on repair equipment is $120.
d) The estimated income taxes are $65.
Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and
compute adjusted balances. Just add to the balances that are already listed.
General Journal
Date
Account
Number from
Chart of
Accounts
tab
Account Title from Chart of Accounts tab
Debit
0
Journal Entries
al Journal below. Show your
accounts and
Credit
0
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Account
Number
Bethany’s BicycleCorporation
Adjusted Trial Balance
March 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balance.
Requirement #7: Prepare the financial statements for Bethany’s Bicycle Corporation as of March 31 in the
You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Shee
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Bethany’s Bicycle Corporation
Income Statement
For the Month Ending March 31
Bethany’s Bicycle Corporation
Statement of Retained Earnings
For the Month Ending March 31
Revenues:
Bicycle Repair Revenue
Total Revenue
0
Expenses:
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Taxes Expense
Electric Expense
Total Expenses
0
Net Income
0
Retained Earnings, March 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, March 31
Corporation as of March 31 in the space below.
d Earning, and the Balance Sheet.
required for this project.
ycle Corporation
Retained Earnings
Ending March 31
Bethany’s Bicycle Corporation
Balance Sheet
March 31
$0
0
$0
Assets:
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Less: Accum. Depr.
Total Assets
$0
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
0
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
0
Total Liabilities & Stockholders’
Equity
$0
Journal Entries
Requirement #8: Prepare the closing entries at March 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 T-Accounts on the General Ledger worksheet and
compute ending balances. Just add to the adjusted balances already listed.
General Journal
Date
Account
Number from
Chart of
Accounts
tab
Account Title from Chart of Accounts tab
Debit
Journal Entries
0
Journal Entries
Hint: Use the
sheet and
Credit
See the Week 2 Lecture
for examples of how to
complete closing
entries.
Journal Entries
0
Journal Entries
Requirement #10: Prepare a post-closing trial balance as of March 31 in the space
below.
Account
Number
Bethany’s Bicycle Corporation
Post-Closing Trial Balance
March 31
Account
Title
Balance
Debit
Credit


Project 1 Grading Rubric – Students
Criteria
Parts:
Excellent
Good
Poor
90% to 100%
Step 1
Journal entries use
—Journal Entries accurate
(20 points)
accounts and
amounts; and
debits and credits
are used correctly.
70% to 89%
Journal entries
mostly use
accurate
accounts and
amounts; and
debits and credits
are used correctly.
50% to 69%
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
Steps 2 and 3
—Posted and
Unadjusted Trial
Balance. (10
points)
Posting is correct
leading to an
accurate trial
balance.
Posting is mostly
correct leading to
a mostly correct
trial balance.
Posting has several
errors leading to a
trial balance with
several errors.
Step 4
—Adjusting
Journal Entries
(10 points)
Journal entries use
accurate
accounts and
amounts; and
debits and credits
are used correctly.
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.
Steps 5 and 6
—Posted and
Adjusted Trial
Balance. (10
points)
Posting is correct
leading to an
accurate trial
balance.
Posting is mostly
correct leading to
a mostly correct
trial balance.
Posting has several
errors leading to a
trial balance with
several errors.
Step 7
—Financial
Statements (10
points)
All four financial
statements are
prepared
accurately and in
an appropriate
format.
Three of four
financial
statements are
prepared
accurately and
mostly in an
appropriate
format, one
statement has
some errors.
Two of four
financial
statements are
prepared
accurately and
mostly in an
appropriate format,
two statements
have some errors.
Step 8
—Closing
Journal Entries
(10 points)
Journal entries use
accurate
accounts and
amounts; and
debits and credits
are used correctly.
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.
Steps 9 and 10
—Posted and
Post-closingTrial
Balance. (10
points)
Posting is correct
leading to an
accurate trial
balance.
Posting is mostly
correct leading to
a mostly correct
trial balance.
Posting has several
errors leading to a
trial balance with
several errors.
Very Poor
Less than 50%
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
One or fewer of
four financial
statements are
prepared
accurately and
mostly in an
appropriate format,
three or all
statements have
some errors.
Journal entries
have some errors in
use of accounts
and amounts; and
debits and credits
are not used
correctly.
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.

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