Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Acct 212 course project

28/10/2020 Client: papadok01 Deadline: 7 Days

ACCT 212: Course Project
Requirement Requirement Description Worksheet Name
1 Prepare the Journal Entries in the General Journal 1 - Journal Entries
2 Post Journal Entries to the General Ledger 2 - General Ledger
3 Prepare a Trial Balance 3 - Trial Balance
4 Prepare the Adjusting Entries 4 - Adjusting Entries
5 Post Adjusting Entries to the General Ledger 2 - General Ledger
6 Prepare an Adjusted Trial Balance 5 - Adjusted TB
7 Prepare the Financial Statements 6 - Financial Statements
8 Prepare the Closing Entries 7 - Closing Entries
9 Post Closing Entries to the General Ledger 2 - General Ledger
10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance
Project Instructions
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.

March Transactions
During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.
March Transactions
Date Transaction Description
March 1 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 Paid the premium on a 1-year insurance policy, $2,400.
March 1 Paid the current month's store rent expense, $1,900.
March 3 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 Paid telephone bill for March, $340.
March 11 Cash bicycle repair revenue for the first third of March, $1,650.
March 18 Made payment to Jackson Company, $400.
March 20 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 Paid the current month's electice bill, $250.
March 31 Declared and paid cash dividend of $1,000.
Chart of Accounts
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type Account Number Account Title Normal Balance
Assets
111 Cash Debit
117 Prepaid Insurance Debit
119 Repair Supplies Debit
144 Repair Equipment Debit
145 Accum Dep -Repair Equipment Credit
Liabilities
212 Accounts Payable Credit
213 Income Tax Payable Credit
Stockholders Equity
311 Common Stock Credit
312 Retained Earnings Credit
313 Dividends Debit
Revenue
411 Bicycle Repair Revenue Credit
Expenses
511 Store Rent Expense Debit
512 Telephone Expense Debit
513 Insurance Expense Debit
514 Repair Supplies Expense Debit
515 Dep Expense - Repair Equipment Debit
516 Income Tax Expense Debit
517 Electric Expense Debit
1 - 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
0
Harris, Nicole: Debits = $38,090 - 0
Harris, Nicole: Credits = $38,090
Journal Entries

Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 - General Ledger
REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances.
Date Cash (111)
DeVry: The balance of the Cash account after posting journal entries for Part A should be $18,060 . Date Bicycle Repair Revenue (411)
Prepaid Insurance (117) Store Rent Expense (511)
Repair Supplies (119) Telephone Expense (512)
Repair Equipment (144) Insurance Expense (513)
Accum. Depr.-Repair Equipment (145) Repair Supplies Expense (514)
Accounts Payable (212) Depr. Exp.-Repair Equipment (515)
Income Taxes Payable (213) Income Taxes Expense (516)
Common Stock (311) Electric Expense (517)
Retained Earnings (312)
Dividends (313)
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.

3 - Trial Balance
REQUIREMENT #3: Prepare a trial balance for March in the space below.
Bethany's Bicycle Corporation Trial Balance March 31
Account Account Balance
Number Title Debit Credit
0
User: Debit Balance = $30,400 0
User: Credit Balance = $30,400
Journal Entries

Only enter accounts that have a balance.

4 - Adjusting Entries
Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your 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 Credit
0
Bruce: Balance $406.00 0
Bruce: Balance $406.00
Journal Entries

5 - Adjusted TB
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Bethany's BicycleCorporation Adjusted Trial Balance March 31
Account Account Balance
Number Title Debit Credit
0
User: Debit Balance = $30,585 0
User: Credit Balance = $30,585
Journal Entries

Only enter accounts that have a balance.

6 - Financial Statements
Requirement #7: Prepare the financial statements for Bethany's Bicycle Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Bethany's Bicycle Corporation Bethany's Bicycle Corporation Bethany's Bicycle Corporation
Income Statement Statement of Retained Earnings Balance Sheet
For the Month Ending March 31 For the Month Ending March 31 March 31
Revenues: Retained Earnings, March 1 $0 Assets:
Bicycle Repair Revenue Add: Net Income Cash
Total Revenue 0 Subtotal 0 Prepaid Insurance
Less: Dividends Repair Supplies
Expenses: Retained Earnings, March 31 $0
User: Retained Earnings = $1,025 Repair Equipment
Store Rent Expense Less: Accum. Depr.
Telephone Expense Total Assets $0
User: $26,140
Insurance Expense
Repair Supplies Exp. Liabilities and Stockholders' Equity
Depreciation Exp. Liabilities:
Income Taxes Expense Accounts Payable
Electric Expense Income Taxes Payable
Total Expenses 0 Total Liabilities 0
Net Income 0
User: Net Income = $2,025 Stockholders' Equity:
Common Stock
Retained Earnings
Total Stockholders' Equity 0
Total Liabilities & Stockholders' Equity $0
User: $26,140
7 - Closing 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 Credit
0
Bruce: Debit $9,675 0
Bruce: Credit $9,675
Journal Entries

See the Week 2 Lecture for examples of how to complete closing entries.

8 - Post Closing Trial Balance
Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below.
Bethany's Bicycle Corporation Post-Closing Trial Balance March 31
Account Account Balance
Number Title Debit Credit
- 0
User: Debits = $26,260 - 0
User: Credits = 26,260
Journal Entries

Grading Rubric
Project 1 Grading Rubric - Students
Criteria Excellent Good Poor Very Poor
Parts: 90% to 100% 70% to 89% 50% to 69% Less than 50%
Step 1 —Journal Entries (20 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. Journal entries have some errors in use of accounts and amounts; and debits and credits are not 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. Posting is done poorly or not at all, leading to inaccurate or no trial balance.
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. Journal entries have some errors in use of accounts and amounts; and debits and credits are not 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. Posting is done poorly or not at all, leading to inaccurate or no trial balance.
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. One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all 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. Journal entries have some errors in use of accounts and amounts; and debits and credits are not 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. Posting is done poorly or not at all, leading to inaccurate or no trial balance.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Calculation Guru
Instant Assignments
Writer Writer Name Offer Chat
Calculation Guru

ONLINE

Calculation Guru

I see that your standard of work is to get content for articles. Well, you are in the right place because I am a professional content writer holding a PhD. in English, as well as having immense experience in writing articles for a vast variety of niches and category such as newest trends, health issues, entertainment, technology, etc and I will make sure your article has all the key pointers and relevant information, Pros, Cons and basically all the information that a perfect article needs with good research. Your article is guaranteed to be appealing, attractive, engaging, original and passed through Copyscape for the audience so once they start reading they keep asking for more and stay interested.

$105 Chat With Writer
Instant Assignments

ONLINE

Instant Assignments

Hey, I can write about your given topic according to the provided requirements. I have a few more questions to ask as if there is any specific instructions or deadline issue. I have already completed more than 250 academic papers, articles, and technical articles. I can provide you samples. I believe my capabilities would be perfect for your project. I can finish this job within the necessary interval. I have four years of experience in this field. If you want to give me the project I had be very happy to discuss this further and get started for you as soon as possible.

$105 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Certificate iii in children's services tafe sa - Cvc phoneme frames sparklebox - ECON Data Paper - Arcadia tom stoppard act 1 - Hsc english advanced 2015 - Inventory management and risk pooling - Http www codeblocks org downloads - MATH - Hcf silver plus cover - ENG 225 Introduction to Film NO PLAGIARISM PLZ Final Film Analysis - Discussion 6 - Miami dade college w2 form - Provide the type and assembly language instruction - Ethic - Food standard australia new zealand - Math mammoth light blue series - Capstone help - Nurse educator job interview questions - Commonwealth courts portal divorce certificate - Getting started with salesforce communities - Needing help with nursing quiz - A mistake was made but not by me - In asymmetric key cryptography key are required per communicating party - How do a 2px and a 2py orbital differ - Week2 assig eco - Strategies to restructure a diversified company's business lineup involve - Johnson and johnson inventory turnover - Tmod register in 8051 - Types of chemical reactions lab report answers - Learning Strategies for Success - Journal - Pall resolute chromatography columns - 1988 ap calculus ab multiple choice answers - Anglo german naval agreement - Individual Assignment (405) - Amerex fire suppression system manual - Greater napanee gymnastics club - Micah 6 8 object lesson - Inquiry - Garlock graphite rope packing - The stages in the family situation and financial needs - Why did morrie become a teacher - After watching the video (We Still Live Here), answer the discussion questions below - Annotated Bibliography over South Korea's National Flower (Mungunghwa) - Anagrams of christmas carols and songs - Rabbit internal anatomy diagram - Assignment ch 10 - An introduction to programming using visual basic 2012 answer key - Sydney uni data bases - Develop plans for alternate site relocation - Sherrard v jacob 1965 ni 151 - Gcu individual success plan example - Discussion 6 - Title of the organization - Movies and meaning 5th edition - Lamborghini and ferrari logo - Statistic questions - The fourteenth mental measurements yearbook - Which of the following ideas do Glaukon and Nietzsche share? - Interview homework - Decimal to excess 3 code - Experiment 1 determining the chemical formula for copper gluconate - The ride on wave company row produces a line - The belmont report cautions that - Armidale catholic schools office - Scs 100 theme 1 comparison template - Request for appointment with professor email sample - Yearly Reports - The economic environment of a country is the most important consideration for an enterprise - Att net iss mcafee free download - Periodization and its components - Basildon council collection of large items - Ethics of the milgram experiment - 13th netflix documentary questions - Income deduction order florida - The mean annual cost of automobile insurance is - As 2259 nvis antenna - The opportunity cost of going to college is - Information system flowchart - Marble density kg m3 - Nova labs cyber security - Assignment 450 words - Statistical methods, and specific tools used in quality measurement and improvement - Mental health exam 2 rasmussen - Research paper - MS Access Homework help - A letter from birmingham jail essay - How to make fake blood look real - Discourse community thesis - Eu4 fall of majapahit not firing - Performance lawn equipment case - University of phoenix reference generator - Higuchi ichiyo separate ways full text - Fit out cost per square metre dubai - Community Health Discussion 3 - Prepare a classified balance sheet as of december 31 2022 - Bibl 104 quiz 7 liberty university - Apollo shoes case assignment answers - Quantitative - Journal Assignment