Prepare a trial balance at july 31 on a worksheet

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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 &5 - Adjusting Entries
5 Post Adjusting Entries to the General Ledger 4 &5 -Adjusting Entries ( Use worksheet #2)
6 Prepare an Adjusted Trial Balance 6- Adjusted TB
7 Prepare the Financial Statements 7 - Financial Statements
8 Prepare the Closing Entries 8&9 - Closing Entries ( use worksheet #2)
9 Post Closing Entries to the General Ledger 8&9- General Ledger
10 Prepare the Post Closing Trial Balance 10 - Post Closing Trial Balance
Project Instructions
Course Project Overview
The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 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 July 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, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and pool repair specialist, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his 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 PPC.
Requirements
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 &5 - Adjusting Entries
5 Post Adjusting Entries to the General Ledger 4 &5 -Adjusting Entries ( Use worksheet #2)
6 Prepare an Adjusted Trial Balance 6- Adjusted TB
7 Prepare the Financial Statements 7 - Financial Statements
8 Prepare the Closing Entries 8&9 - Closing Entries ( use worksheet #2)
9 Post Closing Entries to the General Ledger 8&9- General Ledger
10 Prepare the Post Closing Trial Balance 10 - Post Closing Trial Balance
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.
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 July 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.

July Transactions
During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions.
July Transactions
Date Transaction Description
July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock.
July 1 Paid the premium on a 1-year insurance policy, $4,800.
July 1 Paid the current month's store rent expense, $3,600.
July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account.
July 8 Purchased repair supplies from Mary's Repair Company on credit, $450.
July 10 Paid telephone bill, $300.
July 11 Cash pool service revenue for the first third of July, $2,650.
July 18 Made payment to Mary's Repair Company, $300.
July 20 Cash pool service revenue for the second third of July, $4,000.
July 31 Cash pool service revenue for the last third of July, $2,250.
July 31 Paid the current month's electric bill, $500.
July 31 Declared and paid cash dividend of $1,100.
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 Repair Supplies Debit
119 Prepaid Insurance 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 Pool Service 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 July 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
Windows User: Debits equal $67,750. 0
Windows User: Credits equal $67,750.
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 July journal entries to the following T-Accounts and compute ending balances.
Date Cash (111)
DeVry: The debit balance of the Cash account should be $37,700. Date Pool Service Revenue (411)
Repair Supplies (117) Store Rent Expense (511)
Prepaid Insurance (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 Tax Payable (213) Income Tax 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 July in the space below.
Peter's Pool Corporation Trial Balance July 31
Account Account Balance
Number Title Debit Credit
0
Windows User: Debit Balance equals $56,250 0
Windows User: Credit Balance equals $56,250.
Journal Entries

Only enter accounts that have a balance.

4&5 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 $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95.
Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed.
Requirement #4
Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit
0
Windows User: Debits equal $855. 0
Windows User: Credits equal $855.
Journal Entries

6 - Adjusted TB
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Peter's Pool Corporation Adjusted Trial Balance July 31
Account Account Balance
Number Title Debit Credit
0
Windows User: Debit Balance equals $56,505. 0
Windows User: Credit Balance equals $56,505.
Journal Entries

Only enter accounts that have a balance.

7 - Financial Statements
Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Peter's Pool Corporation Peter's Pool Corporation Peter's Pool Corporation
Income Statement Statement of Retained Earnings Balance Sheet
For the Month Ending July 31 For the Month Ending July 31 July 31
Revenues: Retained Earnings, July 1 Assets:
Pool Repair Revenue Add: Net Income Cash
Total Revenue Subtotal Repair Supplies
Less: Dividends Prepaid Insurance
Expenses: Retained Earnings, July 31
Windows User: Retained Earnings, July 31 equals $2,545. Repair Equipment
Store Rent Expense Less: Accum. Dep - Repair Equipment.
Telephone Expense Total Assets
Insurance Expense
Repair Supplies Exp. Liabilities and Stockholders' Equity
Depreciation Exp. Liabilities:
Income Tax Expense Accounts Payable
Electric Expense Income Taxes Payable
Total Expenses Total Liabilities
Net Income Stockholders' Equity:
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity

Windows User: Total Liabilities & Stockholders' Equity equals $49,990.
Windows User: Total Assets equals $49,990.
Windows User: Net Income equals $3,645.
8&9- Closing Entries
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 T-Accounts on the General Ledger ( Step 2) 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
Windows User: Debits equal $15,255. 0
Windows User: Credits equal $15,255.
Journal Entries

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

10- Post Closing Trial Balance
Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Peter's Pool Corporation Post-Closing Trial Balance July 31
Account Account Balance
Number Title Debit Credit
- 0
Windows User: Debit Balance equals $50,150. - 0
Windows User: Credit Balance equals $50,150.
Journal Entries

Grading Rubric
Course Project Grading Rubric - Students
Criteria Excellent Good Fair Poor Unacceptable Points Available
Milestone 1 Step 1 —Journal Entries 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. The submission does not meet this requirement.
Step 1 Grading Scale 24-22 21-19 18-17 16-15 14-0 24
Milestone 1 Step 2 Ledger Posting and Balancing Posting is done in the correct accounts and at the correct side (Dr./Cr.) and balances are correct. Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. The submission does not meet this requirement, or posting is not done at all.
Step 2 Grading Scale 16-15 14-13 12-11 10-9 8-0 16
Milestone 1 Step 3 - Unadjusted Trial Balance Accounts are listed correctly and in the proper order leading to an accurate trial balance. Most accounts are listed correctly leading to a mostly correct trial balance. Listing of accounts has several errors leading to incorrect trial balance. Listing of accounts is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement.
Step 3 Grading Scale 16-15 14-13 12-11 10-9 8-0 16
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. The student's submission fully analyzes and records all transactions, and provides a complete and accurate trial balance. The student's submission properly analyzes and records the given transactions, and provides a trial balance that is accurate based on the entries recorded. The student's submission demonstrates analysis and recording of transactions, although several analysis errors exist, leading to a trial balance that is somewhat inaccurate. The student's submission demonstrates limited analysis and recording of transactions, and significant errors exist, leading to an inaccurate or incomplete trial balance. The student's submission does not meet the criteria of the outcome.
CO 2 Grading Scale 4 3 2 1 0 4
Milestone 2 Step 4 —Adjusting Journal Entries 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. The submission does not meet this requirement.
Step 4 Grading Scale 15-14 13-12 11-10 9-8 7-0 15
Milestone 2 Steps 5 and 6 —Posted and Adjusted Trial Balance. 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. The submission does not meet this requirement.
Steps 5/6 Grading Scale 15-14 13-12 11-10 9-8 7-0 15
Milestone 2 Step 7.1 - Income Statement The income statement is prepared completely and accurately. The income statement is prepared accurately, but may have some minor errors. The income statement is prepared with several errors. The income statement is prepared with significant errors. The submission does not meet this requirement.
Step 7.1 Grading Scale 10-9 8 7 6 5-0 10
Milestone 2 Step 7.2 -Retained Earnings Statement The retained earnings statement is prepared completely and accurately. The retained earnings statement is prepared accurately, but may have some minor errors. The retained earnings statement is prepared with several errors. The retained earnings statement is prepared with significant errors. The submission does not meet this requirement.
Step 7.2 Grading Scale 6 5 4 3 2-0 6
Milestone 2 Step 7.3 - Balance Sheet The balance sheet is prepared completely and accurately. The balance sheet is prepared accurately and mostly, but may have some minor errors. The balance sheet is prepared with several errors. The balance sheet is prepared with significant errors. The submission does not meet this requirement.
Step 7.3 Grading Scale 15-14 13-12 11-10 9-8 7-0 15
Milestone 2 Step 8 —Closing Journal Entries 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. The submission does not meet this requirement.
Step 8 Grading Scale 20-18 17-16 15-14 13-12 11-0 20
Milestone 2 Steps 9 and 10 —Posted and Post-closing Trial Balance 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 trial balance, or no trial balance was prepared. The submission does not meet this requirement.
Steps 9-10 Grading Scale 15-14 13-12 11-10 9-8 7-0 15
Milestone 2 CO 3 - Given a trial balance sheet and economic financial information, analyze and record adjusting and closing journal entries leading to the creation and analysis of financial statements using the accrual accounting method. The student's submission fully and properly analyzes the adjusting information, resulting in an accurate adjusted trial balance and financial statements. The submission also contains closing entries that are fully and accurately prepared, resulting in an accurate post-closing trial balance. The student's submission analyzes the adjusting information, resulting in a mostly accurate adjusted trial balance and financial statements. The submission also contains closing entries that are accurately prepared, resulting in a mostly accurate post-closing trial balance. The student's submission demonstrates analysis of the adjusting information and the preparation of an adjusted trial balance and financial statements, although several errors exist. The closing entries are prepared with several errors, resulting in the completion of a post-closing trial balance, that has limited accuracy. The student's submission demonstrates limited analysis of the adjusting information and the preparation of an adjusted trial balance and financial statements, however significant errors exist. The closing entries are prepared with significant errors, resulting in an inaccurate post-closing trial balance. The student's submission does not meet the criteria of the outcome.
CO 3 Grading Scale 4 3 2 1 0