Trial balance case study

The entire Case Study is due Sunday at midnight mountain time at the end of Week 3.

This Case Study is worth 100 points or 10% of your final course grade.

This Case Study relates to TCOs D and E and Chapters 3 and 4.

MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.

There are 10 sheets in the Workbook including this one.

All of the Information you need for the project is located in this Workbook.

Requirements Sheet in Workbook

Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries

Requirement 2—Post Journal Entries to the General Ledger General Ledger

Requirement 3—Prepare a Trial Balance Trial Balance

Requirement 4—Prepare the Adjusting Entries Adjusting Entries

Requirement 5—Post Adjusting Entries to the General Ledger General Ledger

Requirement 6—Prepare an Adjusted Trial Balance Adjusted TB

Requirement 7—Prepare the Financial Statements Financial Statements

Requirement 8—Prepare the Closing Entries Closing Entries

Requirement 9—Post Closing Entries to the General Ledger General Ledger

Requirement 10—Prepare the Post Closing Trial Balance Post Closing TB

Hint for success: Review the Week 2 Lecture prior to starting this project.

There are also hints contained within certain cells on some of the worksheet tabs.

You can hover over the red pointer at the top right-hand corner of the cell to read the hint.

Hints are provided for the following balances:

1) The debits for the journal entries are on the Journal Entries tab.

2) The credits for the journal entries are on the Journal Entries tab.

3) The cash balance is on the General Ledger tab.

4) The debits for the trial balance are on the Trial Balance tab.

5) The credits for the trial balance are on the Trial Balance tab.

6) The debits for the adjusted trial balance are on the Adjusted Trial Balance tab.

7) The credits for the adjusted trial balance are on the Adjusted Trial Balance tab.

8) Net income for the income statement is on the Financial Statements tab.

9) Retained earnings as of March 31 are on the Financial Statements tab.

10) Total assets for the balance sheet are on the Financial Statements tab.

11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.

12) The debits for the post-closing trial balance are on the Post-Closing Trial Balance tab.

13) The credits for the post-closing trial balance are on the Post-Closing Trial Balance tab.

Case Study 1 Rubric

Please note that this rubric provides a general guideline but you can score anywhere between 0

and the maximum number of points for that step depending on the accuracy and completeness

of your work.

Criteria Outstanding Good Poor Very Poor Points Awarded

  Step 1 Prepared Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Minor errors such as incorrect account names or credits listed prior to debits. Errors in computations that resulted in incorrect amounts to be debited and credited. Evidence of an attempt to complete the journal entries.

20 points 16 points 12 points 8 points

  Step 2 Posted to the General Ledger (10 pts) Posting is correct leading to accurate account balances. Posting is mostly correct but minor errors are evident. Posting has several errors that resulted in incorrect account balances. Posting is done poorly but does show evidence of an attempt to complete.

10 points 8 points 6 points 4 points

  Step 3 Prepared a Trial Balance (10 points) Correct account names and balances so to arrive at a correct trial balance. Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps. Errors in computations that resulted in incorrect amounts to be debited and credited. Evidence of an attempt to complete the trial balance.

10 points 8 points 6 points 4 points

  Step 4 Prepared 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.

  10 points 8 points 6 points 4 points

  Steps 5 and 6 Posted and Prepared an 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.

  10 points 8 points 6 points 4 points

  Step 7 Prepared Financial Statements (20 points) All three Financial Statements are prepared accurately and in an appropriate format. Two of the three financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors. One of the three 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.

  20 points 16 points 12 points 8 points

  Step 8 Prepared 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.

  10 points 8 points 6 points 4 points

  Steps 9 and 10 Posted and Prepared Post-Closing 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.

  10 points 8 points 6 points 4 points

          Total Points Earned Out of 100 Points 0