The Complete Accounting Cycle
The Complete Accounting Cycle
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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 |