Question.4747 - Milestone One Guidelines and RubricOverviewIn previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.ScenarioYou were recently hired as an entry-level bookkeeper for a service corporation that just opened this month. Your first task is to record business transactions for its first month using the source documents and transaction data the company will provide to you. This corporation hasn’t set up its computerized accounting system yet, so you will apply the accounting cycle in Microsoft Excel to record transactions and generate financial reporting results for the organization.DirectionsRecord Financial Data: Use generally accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template, which is linked in the What to Submit section below. Use the data provided in the Accounting Data Appendix document, which is also linked in the Supporting Materials section below.Specifically, you must address the following rubric criteria:Accuracy: Prepare entries that are accurate and fully reflect the appropriate information.Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance tab of the Company Accounting Workbook, ensuring that the total debits and credits match.What to SubmitUsing the provided template, submit your Company Accounting Workbook Template with the following portions completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This assignment should be completed and submitted using the Microsoft Excel workbook template. Note that the first tab of the workbook provides you with the chart of accounts. These are the accounts you will use in recording transactions for the month.Supporting MaterialsThe following resources support your work on the project:Video: Milestone One Walkthrough (14:40) This video walkthrough is available for additional assistance completing this milestone. The video uses a sample data set for illustrative purposes.A video transcript is available: Transcript for Milestone One Walkthrough.Reading: Accounting Data Appendix 2 The Data Appendix displays the data for the project.Milestone One RubricCriteriaExceeds Expectations (100%)Meets Expectations (85%)Partially Meets Expectations (55%)Does Not Meet Expectations (0%)ValueAccuracyPrepares accurate entries with no errorsPrepares accurate entries with minimal errorsPrepares entries that have significant inaccuraciesDoes not attempt criterion35CompletenessPrepares entries that are complete for each month, including transferring posted entries to T accounts, with no errorsPrepares entries that are complete for each month, including transferring posted entries to T accounts, with minimal errorsPrepares entries that are complete for each month, including transferring posted entries to T accounts, with significant errorsDoes not attempt criterion35Unadjusted Trial BalancePrepares the unadjusted trial balance accurately, ensuring the total debits and credits match with no errors Prepares the unadjusted trial balance with minimal errors Prepares the unadjusted trial balance with significant errors Does not attempt criterion30Total:100%
Answer Below:
Chart xx Accounts xxxx chart xx accounts xxxxxx help xxx identify xxx appropriate xxxxxxxx to xxxxxx to xx you xxx analyzing xxx journaling xxxxxxxxxxxx for xxxx workbook xxxxx is xxxxxxx to xxxxxxxx on xxxx page xxxx chart xx simply x resource xxx you xxxxx Accounts xxxxxxxxx Accounts xxxxxx Accounts xxxx Acct xxxx Cash xxxxx Payable xxxxxx Stock xxxxxxxx Receivable xxxxxxxx Payable xxxxxxxx Earnings xxxxxxx Rent xxxxx Payable xxxxxxx Insurance xxxxxx Supplies xxxxxxx Accumulated xxxxxxxxxxxx contra xxxxx Revenue xxxxxxxx Acct xxxxxxx Revenue xxxxxxx Accounts xxxx Rent xxxxxxx Legal xxxx Utilities xxxxxxx Repairs xxx Maintenance xxxxxxxxxxx Expense xxxxx Expense xxxxxxxxxxxx Expense xxxx Baking xxxxxxxx Prepaid xxxx Prepaid xxxxxxxxx Baking xxxxxxxxx Office xxxxxxxx Accounts xxxxxxxxxx Accumulated xxxxxxxxxxxx Merchandise xxxxxxxxx Notes xxxxxxx Accounts xxxxxxx Wages xxxxxxx Interest xxxxxxx Common xxxxx Dividends xxxxxx Sales xxxxxxxxxxx Sales xxxxxx Supplies xxxxxxx Rent xxxxxxx Insurance xxxxxxx Misc xxxxxxx Business xxxxxxx Expense xxxxxxxxxxx Expense xxxxx Expense xxxxxxxxx Expense xxxxxxxx Expense xxxxxxxxxxxx Expense xxxxxx Supplies xxxxxxx Cost xx Goods xxxx General xxxxxxx A xxxxxxx General xxxxxxx Entries xxxxxxx Entry xxxx The xxxxxxx account xx recorded xxxxx and xxxxxxxx account xx recorded xxxxxx Debits xxx credits xxxx always xxxxx Date xxxxxxxx Debit xxxxxx There xxx be xxxxxxxx entries xx which xxx accounts xxxxxxx a xxxx to xx equivalent xxxxxxxx amount xx one xxxxxxx -Jun xxxx Be xxxxxxx to xxx your xxxxx of xxxxxxxx the xxxxx page xx this xxxxxxxx Common xxxxx Each xxxxxxx you xxxx record xx is xxxxxxx listed xxx organized xx classification xx the xxxxxxx -Jun xxxxxxx Cash xxxx Cash xxxxxxxxxxxx -Jun xxxx Expense xxxxxxx Rent xxxx -Jun xxxxx Expense xxxx -Jun xxxxxx Supplies xxxxxxxx Payable xxxx Accounts xxxxxxxxxx Service xxxxxxx -Jun xxxxxxxx Receivable xxxx Service xxxxxxx -Jun xxxxxxxxxxx Expense xxxx -Jun xxxxx Expense xxxxx Payable xxxx Prepaid xxxxxxxxx Cash xxxx Wages xxxxxxx Cash xxxx Repairs xxx Maintenance xxxx -Jun xxxx Accounts xxxxxxxxxx -Jun xxxx Service xxxxxxx -Jun xxxxxxxx Payable xxxx -Jun xxxxxxxx Receivable xxxxxxx Revenue xxxx Utilities xxxxxxx Accounts xxxxxxx -Jun xxxxx Expense xxxxx Payable xxxx Depreciation xxxxxxx Accumulated xxxxxxxxxxxx Total xx Red xx means xxxx debits xxx credits xx not xxxxx Be xxxxxxx to xxxxxx for xxxxxx Ledger xxxxxxxx Assets xxxxxxxxxxx Equity xxxxxxx Expenses xxxx Notes xxxxxxx Common xxxxx Service xxxxxxx Rent xxxxxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx - x - x Accounts xxx Accounts xxxxxxx Retained xxxxxxxx Legal xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx - x - x - x Prepaid xxxx Wages xxxxxxx Utilities xxxxxxx -Jun xxxx -Jun xxxxxxx to xxx ledger xx T xxxxxxxx -Jun xxxx Don't xxxxxxxxx it xxx are xxxx posting xxxx debit xxx credit xxxx the xxxxxxx entries xx the xxxxxxx you xxxxxxxxxx in xxx entry xxxxx accounts xxx set xx calculate xxxx balances xxx you xx careful xxx to xxxxxx the xxxxxxx totals xx those xxxx calculate xxx ending xxxxxxx The xxxxxx balance xxxx transfer xx the xxxxx Balance xxxxx If xxx have xxxxxx all xxxxxxx and xxxx trial xxxxxxx is xxx in xxxxxxx total xxxxxx total xxxxxxx - xxxx means xxxx there xx an xxxxx - xxxxxxx Insurance xxxxxxx Maint xxxx -Jun x - xxxxxx Supplies xxxxxxxxxxx Expense xxxx -Jun x - xxxxxxx Wages xxxxxxx -Jun xxxx -Jun x - xxxxxxxxxxx Depreciation xxxxxxxxxxxx Expense xxxx -Jun x - xxxxx Balance xxxxx Balance xx of xx Unadjusted xxxxx Balance xxxxxxx Debit xxxxxx Trial xxxxxxx Cash xxxxxxxx from xxx t xxxxxxxx will xxxxxxxx your xxxxx balance xxxxxxxx Receivable xx total xxxxxx do xxx equal xxxxx credits xx the xxxxx balance xxx know xxx have xx error xxxxxxx Rent xxxxx are xxx balances xxxx will xx used xx prepare xxx financial xxxxxxxxxx Prepaid xxxxxxxxx Be xxxxxxx to xxxxxxxxx feedback xxxxxxxx by xxxx instructor xxx this xxxxxxxxx One xxxxxxxxxx Vehicle xxxxxx Supplies xxxxxxxxxxx Depreciation xxxxx Payable xxxxxxxx Payable xxxxx Payable xxxxxx Stock xxxxxxxx Earnings x Service xxxxxxx Rent xxxxxxx Legal xxxx Utilities xxxxxxx Repairs xxx Maintenance xxxxxxx Advertising xxxxxxx Wages xxxxxxx Depreciation xxxxxxx Retained xxxxxxxx Total xxxxxx should xxxxx credits xxxxxx Statement x Company xxxxxx Statement xxx Month xxxxxx XX xxxxxxxx Total xxxxxxxx - xxxxxxxxx Expenses xxxxx Operating xxxxxxxx - xxx Income x StatementofStockholderEquity xxxxxxx Name xxxxxxxxx of xxxxxxxxxxxxx Equity xxxxxx Ending xx Common xxxxx Retained xxxxxxxx Total xxxxxxxxx Stockholder's xxxxxx on xx Net xxxxxx loss xxxxxx Stock xxxxxx Dividends xxxxxx Stockholder's xxxxxx as xx XX xxxxxxx Sheet x Company xxxxxxx Sheet xx of xxxx XX xxxxxx Liabilities xxx Owners' xxxxxx Current xxxxxx Current xxxxxxxxxxx Total xxxxxxx Liabilities x Long-Term xxxxxxxxxxx Total xxxxxxx Assets x Total xxxxxxxxx Liabilities x Total xxxxxxxxxxx - xxxxxxxxxxxxx Equity xxxxxxxxxxx Assets xxxxx Equity x Total xxxxxxxxxxx Fixed xxxxxx - xxxxx Assets x Total xxxxxxxxxxx and xxxxxx - xxxxx Assets xx the xxxx should xxxxx Liabilities xxxxxxx Equity xx the xxxxx Closing xxxxxxx A xxxxxxx Closing xxxxxxx Month xxxxxx XX xxxx Accounts xxxxx Credit xxxx Close xxxxxxxx -Jun xxxxx Expenses xxxx Close xxxxxx Summary xMore Articles From Accounting
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