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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 2The 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 AccountsThis xxxxx of xxxxxxxx should xxxx you xxxxxxxx the xxxxxxxxxxx accounts xx record xx as xxx are xxxxxxxxx and xxxxxxxxxx transactions xxx this xxxxxxxx There xx nothing xx complete xx this xxxx this xxxxx is xxxxxx a xxxxxxxx for xxx Asset xxxxxxxxxxxxxxxxx AccountsEquity xxxxxxxxxxxx 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 xxxxxxxxxxxx Service xxxxxxx Expense xxxxxxxxxxxx Rent xxxxxxx Legal xxxx Utilities xxxxxxx Repairs xxx Maintenance xxxxxxxxxxx Expense xxxxx Expense xxxxxxxxxxxx Expense xxxxxxxxxx SuppliesPrepaid xxxxxxxxxxx InsuranceBaking xxxxxxxxxxxxxxx SuppliesAccounts xxxxxxxxxxxxxxxxxxxxx DepreciationMerchandise xxxxxxxxxxxxxx PayableAccounts xxxxxxxxxxxx PayableInterest xxxxxxx Common xxxxxxxxxxxxxxxxxxxx SalesMerchandise xxxxxxxxxxx Supplies xxxxxxxxxxx ExpenseInsurance xxxxxxxxxxx ExpenseBusiness xxxxxxx ExpenseAdvertising xxxxxxxxxxxx ExpenseTelephone xxxxxxxxxxxxxxx ExpenseDepreciation xxxxxxxxxxxxx Supplies xxxxxxxxxxx of xxxxx SoldGeneral xxxxxxxx CompanyGeneral xxxxxxx Entries xxxxxxx Entry xxxxxxx debited xxxxxxx is xxxxxxxx first xxx credited xxxxxxx is xxxxxxxx second xxxxxx and xxxxxxx must xxxxxx equal xxxxxxxxxxxxxxxxxxxxxxxxxxxx can xx compound xxxxxxx in xxxxx two xxxxxxxx receive x debt xx an xxxxxxxxxx credited xxxxxx to xxx account xxxxxxxx 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 -JunVehicle xxxx -JunCash xxxxxxxxxxxx -JunRent xxxxxxx Prepaid xxxx Cash xxxxxxxxx Expense xxxx -JunOffice xxxxxxxx Accounts xxxxxxx -JunAccounts xxxxxxxxxx Service xxxxxxx -JunAccounts xxxxxxxxxx Cash xxxxxxx Revenue xxxxxxxxxxxxxxx Expense xxxx -JunWages xxxxxxx Wages xxxxxxx -JunPrepaid xxxxxxxxx Cash xxxxxxxxx Payable xxxx -JunRepairs xxx Maintenance xxxx -JunCash xxxxxxxx Receivable xxxxxxxx Service xxxxxxx -JunAccounts xxxxxxx Cash xxxxxxxxxxxx Receivable xxxxxxx Revenue xxxxxxxxxxxxx Expense xxxxxxxx Payable xxxxxxxxx Expense xxxxx Payable xxxxxxxxxxxxxxxx Expense xxxxxxxxxxx Depreciation xxxxx If xxx it xxxxx your xxxxxx and xxxxxxx do xxx equal xx certain xx review xxx errors xxxxxx AccountsAssetsLiabilitiesEquityRevenueExpensesCashNotes xxxxxxxxxxxxx StockService xxxxxxxxxxx Expense xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun x - x - xxxxxxxx Rec xxxxxxxx PayableRetained xxxxxxxxxxxxx Fees xxxx -Jun xxxx -Jun xxxx -Jun xxxx -Jun x - x - x - xxxxxxx RentWages xxxxxxxxxxxxxxxx Expense xxxx -Jun xxxxxxxxxxx to xxx ledger xx T xxxxxxxx -Jun xxxxxxxxx overthink xx You xxx just xxxxxxx each xxxxx and xxxxxx from xxx journal xxxxxxx to xxx account xxx identified xx the xxxxx These xxxxxxxx are xxx to xxxxxxxxx your xxxxxxxx for xxx Be xxxxxxx not xx delete xxx running xxxxxx as xxxxx will xxxxxxxxx the xxxxxx balance xxx ending xxxxxxx will xxxxxxxx to xxx Trial xxxxxxx sheet xx you xxxx posted xxx entries xxx your xxxxx balance xx not xx balance xxxxx debits xxxxx credits x this xxxxx that xxxxx is xx error x Prepaid xxxxxxxxxxxxxxxx Maint xxxx -Jun x - xxxxxx SuppliesAdvertising xxxxxxx -Jun xxxx - x VehicleWages xxxxxxx -Jun xxxx -Jun x - xxxxxxxxxxx DepreciationDepreciation xxxxxxx -Jun xxxx - x Trial xxxxxxxxxxxx BalanceAs xx XXUnadjusted xxxxx BalanceAccountDebitCreditTrial xxxxxxxxxxx Balances xxxx the x accounts xxxx autofill xxxx trial xxxxxxx Accounts xxxxxxxxxx If xxxxx debits xx not xxxxx total xxxxxxx in xxx trial xxxxxxx you xxxx you xxxx an xxxxx Prepaid xxxx These xxx the xxxxxxxx that xxxx be xxxx to xxxxxxx the xxxxxxxxx statements xxxxxxx Insurance xx certain xx implement xxxxxxxx provided xx your xxxxxxxxxx for xxxx Milestone xxx submission xxxxxxx Office xxxxxxxx Accumulated xxxxxxxxxxxx Notes xxxxxxx Accounts xxxxxxx Wages xxxxxxx Common xxxxx Retained xxxxxxxx - xxxxxxx Revenue xxxx Expense xxxxx Fees xxxxxxxxx Expense xxxxxxx and xxxxxxxxxxx Expense xxxxxxxxxxx Expense xxxxx Expense xxxxxxxxxxxx Expense xxxxxxxx EarningsTotal xxxxxx should xxxxx credits xxxxxx StatementA xxxxxxxxxxxxx StatementFor xxxxx Ending xxxxxxxxxx Total xxxxxxxx - xxxxxxxxx Expenses xxxxx Operating xxxxxxxx - xxx Income x StatementofStockholderEquityCompany xxxxxxxxxxxxx of xxxxxxxxxxxxx EquityPeriod xxxxxx XXCommon xxxxxxxxxxxxx EarningsTotalBeginning xxxxxxxxxxxxx Equity xx XXNet xxxxxx loss xxxxxx Stock xxxxxxxxxxxxxxxxxxxxx Stockholder's xxxxxx as xx XX xxxxxxx SheetA xxxxxxxxxxxxxx SheetAs xx June xxxxxxxxxxxxxxxxxxx and xxxxxxx EquityCurrent xxxxxx Current xxxxxxxxxxx Total xxxxxxx Liabilities x Long-Term xxxxxxxxxxx Total xxxxxxx Assets x Total xxxxxxxxx Liabilities x Total xxxxxxxxxxx - xxxxxxxxxxxxx EquityNon-Current xxxxxx Total xxxxxx - xxxxx Non-Current xxxxx Assets x Total xxxxxx - xxxxx Liabilities xxx Equity x Total xxxxxx on xxx left xxxxxx equal xxxxxxxxxxx Owner's xxxxxx on xxx right xxxxxxx EntriesA xxxxxxxxxxxxxx Entries xxxxx Ending xxxxxxxxxxxxxxxxxxxxxxxxx -JunClose xxxxxxxx -JunClose xxxxxxxx -JunClose xxxxxx Summary x
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