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Description

Complete requirements 4–10 on the worksheets.

Type your work directly into the worksheets.

Save your workbook as “Milestone 2_CourseProject_ ACCT212_YourName.”

Don’t forget to submit your workbook by the end of Week 6.

In an effort to improve your success in this course, you have the opportunity to resubmit your response to this assignment for a better grade if you show proof of Tutor.com usage within a week after you original grade is posted.

Tutor.com is an online tutoring service that provides 24/7 assistance to you, at no additional cost. You can access Tutor.com in the course menu at the left hand side of your screen.

Rubric

Criteria

Ratings

Pts

This criterion is linked to a Learning Outcome

Step 4: Adjusting Journal Entries

15

to >

13.0

pts

Excellent

Journal entries use accurate accounts and amounts; and debits and credits are used correctly.

13

to >

12.0

pts

Competent

Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

12

to >

10.0

pts

Fair

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.

10

to >

8.0

pts

Poor

Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly

8

to >

0

pts

Unacceptable

The submission does not meet this requirement.

15

pts

This criterion is linked to a Learning Outcome

Step 5 and Step 6: Posted and Adjusted Trial Balance

15

to >

13.0

pts

Excellent

Posting is correct leading to an accurate trial balance.

13

to >

12.0

pts

Competent

Posting is mostly correct leading to a mostly correct trial balance.

12

to >

10.0

pts

Fair

Posting has several errors leading to a trial balance with several errors.

10

to >

8.0

pts

Poor

Posting is done poorly or not at all, leading to inaccurate or no trial balance.

8

to >

0

pts

Unacceptable

The submission does not meet this requirement.

15

pts

This criterion is linked to a Learning Outcome

Step 7.1: Income Statement

10

to >

9.0

pts

Excellent

The income statement is prepared completely and accurately.

9

to >

8.0

pts

Competent

The income statement is prepared accurately, but may have some minor errors.

8

to >

7.0

pts

Fair

The income statement is prepared with several errors.

7

to >

6.0

pts

Poor

The income statement is prepared with significant errors.

6

to >

0

pts

Unacceptable

The submission does not meet this requirement.

10

pts

This criterion is linked to a Learning Outcome

Step 7.2: Retained Earnings Statement

6

to >

5.0

pts

Excellent

The retained earnings statement is prepared completely and accurately.

5

to >

4.0

pts

Competent

The retained earnings statement is prepared accurately, but may have some minor errors.

4

to >

3.0

pts

Fair

The retained earnings statement is prepared with several errors.

3

to >

2.0

pts

Poor

The retained earnings statement is prepared with significant errors.

2

to >

0

pts

Unacceptable

The submission does not meet this requirement.

6

pts

This criterion is linked to a Learning Outcome

Step 7.3: Balance Sheet

15

to >

13.0

pts

Excellent

The balance sheet is prepared completely and accurately.

13

to >

12.0

pts

Competent

The balance sheet is prepared accurately and mostly, but may have some minor errors.

12

to >

10.0

pts

Fair

The balance sheet is prepared with several errors.

10

to >

8.0

pts

Poor

The balance sheet is prepared with significant errors.

8

to >

0

pts

Unacceptable

The submission does not meet this requirement.

15

pts

This criterion is linked to a Learning Outcome

Step 8: Closing Journal Entries

20

to >

18.0

pts

Excellent

Journal entries use accurate accounts and amounts; and debits and credits are used correctly.

18

to >

16.0

pts

Competent

Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

16

to >

14.0

pts

Fair

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.

14

to >

12.0

pts

Poor

Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

12

to >

0

pts

Unacceptable

The submission does not meet this requirement.

20

pts

This criterion is linked to a Learning Outcome

Step 9 and Step 10: Posted and Post-closing Trial Balance

15

to >

13.0

pts

Excellent

Posting is correct leading to an accurate trial balance.

13

to >

12.0

pts

Competent

Posting is mostly correct leading to a mostly correct trial balance.

12

to >

10.0

pts

Fair

Posting has several errors leading to a trial balance with several errors.

10

to >

8.0

pts

Poor

Posting is done poorly or not at all, leading to inaccurate trial balance, or no trial balance was prepared.

8

to >

0

pts

Unacceptable

The submission does not meet this requirement.

15

pts

This criterion is linked to a Learning Outcome

BM.UGB.ACCT212.CO3.Adjusting-Closing

ACCT212 CO 3: Analyze and record adjusting and closing journal entries in accordance with the accrual basis of accounting.

threshold:

3.0

pts

4

pts

Excellent: 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.

3

pts

Competent: 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.

2

pts

Fair: 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.

1

pts

Poor: 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.

0

pts

Unacceptable: The student’s submission does not meet the criteria of the outcome.

4

pts

Total Points:

100

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Top

Numbers Sheet Name
Numbers Table Name
Menu
Table 1
Project Instructions
Table 1
July Transactions
Table 1
Chart of Accounts
Table 1
1 – Journal Entries
Table 1
2 – General Ledger
Table 1
3 – Trial Balance
Table 1
4&5 Adjusting Entries
Table 1
6 – Adjusted TB
Table 1
7 – Financial Statements
Table 1
8&9- Closing Entries
Table 1
10- Post Closing Trial Balance
Table 1
Grading Rubric
Table 1
Excel Worksheet Name
Menu
Project Instructions
July Transactions
Chart of Accounts
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
4&5 Adjusting Entries
6 – Adjusted TB
7 – Financial Statements
8&9- Closing Entries
10- Post Closing Trial Balance
Grading Rubric
ACCT 212: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
3
ACCT 212: Course Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
Prepare the Adjusting Entries
Post Adjusting Entries to the General Ledger
Prepare an Adjusted Trial Balance
Prepare the Financial Statements
Prepare the Closing Entries
Post Closing Entries to the General Ledger
Prepare the Post Closing Trial Balance
4
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
4 &5 – Adjusting Entries
4 &5 -Adjusting Entries ( Use worksheet #2)
6- Adjusted TB
7 – Financial Statements
8&9 – Closing Entries ( use worksheet #2)
8&9- General Ledger
10 – Post Closing Trial Balance
5
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.
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.
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.
6
Before You Begin:
the Week 2 Lecture prior to starting
work on this project.
the Chart of Accounts and July
Transactions worksheets for your reference.
You will need to refer to both throughout the
the Grading Criteria.
your work frequently in this workbook.
7
During its first month of operation, Peter’s Pool Corporation, which specializes in pool
repairs, completed the following transactions.
July Transactions
Date
July 1
Transaction Description
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
July 1
July 6
Paid the premium on a 1-year insurance policy, $4,800.
Paid the current month’s store rent expense, $3,600.
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
July 11
Paid telephone bill, $300.
Cash pool service revenue for the first third of July, $2,650.
July 18
July 20
Made payment to Mary’s Repair Company, $300.
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
July 31
Paid the current month’s electric bill, $500.
Declared and paid cash dividend of $1,100.
8
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
117
119
144
145
Cash
Repair Supplies
Prepaid Insurance
Repair Equipment
Accum Dep -Repair Equipment
Debit
Debit
Debit
Debit
Credit
212
213
Accounts Payable
Income Tax Payable
Credit
Credit
311
312
313
Common Stock
Retained Earnings
Dividends
Credit
Credit
Debit
411
Pool Service Revenue
Credit
511
512
513
514
515
516
517
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Expense
Dep Expense – Repair Equipment
Income Tax Expense
Electric Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
9
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.
Date
1-Jul
1-Jul
1-Jul
1-Jul
1-Jul
1-Jul
6-Jul
6-Jul
6-Jul
8-Jul
8-Jul
10-Jul
10-Jul
11-Jul
11-Jul
18-Jul
18-Jul
20-Jul
20-Jul
31-Jul
31-Jul
31-Jul
31-Jul
31-Jul
31-Jul
Account
Number from
Chart of
Accounts tab
111
311
119
311
511
311
144
311
212
117
212
512
311
411
311
212
311
411
311
411
311
517
311
313
311
General Journal
Account Title from Chart of Accounts tab
Cash
Common Stock
Prepaid Insurance
Cash
Rent Expense
Cash
Repair Equipment
Cash
Account Payable (Paul)
Repair Supplies
Account Payable (Mary)
Telephone Expense
Cash
Pool Service Revenue
Cash
Account Payable(Mary)
Cash
Pool Service Revenue
Cash
Pool Service Revenue
Cash
Electric Expense
Cash
Dividends
Cash
10
Debit
40,000
4,800
3,600
7,800
450
300
2,650
300
4,000
2,250
500
1,100
Journal Entries
67,750
11
Journal Entries
12
Journal Entries
13
Journal Entries
ral Journal below.
e.
Credit
Once you’ve completed this
requirement print your
General Journal to complete
Requirement #2 on the
General Ledger worksheet.
40,000
4,800
3,600
600
7,200
450
300
2,650
300
4,000
2,250
500
1,100
14
Journal Entries
67,750
15
Journal Entries
16
Journal Entries
17
REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute ending b
Date
1-Jul
Cash (111)
40,000
4,800
3,600
600
300
1-Jul
1-Jul
6-Jul
10-Jul
11-Jul
Date
31-Jul
300
4,000
2,250
500
1,100
31-Jul
31-Jul
BALANCE
8-Jul
Balance
1-Jul
Balance
6-Jul
Balance
Balance
2,650
18-Jul
20-Jul
11-Jul
20-Jul
31-Jul
37,700
Repair Supplies (117)
450
450
1-Jul
Balance
Prepaid Insurance (119)
4,800
4,800
10-Jul
Balance
Repair Equipment (144)
7,800
7,800
Accum. Depr.-Repair Equipment (145)
18
Accounts Payable (212)
7,200
450
6-Jul
8-Jul
18-Jul
300
7,350
Balance
Income Tax Payable (213)
Common Stock (311)
40,000
40,000
1-Jul
Balance
Retained Earnings (312)
31-Jul
Balance
Dividends (313)
1,100
1,100
19
31-Jul
Balance
20
g T-Accounts and compute ending balances.
Pool Service Revenue (411)
2,650
4,000
2,250
8,900
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.
Store Rent Expense (511)
3,600
3,600
Telephone Expense (512)
300
300
Insurance Expense (513)
Repair Supplies Expense (514)
21
Depr. Exp.-Repair Equipment (515)
Income Tax Expense (516)
Electric Expense (517)
500
500
22
23
Journal Entries
REQUIREMENT #3: Prepare a trial balance for July in the space below.
Account
Number
111
411
117
511
119
512
144
212
311
517
313
Peter’s Pool Corporation
Trial Balance
July 31
Account
Title
Cash
Pool Service Revenue
Repair Supplies
Store Rent Exxpense
Prepaid Insurance
Telephone Expense
Repair Equipment
Account Payable
Common Stock
Electric Expense
Dividends
Balance
Debit
Credit
37,700
8,900
450
3,600
4,800
300
7,800
7,350
40,000
24
500
1,100
56,250
56,250
56,250
56,250
Journal Entries
25
Journal Entries
26
Journal Entries
27
Journal Entries
Only enter
accounts that
have a balance.
28
Journal Entries
29
Journal Entries
30
Journal Entries
31
Journal Entries
Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show
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
0
32
Journal Entries
33
Journal Entries
34
Journal Entries
35
Journal Entries
al Journal below. Show your
counts (Step 2)
Credit
0
36
Journal Entries
37
Journal Entries
38
Journal Entries
39
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Account
Number
Peter’s Pool Corporation
Adjusted Trial Balance
July 31
Account
Title
Balance
Debit
Credit
0
40
0
Journal Entries
41
Journal Entries
42
Journal Entries
43
Journal Entries
Only enter
accounts that
have a balance.
44
Journal Entries
45
Journal Entries
46
Journal Entries
47
Requirement #7: Prepare the financial statements for Peter’s Pool Corporation as of July 31 in the space b
You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Shee
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Peter’s Pool Corporation
Income Statement
For the Month Ending July 31
Peter’s Pool Corporation
Statement of Retained Earnings
For the Month Ending July 31
Revenues:
Pool Repair Revenue
Total Revenue
Retained Earnings, July 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, July 31
Expenses:
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Tax Expense
Electric Expense
Total Expenses
Net Income
48
ation as of July 31 in the space below.
d Earnings, and the Balance Sheet.
required for this project.
ol Corporation
Retained Earnings
h Ending July 31
Peter’s Pool Corporation
Balance Sheet
July 31
Assets:
Cash
Repair Supplies
Prepaid Insurance
Repair Equipment
Less: Accum. Dep – Repair Equipment.
Total Assets
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
Total Liabilities & Stockholders’ Equity
49
50
Journal 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
51
Debit
Journal Entries
0
52
Journal Entries
53
Journal Entries
54
Journal Entries
nt: Use the
p 2) worksheet and
Credit
See the Week 2 Lecture
for how to complete
closing entries.
55
Journal Entries
0
56
Journal Entries
57
Journal Entries
58
Journal Entries
Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below.
Account
Number
Peter’s Pool Corporation
Post-Closing Trial Balance
July 31
Account
Title
Balance
Debit
Credit

59

Journal Entries
60
Journal Entries
61
Journal Entries
62
Course Project Grading Rubric – Students
Criteria
Excellent
Step 1
—Journal Entries
Journal entries use
accurate accounts and
amounts; and debits and
credits are used correctly.
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
24-22
Posting is done in the
correct accounts and at
the correct side (Dr./Cr.)
and balances are
correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
16-15
Accounts are listed
correctly and in the
proper order leading to
an accurate trial
balance.
Step 3 Grading Scale
16-15
The student’s submission
fully analyzes and records
all transactions, and
provides a complete and
accurate trial balance.
Milestone 1
Milestone 1
Milestone 1
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.
CO 2 Grading Scale
4
63
Step 4
—Adjusting Journal
Entries
Journal entries use
accurate accounts and
amounts; and debits and
credits are used correctly.
Step 4 Grading Scale
Steps 5 and 6
—Posted and Adjusted
Trial Balance.
15-14
Posting is correct leading
to an accurate trial
balance.
Milestone 2
Milestone 2
Steps 5/6 Grading Scale
Step 7.1 – Income
Statement
15-14
The income statement is
prepared completely and
accurately.
Milestone 2
Step 7.1 Grading Scale
Step 7.2 -Retained
Earnings Statement
Milestone 2
10-9
The retained earnings
statement is prepared
completely and
accurately.
Step 7.2 Grading Scale
6
Step 7.3 – Balance Sheet The balance sheet is
prepared completely
and accurately.
Milestone 2
Step 7.3 Grading Scale
15-14
Step 8
Journal entries use
—Closing Journal Entries accurate accounts and
amounts; and debits and
credits are used correctly.
Milestone 2
Step 8 Grading Scale
20-18
Steps 9 and 10 —Posted Posting is correct leading
and Post-closing Trial
to an accurate trial
Balance
balance.
Milestone 2
15-14
Steps 9-10 Grading Scale
64
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.
CO 3 Grading Scale
4
65
Good
Fair
Poor
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.
21-19
Posting is done mostly in
the correct accounts and
mostly at the correct
side(Dr./Cr.) and balances
are mostly correct.
18-17
Posting has errors with
incorrect accounts and
incorrect debits/credits
and incorrect balances.
16-15
Listing of accounts is mostly
incorrect with most
incorrect accounts and
incorrect Dr./Cr. Most
ledger balances are
incorrect.
14-13
Most accounts are listed
correctly leading to a
mostly correct trial
balance.
12-11
Listing of accounts has
several errors leading to
incorrect trial balance.
10-9
Listing of accounts is done
poorly or not at all, leading
to inaccurate or no trial
balance.
14-13
The student’s submission
properly analyzes and
records the given
transactions, and provides
a trial balance that is
accurate based on the
entries recorded.
12-11
The student’s submission
demonstrates analysis and
recording of transactions,
although several analysis
errors exist, leading to a
trial balance that is
somewhat inaccurate.
10-9
The student’s submission
demonstrates limited
analysis and recording of
transactions, and significant
errors exist, leading to an
inaccurate or incomplete
trial balance.
3
2
1
66
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.
13-12
Posting is mostly correct
leading to a mostly
correct trial balance.
11-10
Posting has several errors
leading to a trial balance
with several errors.
9-8
Posting is done poorly or not
at all, leading to inaccurate
or no trial balance.
13-12
The income statement is
prepared accurately, but
may have some minor
errors.
8
11-10
9-8
The income statement is
prepared with several
errors.
7
The income statement is
prepared with significant
errors.
6
The retained earnings
The retained earnings
The retained earnings
statement is prepared
statement is prepared with statement is prepared with
accurately, but may have several errors.
significant errors.
some minor errors.
5
4
3
The balance sheet is
The balance sheet is
prepared accurately and prepared with several
mostly, but may have
errors.
some minor errors.
The balance sheet is
prepared with significant
errors.
13-12
Journal entries mostly use
accurate accounts and
amounts; and debits and
credits are used correctly.
11-10
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
9-8
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
17-16
Posting is mostly correct
leading to a mostly
correct trial balance.
15-14
Posting has several errors
leading to a trial balance
with several errors.
13-12
Posting is done poorly or not
at all, leading to inaccurate
trial balance, or no trial
balance was prepared.
13-12
11-10
9-8
67
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 postclosing 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 postclosing 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.
3
2
1
68
Unacceptable
Points
Available
The submission does
not meet this
requirement.
14-0
The submission does
not meet this
requirement, or
posting is not done at
all.
24
8-0
The submission does
not meet this
requirement.
16
8-0
The student’s
submission does not
meet the criteria of
the outcome.
16
0
4
69
The submission does
not meet this
requirement.
7-0
The submission does
not meet this
requirement.
7-0
15
15
The submission does
not meet this
requirement.
5-0
10
The submission does
not meet this
requirement.
2-0
6
The submission does
not meet this
requirement.
7-0
The submission does
not meet this
requirement.
15
11-0
The submission does
not meet this
requirement.
20
7-0
15
70
The student’s
submission does not
meet the criteria of
the outcome.
0
4
71

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