Acct504 the Full Accounting Cycle

Only available on StudyMode
  • Download(s) : 102
  • Published : October 7, 2012
Open Document
Text Preview
CASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE

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 TCO's 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
Requirement 1 - Prepare the Journal Entries in the General Journal Requirement 2 - Post Journal Entries to the General Ledger
Requirement 3 - Prepare a Trial Balance
Requirement 4 - Prepare the Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger Requirement 6 - Prepare an Adjusted Trial Balance
Requirement 7 - Prepare the Financial Statements
Requirement 8 - Prepare the Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance

Sheet in Workbook
Journal Entries
General Ledger
Trial Balance
Adjusting Entries
General Ledger
Adjusted TB
Financial Statements
Closing Entries
General Ledger
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 on the Journal Entries tab 2) The credits for the journal entries on the Journal Entries tab 3) The cash balance on the General Ledger tab
4) The debits for the trial balance on the Trial Balance tab 5) The credits for the trial balance on the Trial Balance tab 6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab 7) The credits for the adjusted trial balance on the Adjusted Trial Balance tab 8) Net Income for the Income Statement on the Financial Statements tab 9) Retained earnings as of March 31 on the Financial Statements tab 10) Total assets for the Balance Sheet on the Financial Statements tab 11) Total liabilities and shareholders' equity for the Balance Sheet on the Financial Statements tab 12) The debits for the post-closing trial balance on the Post-Closing Trial Balance tab 13) The credits for the post-closing trial balance on the Post-Closing Trial Balance tab


W

^

Z

Criteria

K

'

W

s

W

W

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
Evidence of an attempt to complete
computations that the journal entries.
resulted in
incorrect amounts
to be debited and
credited.

20 pts
Posting is
correct
leading to
accurate
account
balances.
10 pts
Correct
account
names and
balances so
to arrive at a
correct trial
balance.

16 pts
Posting is
mostly correct
but minor
errors are
evident.

12 pts
8 pts
Posting has
Posting is done poorly but does show
several errors that evidence of an attempt to complete.
resulted in
incorrect account
balances.

8 pts
Some minor
errors such as
incorrect
account
names or
incorrect totals
due to errors
in prior steps.

6 pts
4 pts
Evidence of an attempt to complete
Errors in
computations that the trial balance.
resulted in
incorrect amounts
to be debited and
credited.

10 pts
Journal
Entries use
-Prepared
accurate
Adjusting
accounts and
Journal
Entries (10 amounts; and
debits and
pts)
credits are
used
correctly.

8 pts
Journal Entries
mostly use
accurate
accounts and
amounts; and
debits and
credits are
used correctly.

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

4 pts
Journal Entries have some...
tracking img