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Accounting Cycle Project
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Accounting Cycle Project
KendziorskiName _________________________
Spring 2012
ACC211
ACC 211 Project: The Complete Accounting Cycle
This project is worth 50 points. You will be able to work on it in class. If you finish the project in class, you may hand it in at that time. If you need to finish it at home, you may bring it to class on the next class period, _________________. Any projects turned in after that date will receive a 5-point penalty for each calendar day the project is late (including Saturday and Sunday).
If you submit your completed project after the final due date, you may give it to me in person, or you may give it to the faculty office professional in A-061. Please ask her to initial and date the project and place it in my mailbox.
Staple your pages together in proper order with this page on top. Be sure your name is on each page.
I will examine your project to be sure that all steps in the accounting cycle have been completed. I will also emphasize mechanics, such as explanations beneath journal entries. Most importantly, be sure your numbers flow correctly from journal entries to ledger T-accounts, and then to financial statements. There will be a significant penalty for unsupported financial numbers.
Student Check as completed
Requirement Number
Description
Possible
Points
Your
Points
1
Journal entries
8
2
Posting to Ledger T-accounts
4
3
Trial Balance
3
4
Adjusting Entries
4
5
Posting adjustments to Ledger T-accts
3
6
Adjusted Trial Balance
3
7
Financial Statements
15
8
Closing Entries
4
9
Posting Closing entries to Ledger T-accounts
3
10
Post-closing Trial Balance
3
Subtotal
50
Minus late penalty
TOTAL points
Chp04CycleProjectAndScoringRubric.211.doc
Name
Date
Rawls Bicycle Company
Requirement 1
Date
Account Titles
Debit
Credit
1
1 May
Cash
10000
1
2
Common Stock
10000
2
3
1 May
Insurance Expense
1200
3
4
Cash
1200
4
5
1 May
Rent Expense
1040
5
6
Cash
1040
6
7
3 May
Repair Equipment
4400
7
8
Notes Payable
4400
8
9
8 May
Repair Supplies
420
9
10
Accounts Payable
420
10
11
19 May
Repair Supplies
420
11
12
Accounts Payable
420
12
13
20 May
Wages Payable
800
13
14
Wages Expense
800
14
20 May
Wages Expense
800
Cash
800
15
30 May
Cash
3200
15
16
Bicycle Repair Revenue
3200
16
17
31 May
Dividends
600
17
18
Cash
600
18
19
31 May
Utility Expenses
185
19
20
A/c Payable
185
20
21
21
22
22
30
30
31
31
32
32
33
33
34
34
33
35
36
36
37
37
38
38
39
39
40
40
Name
Project
Date
Rawls Bicycle Company
Requirement 2, 5, and 9
1
Cash
Accounts Payable
1
2 $ 10,000 $ 1,200
200
420
2
3
$ 3200 $ 1,040
185
3
4
$ 200
100
4
5 $ 800
5
6 $ 600
6
7
7
8
Wages Payable
8
9
800
100
9
10
10
11
Prepaid Insurance
11
12
$ 1,100
12
13
13
14
14
15
Notes Payable
15
16
$ 4400
16
17
Repair Supplies
17
18
420
196
18
19
19
20
20
21
21
22
22
23
Common Stock
23
24
Repair Equipment
10000
24
25
4400
25
2
26
27
27
8
Dividends
28
29
600
600
29
30
30
31
31
34
Accum. Depr.-Repair Equipment
34
35
70
Retained Earnings
35
36
36
37
37
38
Bal: 70
38
39
39
40
40
41
Bicycle Repair Revenue
41
42
$ 3200
Insurance Expense
42
43
$ 3200
1200
1100
43
44
B/d 100
44
45
45
46
46
47
47
48
Repair Supplies Expense
48
49
Wages Expense
194
194
49
50
800
800
50
51
100
51
52
52
53
53
54
54
55
55
56
Depr. Exp.-Repair Equipment
56
57
Store Rent Expense
70
70
57
58
$ 1,040 1040
58
59
59
60
60
61
61
62
62
63
Income Summary
63
64
64
65
Utility Expense
65
66
185
66
67
185
67
78
68
79
69
70
70
71
71
72
72
73
73
74
74
75
75
76
76
77
77
78
78
79
79
80
80
81
81
Name
Project
Date
Rawls Bicycle Company
Requirement 3
Rawls Bicycle Company
Un-adjusted Trial Balance
May 31, 2012
Debit
Credit
1
Cash
9360
1
2
Equipment
4400
2
3
Supplies
420
3
4
Accounts Payable
405
4
5
Insurance Expense
1200
5
6
Rent Expense
1040
6
7
Utility Expense
185
7
8
Service Revenue
3200
8
9
Common Stock
10000
9
10
Dividends
600
10
11
Notes Payable
4400
11
12
Wages Expense
800
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
18005
18005
29
30
30
Name
Project
Date
Rawls Bicycle Company
Requirement 4
Date
Account Titles
Debit
Credit
1
Adjusting Entries
1
2
prepaid insurance
1100
2
3
insurance expense
1100
3
4
4
5
repair supplies expense
194
5
6
repair supplies
194
6
7
7
8
depreciation expense
70
8
9
accumulated depreciation
70
9
10
10
11
Wages expense
100
11
12
A/c Payable
100
12
13
13
14
14
15
15
16
16
17
17
18
18
19
19
20
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
Name
Project
Date
Rawls Bicycle Company
Requirement 6
Rawls Bicycle Company
Adjusted Trial Balance
May 31, 2012
Debit
Credit
1
Cash
9360
1
2
Equipment
4400
2
3
Supplies
226
3
4
Accounts Payable
507
4
5
Insurance Expense
100
5
6
Rent Expense
1040
6
7
Utility Expense
185
7
8
Service Revenue
3200
8
9
Common Stock
10000
9
10
Dividends
600
10
11
Notes Payable
4400
11
12
Wages Expense
900
12
13
accumulated depreciation
70
13
14
depreciation expense
70
14
15
supplies expense
196
15
16
prepaid insurance
1100
16
17
17
18
18
19
19
20
18177
18177
20
21
21
22
22
23
23
24
24
25
25
26
26
27
27
28
28
29
29
30
30
Name
Project
Date
Rawls Bicycle Company
Requirement 7
Rawls Bicycle Company
Income Statement
For Month Ended May 31, 2012
1
Revenues:
1
2
Bicycle Repair Revenue
3,200
2
3
3
4
Expenses:
5
Store Rent Expense
1,040
5
6
6
7
Utility Expense
185
7
8
Insurance Expense
100
8
9
Repair Supplies Exp.
194
9
10
Depreciation Exp.
70
10
11
11
12
Wages Expense
800
12
13
Total Expenses
2,389
13
14
14
15
Net Income
811
16
16
17
17
18
18
19
19
20
20
Rawls Bicycle Company
Retained Earnings Statement
For the Month Ended May 31, 2012
1
Retained Earnings, October 1
$ -
1
2
Add: Net Income
811
2
3
Subtotal
3
4
Less: Dividends
-600
4
5
Retained Earnings, October 31
$211
5
6
6
7
7
8
8
9
9
10
10
Name
Project
Date
Rawls ...
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