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 ...