Attachment # 00012359 - Unit_2_and_3_Assignment_Template.xlsx
Unit_2_and_3_Assignment_Template.xlsx (212 KB)
Raw Preview of Attachment:
(refer to the detailed question and attachment below)
Management Tools Assignment # 1 and #2This Sheet will be used for Requirements 2, 5 and 9Requirement # 1Prepare journal entries to record the June transactions in the General Journal below.General JournalDateUse this Excel Workbook for Units 02 & 03 AssignmentsImportant Note:Description(Account Name)You may need to add accounts to thisGeneral Ledger. Be sure to properly format any added accounts here.DebitCredit GENERAL LEDGERACCOUNT:CASHACCOUNTDue Dates:3) All Credit account entry lines MUST be indented 4 or 5 spaces, UNIFORMLY.Assignment #1-Due Unit 2Assignment #2-Due Unit 3NO. 11The Unit 2 Assignment is worth 40 pointsThe Unit 3 Assignment is worth 40 pointsBE SURE TO COMPLETE ALL REQUIREMENTS LISTED BELOW.There are 11 Sheets in the Workbook including this one.The Final 2 sheets are the Unit 2 and Unit 3 rubrics. They will help you understand the assessment values.All of the Information you need for successful completion the Project is located in the Unit readings, Assignment Instructions and this Workbook.POST.RequirementsAssignment #1 Due in Unit 02Sheet in Workbook BALANCERequirement 1 - Prepare the Journal Entries in the General JournalJournal EntriesRequirement 2 - Post Journal Entries to the General LedgerGeneral LedgerMONTH<-- VERY IMPORTANT NOTE: You must revise the General Ledger in Unit 3 to include the Adjusting & Closing Entries.Requirement 3 - Prepare an Unadjusted Trial BalanceDAYUnadjusted TBAssignment #2 - Due in Unit 03Requirement 4 - Prepare the Adjusting EntriesAdjusting EntriesRequirement 5 - Post Adjusting Entries to the General LedgerITEMRequirement 6 - Prepare an Adjusted Trial BalanceAdjusted TBRequirement 7 - Prepare the Financial StatementsFinancial StatementsRequirement 8 - Prepare the Closing EntriesClosing EntriesRequirement 9 - Post Closing Entries to the General LedgerRequirement 10 - Prepare the Post Closing Trial BalancePost Closing TBREF.DEBITCREDITJuneACCOUNTS RECEIVABLENO. 12Note: Remember that Debits must equal Credits - All of your Journal Entries should balance.DATESUPPLIESNO. 14PREPAID RENTNO. 15PREPAID INSURANCENO. 16OFFICE EQUIPMENTNO. 18ACCUMULATED DEPRECIATIONNO. 19ACCOUNTS PAYABLENO. 21REQUIREMENT #3:Prepare an Unadjusted Trial Balance for June in the space below.SALARIES PAYABLENO. 22UNEARNED FEESNO. 23Note: Do these column totals match?DUSTIN LARKIN, CAPITALNO. 31DUSTIN LARKIN, DRAWINGNO. 3220--Requirement #4: Remember to post these to the G/L, too.INCOME SUMMARYNO. 33 FEES EARNEDNO. 41SALARY EXPENSENO. 51Requirement #6: Prepare an Adjusted Trial Balance in the space below.RENT EXPENSENO. 52SUPPLIES EXPENSENO. 53DEPRECIATION EXPENSENO. 54INSURANCE EXPENSENO. 55Requirement #8:Prepare the closing entries at June 30 in the General Journal below.Hint: use the balances for each account which appear on the AdjustedTrial Balance for your closing entries.Requirement #7:VERY IMPORTANT NOTE:Description (Account Name)Insert rows as neededYou will have to MODIFY the spreadsheet to properly include all accounts and formatting.Income StatementHint: Remember, Quixote Company is NOT a corporate business. Therefore, any terminology that would not be associated with Quixote Company MUST be revised.Revenues:Requirement #10:HINT:Only "Permanent" or "Real" account balance should remainPrepare a post-closing trial balance as of June 30 in the space below.at this point in the Acocunting Cycle.To be specific, only Balance Sheet Accounts should be here.Post-Closing Trial BalanceExpenses:Requirement #9: Total ExpensesPost the closing entries to the General Ledger accounts (See Tab titled "General Ledger - Due in Unit 2") and compute ending balances.Net IncomeJust add to the adjusted balances already listed.Statement of Owners EquityOwner's Equity,Add: Additional InvestmentAdd: Net IncomeSubtotalLess: Owner WithdrawalsOwner's Equity Balance SheetAssets:Liabilities:Total LiabilitiesEquity:Total EquityTotal Liabilities & EquityNote: Does Total Assets Match this total?AC 499 Unit 2 Rubric:CategoryYour scorePossible PointsInstructor Comments2-Post the journal entries to the G/L. Scoring Criteria: (13 – 15 Points): Posting is correct - trial balance is accurate. (10 – 12 Points): Posting and T/B are mostly correct. (7.5 – 9 Points): Posting and T/B have several errors. (0 – 7 Points): Posting and T/B have significanr errors.3-Prepare the Unadjusted Trial Balance.AC 499 Unit 3 Rubric:1-Prepare the Adjusting entries A-F.Scoring Criteria:2-Journalize and Post the adjusting entries.3-Prepare:a.       an income statement, b.      a statement of owner's equity, c.       a balance sheet. Preliminary TotalsAdditional Items:4-Journalize and post the closing entries.Deductions for uncorrected errors from Unit 2 (Enter a negative amount -->)5-Prepare a post-closing trial balance.Late Penalty (If applicable) (Enter as a negative amount -->) Final TotalAdditional Notes: 1) All Journal entries MUST include the “Explanation” line. 2) All Debit account entry lines MUST be fully left-justified. 4) You will be required to create at least ONE additional general Ledger Account to accommodate a few Journal entries. You may create one “Miscellaneous Expense” account in the General Ledger to accommodate all of the otherwise unspecified entries, OR you may create 2 or 3 new G/L accounts. For example “Utilities.”Be sure that you use proper formatting when you create the Financial Statements. For example, all underlining and “$” signs must be properly formatted.(9 - 10 Points): All Accounts properly presented in correct order with correct balances. (7 - 8 Points): Trial Balance mostly correct, 1 or 2 accounts listed incorrectly, 1 or 2 balances incorrect, and based on carry-forward errors from Parts 1 & 2. (5 - 6 Points): Trial Balance has several errors, but they are independent of any carry forward errors. (0 - 4 Points): Trial Balance is poorly prepared, numerous errors, balances incorrect, accounts out of order.1-Prepare the Initial Journal Entries. Scoring Criteria: (13 – 15 Points): Entries use accurate accounts and amounts; and debits and credits are used correctly. (10 – 12 Points): Journal Entries mostly use accurate accounts and amounts; and debits and credits are used correctly. (7.5 – 9 Points): Journal Entries have some errors in use of accounts and amounts; debits and credits are only somewhat used correctly. (0 – 7 Points): Journal Entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.
Unit 2 and 3 Assignments

Unit 2 and 3 Assignments

Question # 00816615 Posted By: MrsDanielle2001 Updated on: 01/04/2022 01:34 PM Due on: 01/17/2022
Subject Finance Topic Finance Tutorials:
Question
Dot Image

I am needing some assistance with getting this assignmen completed.  The first tab on the spreadsheet has instructions and then the next few tabs are due for Unit 2 and then the tabs following those are for Unit 3.  I am attaching the assignment instructions along with the spreadsheet template that we have to use (which also has the instructions in the first tab).  Please let me know if I need to send you anything additional.

Thanks,

Danielle

Dot Image
Attachments
U2_Assign_Instructions_and_Information.docx (21.09 KB)
Unit_2_and_3_Assignment_Template.xlsx (212 KB)
Tutorials for this Question
  1. shortone
    Tutorial # 00812009 Posted By: shortone Posted on: 01/06/2022 06:44 AM
    Puchased By: 3
    Tutorial Preview
    The solution of Unit 2 and 3 Assignments...
      Get the Solution
    Attachments
    answer_3.xlsx (219.83 KB)
Whatsapp Lisa