Acct210: course projectrequirementrequirement descriptionworksheet | Accounting homework help

  

The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Module 9. See the Due Dates section for more information. All of the information you need to complete the Course Project is located in an Excel® Workbook. Be sure to read all the sheets in the workbook. This workbook includes:

• Eight worksheets in the workbook you will need to complete
• A list of March 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

You will continue to use the same workbook for all 3 milestones. You do not need to download a new copy for Milestones 2 or 3. When you submit Milestone 3, all sheets in your workbook will be complete.

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ACCT210: Course ProjectRequirementRequirement DescriptionWorksheet Name1Prepare the Journal Entries in the General Journal1 – Journal Entries2Post Journal Entries to the General Ledger2 – General Ledger3Prepare a Trial Balance3 – Trial Balance4Prepare the Adjusting Entries4 – Adjusting Entries5Post Adjusting Entries to the General Ledger2 – General Ledger6Prepare an Adjusted Trial Balance5 – Adjusted TB7Prepare the Financial Statements6 – Financial Statements8Prepare the Closing Entries7 – Closing Entries9Post Closing Entries to the General Ledger2 – General Ledger10Prepare the Post Closing Trial Balance8 – 

https://perfectwriterblog.com/operations-management-homework-help/instructionsas-new-illnesses-conditions-diseases-technology-or-approaches-to/ Post Closing Trial Balance11Compute Ratios11-Ratios12Interpret the Ratios12-Interpretation of Ratios

Project Instructions

Course Project OverviewThe Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section 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 March 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.ScenarioYou’ve just secured a new client in your accounting practice, Howard’s Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard 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 HFRM.RequirementsGuidelinesUse the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor.Milestone 1 is due in Week 3 – This includes project requirements 1-3.Milestone 2 is due in Week 6 – This includes project requirements 4-7.Milestone 3 is due in Week 9 – This includes project requirements 8-12.

Before You Begin:  Review the Week 2 Lecture prior to starting work on this project.  Print the Chart of Accounts and March 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.

March Transactions

During its first month of operation, HFRM completed the following transactions.March TransactionsDateTransaction DescriptionMarch 1Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock.March 1Paid the premium on a 1-year insurance policy, $2,400.March 1Paid the current month’s rent expense, $1,900.March 3Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.March 8Purchased repair supplies from Gary Company on credit, $650.March 10Paid telephone bill for March, $340.March 11Cash flight management system (FMS) repair revenue for the first third of March, $1,650.March 18Made payment to Gary Company, $400.March 20Cash FMS repair revenue for the second third of March, $2,450.March 31Cash FMS repair revenue for the last third of March, $1,250.March 31Paid the current month’s electice bill, $250.March 31Declared and paid cash dividend of $1,000.

Chart of Accounts

Use the following account descriptions for journal entries.Chart of AccountsAccount TypeAccount NumberAccount TitleNormal BalanceAssets111CashDebit117Prepaid InsuranceDebit119Repair SuppliesDebit144Repair EquipmentDebit145Accum Dep -Repair EquipmentCreditLiabilities212Accounts PayableCredit213Income Tax PayableCreditStockholders Equity311Common StockCredit312Retained EarningsCredit313DividendsDebitRevenue411FMS Repair RevenueCreditExpenses511Store Rent ExpenseDebit512Telephone ExpenseDebit513Insurance ExpenseDebit514Repair Supplies ExpenseDebit515Dep Expense – Repair EquipmentDebit516Income Tax ExpenseDebit517Electric ExpenseDebit

1 – Journal Entries

REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.General JournalDateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit
Harris, Nicole: Debits = $38,090
Harris, Nicole: Credits = $38,090

Journal Entries

Once you’ve completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet.

2 – General Ledger

REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances.
DeVry: The balance of the Cash account after posting journal entries for Part A should be $18,060 .
Elizabeth Rolison: Adjusting entries in blue type 

https://perfectwriterblog.com/operations-management-homework-help/instructionsas-new-illnesses-conditions-diseases-technology-or-approaches-to/

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.

3 – Trial Balance

REQUIREMENT #3: Prepare a trial balance for March in the space below.Howard’s Flight Radio Management Corporation Trial Balance March 31AccountAccountBalanceNumberTitleDebitCredit0
User: Debit Balance = $30,4000
User: Credit Balance = $30,400

Journal Entries

Only enter accounts that have a balance.

4 & 5 Adjusting Entries

Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month’s insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65.Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.General JournalDateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit0
Bruce: Balance $406.000
Bruce: Balance $406.00

Journal Entries

6 – Adjusted TB

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.Howard’s Flight Radio Management Corporation Adjusted Trial Balance March 31AccountAccountBalanceNumberTitleDebitCredit0
User: Debit Balance = $30,5850
User: Credit Balance = $30,585

Journal Entries

Only enter accounts that have a balance.

7 – Financial Statements

Requirement #7: Prepare the financial statements for Howard’s Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.Howard’s Flight Radio Management CorporationHoward’s Flight Radio Management CorporationHoward’s Flight Radio Management CorporationIncome StatementStatement of Retained EarningsBalance SheetFor the Month Ending March 31For the Month Ending March 31March 31Revenues:Retained Earnings, March 1Assets:FMS Repair RevenueAdd: Net IncomeCashTotal RevenueSubtotalPrepaid InsuranceLess: DividendsRepair SuppliesExpenses:Retained Earnings, March 31
User: Retained Earnings = $1,025Repair EquipmentStore Rent ExpenseLess: Accum. Depr.Telephone ExpenseTotal AssetsInsurance ExpenseRepair Supplies Exp.Liabilities and Stockholders’ EquityDepreciation Exp.Liabilities:Income Taxes ExpenseAccounts PayableElectric ExpenseIncome Taxes PayableTotal ExpensesTotal LiabilitiesNet IncomeStockholders’ Equity:Common StockRetained EarningsTotal Stockholders’ EquityTotal Liabilities & Stockholders’ Equity
User: $26,140
User: $26,140
User: Net Income = $2,025

8 & 9- – Closing Entries

Requirement #8: Prepare the closing entries at March 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 worksheet and compute ending balances. Just add to the adjusted balances already listed.General JournalDateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit0
Bruce: Debit $9,6750
Bruce: Credit $9,675

Journal Entries

10 – Post Closing Trial Balance

Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below.Howard’s Flight Radio Management Corporation Post-Closing Trial Balance March 31AccountAccountBalanceNumberTitleDebitCredit- 0
User: Debits = $26,260- 0
User: Credits = $26,260

Journal Entries

11- Ratios

Requirement #11: RatiosUsing the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.Current RatioLeverage RatioAsset Turnover RatioNet Profit Margin RatiosRate of Return on Total Assets

12- Interpretaion of Ratio

Grading Rubric

Project 1 Grading Rubric – StudentsCriteriaExcellentGoodPoorVery PoorUnacceptablePoints AvailableMilestone 1Step 1 —Journal Entries (20 points)Journal entries use accurate accounts and amounts; and debits and credits are used correctly.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.The submission does not meet this requirement. Little-to-no work was completed.Step 1 Grading Scale20-1817-1514-1211-98-020Milestone 1Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points)Posting is correct leading to an accurate trial balance.Posting is mostly correct leading to a mostly correct trial balance.Posting has several errors leading to a trial balance with several errors.Posting is done poorly or not at all, leading to inaccurate or no trial balance.The submission does not meet this requirement. Little-to-no work was completed.Step 2 & 3 Grading Scale13-1110-87-54-21-013Milestone 1Total33Milestone 2Step 4 —Adjusting Journal Entries (8 points)Journal entries use accurate accounts and amounts; and debits and credits are used correctly.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.The submission does not meet this requirement. Little-to-no work was completed.Step 4 Grading Scale8-76-54-32-108Milestone 2Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points)Posting is correct leading to an accurate trial balance.Posting is mostly correct leading to a mostly correct trial balance.Posting has several errors leading to a trial balance with several errors.Posting is done poorly or not at all, leading to inaccurate or no trial balance.The submission does not meet this requirement. Little-to-no work was completed.Step 5 & 6 Grading Scale10-98-76-54-32-010Milestone 2Step 7 —Financial Statements (15 points)All four financial statements are prepared accurately and in an appropriate format.Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors.Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors.One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.The submission does not meet this requirement. Little-to-no work was completed.Step 7 Grading Scale15-1312-109-76-43-015Milestone 2Total33Milestone 3Step 8 —Closing Journal Entries (7 points)Journal entries use accurate accounts and amounts; and debits and credits are used correctly.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.The submission does not meet this requirement. Little-to-no work was completed.Step 8 Grading Scale7-65-43-2107Milestone 3Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points)Posting is correct leading to an accurate trial balance.Posting is mostly correct leading to a mostly correct trial balance.Posting has several errors leading to a trial balance with several errors.Posting is done poorly or not at all, leading to inaccurate or no trial balance.The submission does not meet this requirement. Little-to-no work was completed.Step 9 & 10 Grading Scale10-98-76-54-32-010Milestone 3Steps 11 and 12 —Ratios and Interpretation. (17 points)Ratios are calculated correctly. Math process is present.https://perfectwriterblog.com/operations-management-homework-help/instructionsas-new-illnesses-conditions-diseases-technology-or-approaches-to/ Interpretation of ratios are accurate.Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate.Ratios calculations have some errors. Math process is present. Interpretation of ratios is flawed.Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.The submission does not meet this requirement. Little-to-no work was completed. No math process is present.Step 11 & 12 Grading Scale17-1514-1211-98-65-017Milestone 3Total