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The following categories are the basis for grading:
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Order Paper NowJournal entries
Adjusting journal entries
Closing journal entries
General Ledger
Worksheet
Income Statement
Statement of Retained Earnings
Balance Sheet
Format/Neatness
A couple of inconsistencies/problems in the Comprehensive Problem:
- Adjusting entry i. asks us to record one month of expired insurance. However, there is no insurance expense account. Please record this event to Maintenance Expense, rather than the normal Insurance Expense that you would expect.
- The journal entry on 12/24 asks us to record automobile expenses involving travel. There is no travel expense account, so please record this event to Maintenance Expense.
- The journal entry on 12/4 has us recording prepaid insurance. The term of the policy is listed as December 1, 2016 – December 1, 2018. Please consider the term of the policy to be December 1, 2018 to
December 1, 2020.
Here’s a check figure – after entering journal entries for activity through December 31 (NOT adjusting entries), and posting those transactions to ledger accounts, your Unadjusted Trial Balance as of 12/31/18 should be $467,505 in both the Debits and Credits columns.
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