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Prepare journal entries to record the march transactions

Assignment Help Financial Accounting
Reference no: EM132184127

Project Overview

"The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of Week 6. See the Syllabus section "Due Dates for Assignments & Exams" 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.

Scenario

You've just secured a new client in your accounting practice, Bethany's Bicycle Corporation (BBC), a brand new small business specializing in bicycle repair. The owner, Bethany Beck, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to helpBethany put his affairs in order. Luckily Bethany has only been in operation for a month and things have not gotten too out of hand yet! Bethany has to submit his financial statements to her 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 BBC.

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.

REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances.

REQUIREMENT #3: Prepare a trial balance for March in the space below.

"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.

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.

REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.

"Requirement #7: Prepare the financial statements for Bethany's Bicycle 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."

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.

Requirement #10: Prepare a post-closing trial balance as of March 31.

Attachment:- Project template.rar

Verified Expert

In the given assignment, Journal, ledger, Trial Balance (Unadjusted, Adjusted and Closing), Adjustment entries, Closing Entries and Financial Statements have been prepared for Bethany's Bicycle Corporation for the month of march as per the transactions provided. The assignment is prepared in the excel template provided.

Reference no: EM132184127

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Reviews

len2184127

12/3/2018 2:04:55 AM

Step 8 —Closing Journal Entries (10 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. Steps 9 and 10 —Posted and 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.

len2184127

12/3/2018 2:04:46 AM

Steps 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. Step 7 —Financial Statements (10 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.

len2184127

12/3/2018 2:04:38 AM

Steps 2 and 3 —Posted and Unadjusted 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. Step 4 —Adjusting Journal Entries (10 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.

len2184127

12/3/2018 2:04:27 AM

I have attached an excel file for the course project template. I do need this completed by Dec 9th. If you could help I would greatly appreciate it. Thanks. Project 1 Grading Rubric - Students Criteria Excellent Good Poor Very Poor Parts: 90% to 100% 70% to 89% 50% to 69% Less than 50% Step 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.

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