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1
ACC 201 Final Project II Guidelines and Rubric
Overview
One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using
information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize
transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in
working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture.
The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the
second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical
applications for furthering your own professional practice.
The final product will be submitted in Module Eight.
In this assignment, you will demonstrate your mastery of the following course outcomes:
Record financial data and adjusting entries in the preparation of a business’s financial statements
Prompt
In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical
applications within your own professional practice.
Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).
I. Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does
(or will) financial accounting play a role in your day-to-day professional life? [ACC-201-01]
II. Draw Connections
A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional
life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01]
B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each
transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01]
2
III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor
had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the
issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For
example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01]
Final Project II Rubric
Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use
double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting.
Include at least two references cited in APA format.
Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value
Introduction
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates nuanced
appreciation for the role of
financial accounting in business
Describes current or aspiring
professional identity, including
the role of financial accounting in
day-to-day life
Describes current or aspiring
professional identity, but fails to
include the role of financial
accounting in day-to-day life
Does not describe current or
aspiring professional identity
20
Draw Connections:
Transactions
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates nuanced
appreciation for the significance
of financial accounting in chosen
field
Identifies and describes at least
three transactions relevant to
profession using specific details
Identifies transactions relevant
to profession, but fails to fully
describe at least three using
specific details
Does not identify transactions
relevance to profession
20
Draw Connections:
Success of Your
Business
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates keen insight into
the relevance of financial
accounting for business success
Analyzes the relationship
between accounting transactions
and the success of current or
future business using specific
illustrating examples of impacts
on financial statements
Discusses the relationship
between accounting transactions
and the success of current or
future business, but fails to fully
or logically analyze using specific
illustrating examples
Does not discuss the relationship
between accounting transactions
and the success of current or
future business
25
https://learn.snhu.edu/d2l/lor/viewer/view.d2l?ou=6606&loIdentId=15075
3
Apply to a Scenario
[ACC-201-01]
Meets “Proficient” criteria and
demonstrates keen insight into
the relevance of financial
accounting for business success
Proposes a sound high-level plan
to implement a proper
accounting system by citing
specific course principles that
would appropriately address
issues in the scenario
Proposes a high-level plan to
implement a proper accounting
system, but not all proposals are
sound, or fails to cite specific
course principles that would
appropriately address issues in
the scenario
Does not propose a high-level
plan to implement a proper
accounting system
30
Articulation of
Response
Submission is free of errors
related to citations, grammar,
spelling, syntax, and organization
and is presented in a
professional and easy-to-read
format
Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
5
Total 100%
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| |
Print this page to use for your journal entries. Only accounts on this page can be used. |
| Asset
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| Accounts |
Liability Accounts |
Equity Accounts |
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| Acct # |
Acct # Acct #
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| Cash |
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| 10 |
1
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| Notes Payable |
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| 20 |
1
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| Common Stock |
301 |
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| Baking Supplies |
102 |
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| Accounts Payable |
202 |
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| Dividends |
302 |
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| Prepaid Rent |
103 |
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| Wages Payable |
203 |
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| Prepaid Insurance |
10
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| 4 |
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| Interest Payable |
204 |
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| Baking Equipment |
105 |
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| Office Supplies |
106 |
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| Accounts Receivable |
107 |
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| Accumulated Depreciation |
10
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| 8 |
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| Merchandise Inventory |
109 |
Revenue Accounts |
| This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. |
Acct #
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| Bakery
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| Sales |
401 |
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| Merchandise Sales |
402 |
| Expense Accounts |
Acct #
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|
| Baking Supplies |
Expense
501 |
|
|
|
|
|
| Rent Expense |
502 |
|
|
|
| Insurance Expense |
503 |
|
|
|
| Misc. Expense |
504 |
|
|
| Business License Expense |
505 |
|
|
|
| Advertising Expense |
506 |
|
|
|
|
|
|
| Wages Expense |
507 |
|
|
|
| Telephone Expense |
508 |
|
|
|
| Interest Expense |
509 |
|
|
|
| Depreciation Expense |
510 |
|
|
|
| Office Supplies Expense |
511 |
|
| Cost of Goods Sold |
512 |
July Journal Entries
|
|
|
|
|
|
|
|
|
|
| Peyton Approved |
|
|
| General Journal Entries |
|
|
| Put entries in shaded cells |
| Jul-
|
|
|
|
| 18 |
|
|
|
|
|
|
| Date |
Accounts
|
|
|
|
|
|
|
|
| Debit |
|
|
| Cr |
edit
|
|
|
|
|
| 1-Jul |
Cash
|
|
|
|
|
|
|
|
|
|
|
| 10,000 |
.00
| Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
| 10,000.00 |
1-Jul Baking Supplies
|
|
| 6,500 |
.00
Accounts Payable
| 6,500.00 |
|
|
| 3-Jul |
Cash 10,000.00
Notes Payable 10,000.00
|
|
|
| 7-Jul |
Rent Expense
|
|
|
|
|
|
|
|
|
|
| 1,500 |
.00
Prepaid Rent
|
|
|
|
|
| 1,500.00 |
Cash
|
|
|
|
|
| 3,000.00 |
|
|
| 10-Jul |
Business License Expense
| 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 75 |
.00
Cash
|
|
|
|
|
|
|
| 375.00 |
|
|
| 11-Jul |
Misc. Expense
|
|
|
|
|
|
| 25 |
0.00
Cash
|
|
|
|
|
| 2
|
|
| 50.00 |
|
|
|
|
|
| 13-Jul |
Baking Equipment
|
|
|
| 6,000 |
.00
Common Stock
|
|
|
|
|
| 6,000.00 |
13-Jul Advertising Expense
|
|
|
|
|
|
|
|
|
| 200.00 |
Cash 200.00
|
|
| 14-Jul |
Office Supplies
|
|
|
|
|
|
| 300 |
.00
Cash 300.00
|
|
| 30-Jul |
Telephone Expense 75.00
Accounts Payable 75.00
|
|
|
|
|
|
|
|
|
| 31-Jul |
Prepaid Insurance
|
|
| 2,400 |
.00
Cash
|
|
| 2,
|
|
|
|
|
|
| 400.00 |
31-Jul Wages Expense
|
|
|
|
|
|
|
| 120 |
.00
Wages Payable 120.00
31-Jul
|
|
|
| Cash |
10,000.00
Accounts Receivable
|
|
|
|
|
|
|
|
|
|
| 5,000 |
.00
|
|
|
| Bakery Sales |
| 15,000 |
.00
|
|
| Total |
| 54,
|
|
| 22 |
0.00
54,220.00
|
| 108,440.00 |
108,440.00
August Journal Entries
Peyton Approved
General Journal Entries Put entries in shaded cells
| Aug-18 |
Date Accounts Debit
|
|
|
|
|
| Credit |
|
|
| 5-Aug |
Wages Payable 120.00
Cash 120.00
|
|
| 8-Aug |
Cash
|
|
| 3,800.00 |
|
|
|
|
| Accounts Recievable |
3,800.00
|
|
| 10-Aug |
Account Payable |
75.00
Cash 75.00
|
|
|
|
|
|
|
|
| 15-Aug |
Baking Supplies
|
|
| 5,000.00 |
Accounts Payable 5,000.00
15-Aug Wages Expense
|
|
|
|
|
|
|
|
|
|
|
| 480 |
.00
Wages Payable
|
|
|
|
| 480.00 |
15-Aug Rent Expense 1,500.00
Cash 1,500.00
|
|
| 18-Aug |
Cash 3,000.00
Accounts Recievable 3,000.00
|
|
|
|
|
| 20-Aug |
Accounts Payable
|
|
| 8,500 |
.00
Cash 8,500.00
20-Aug
| Wages Payable |
480.00
Cash 480.00
|
|
| 22-Aug |
| Office supplies |
300.00
Cash 300.00
|
|
|
|
|
|
|
|
|
| 31-Aug |
Telephone Expense 75.00
Accounts Payable 75.00
31-Aug Wages Expense
|
|
|
|
|
|
|
| 420 |
.00
Wages Payable 420.00
31-Aug Cash
|
| 12,500.00 |
Accounts Recievable
|
| 7,500.00 |
Bakery Sales
|
|
|
| 20,000 |
.00
Total
| 43,750.00 |
$ 43,750.00 |
September Journal Entries
Peyton Approved
General Journal Entries Put entries in shaded cells
| Sep-18 |
Date Accounts Debit Credit
|
|
| 1-Sep |
Dividends 10,000.00
Cash 10,000.00
|
|
| 5-Sep |
Wages Payable 420.00
Cash 420.00
|
|
|
|
|
|
|
|
| 7-Sep |
Merchandise Inventory
|
|
|
|
|
|
|
|
| 60.00 |
Cash 60.00
|
|
| 8-Sep |
Cash
|
|
| 4,000.00 |
Accounts Recievable 4,000.00
|
|
| 10-Sep |
Accounts Payable 75.00
Cash 75.00
|
|
| 11-Sep |
Baking Supplies
|
| 7,000 |
.00
Accounts Payable
| 7,000.00 |
|
|
| 13-Sep |
Accounts Payable 5,000.00
Cash 5,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 15-Sep |
Wages Expense
|
|
|
|
|
| 456 |
.00
Wages Payable
| 456.00 |
15-Sep Rent Expense 1,500.00
Cash 1,500.00
15-Sep Cash
|
|
|
|
|
|
|
|
|
| 68.00 |
Merchandise Sales 68.00
15-Sep
|
| Cost of goods sold |
|
|
|
|
|
|
|
|
| 48.00 |
Merchandise Inventory 48.00
|
|
|
|
|
|
|
|
|
|
|
| 20-Sep |
Wages Payable 456.00
Cash 456.00
20-Sep Merchandise Inventory
|
|
|
|
|
|
|
|
|
| 122.00 |
Cash 122.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 24-Sep |
Cash
|
|
|
|
|
|
|
|
| 153.00 |
| Merchandise sales |
153.00
24-Sep Cost of goods sold
|
|
|
|
|
| 109.60 |
Merchandise Inventory 109.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 30-Sep |
Merchandise Inventory
|
|
|
|
|
|
|
|
| 151.25 |
Cash 151.25
30-Sep
| Wages Expenses |
480.00
Wages Payable 480.00
30-Sep Cash
|
| 14,000.00 |
Accounts Recievable 6,000.00
Bakery Sales 20,000.00
Total
|
| 50,098.85 |
50,098.85
Inventory Valuation
| FIFO |
USE THIS ONE FOR THE SEPTEMBER ENTRIES |
|
|
| Purchases |
Date Purchases Sales
|
|
| Ending Inventory |
Dr |
Cr
9/7: 10 bottles purchased at $6 |
7-Sep 10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ 6.00 |
|
|
|
| $ 60.00 |
10 $ 6.00 $ 60.00 7-Sep
|
| Merchandise Inventory (10 x $6) |
60.00
9/20: 20 bottles purchased at $6.10 |
|
|
|
|
|
|
| Cash |
60.00
9/30: 25 bottles purchased at $6.05 |
15-Sep 8
|
|
|
|
|
| 8.5 |
|
| $ 68.00 |
8 $ 6.00
|
| $ 48.00 |
2 $ 6.00
|
|
|
|
|
|
|
| $ 12.00 |
|
| Purchased inventory |
Sales – selling price, $8.50 a bottle |
| 9/15: 8 bottles |
20-Sep 20
|
|
|
|
|
|
|
|
|
|
|
| $ 6.10 |
|
|
|
|
| $ 122.00 |
2 $ 6.00 $ 12.00 15-Sep
|
| Cash (8 x $8.50) |
68.00
9/24: 18 bottles |
20 $ 6.10 $ 122.00
| Merchandise Sales |
68.00
22
|
|
| $ 134.00 |
|
|
|
|
| Record sale of inventory |
24-Sep 18 8.5
|
|
| $ 153.00 |
2 $ 6.00 $ 12.00 15-Sep
|
| Cost of Goods Sold (8 X $6) |
48.00
| 16 |
$ 6.10
$ 97.60 |
4 $ 6.10
| $ 24.40 |
|
|
|
|
| Merchandise Inventory |
48.00
| $ 109.60 |
| Recorded the cost of goods sold |
30-Sep 25
|
|
|
|
|
| $ 6.05 |
|
|
|
|
|
| $ 151.25 |
4 $ 6.10 $ 24.40 20-Sep
Merchandise Inventory (20 x $6.10 ) |
122.00
25 $ 6.05 $ 151.25
|
| Cash |
122.00
|
|
|
|
| 29 |
| $
|
|
|
|
| 175.65 |
|
|
| 81 |
|
| $ 554.25 |
|
| 26 |
$
|
|
|
|
|
| 157.60 |
29 $ 175.65 24-Sep
|
| Cash (18 x 8.50) |
153.00
|
|
|
|
| Merchandise Sales |
153.00
Record sale of inventory
24-Sep
| Cost of Goods Sold (2 x $6)+(16 x $6.10) |
109.60
Merchandise Inventory 109.60
Recorded the cost of goods sold
30-Sep
|
|
| Merchandise Inventory (25 x $6.05) |
151.25
Cash 151.25
| LIFO |
Purchases Sales Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00 $ 60.00 Cash 60.00
Purchased inventory
15-Sep 8 8.5 $ 68.00 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00
15-Sep Cash (8 x $8.50) 68.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales 68.00
20 $ 6.10 $ 122.00 Record sale of inventory
22 $ 134.00
15-Sep Cost of Goods Sold (8 X $6) 48.00
24-Sep 18 8.5 $ 153.00 18 $ 6.10
| $
|
| 109.80 |
2 $ 6.00 $ 12.00 Merchandise Inventory 48.00
2 $ 6.10
|
| $ 12.20 |
|
|
| Record inventory reduction due to sale |
4
| $ 24.20 |
20-Sep
|
| Merchandise Inventory (20 x $6.10) |
122.00
30-Sep 25 $ 6.05 $ 151.25 2 $ 6.00 $ 12.00 Cash 122.00
2 $ 6.10 $ 12.20
25 $ 6.05 $ 151.25 24-Sep Cash (18 x 8.50) 153.00
29
|
| $ 175.45 |
Merchandise Sales 153.00
81 $ 554.25 26
| $ 157.80 |
29 $ 175.45 Record sale of inventory
24-Sep
| Cost of Goods Sold (18 x $6.10) |
109.80
Merchandise Inventory 109.80
Record inventory reduction due to sale
30-Sep Merchandise Inventory (25 x $6.05) 151.25
Cash 151.25
| weighted average |
Purchases Sales Ending Inventory 7-Sep Merchandise Inventory (10 x $6) 60.00
7-Sep 10 $ 6.00 $ 60.00 10 $ 6.00
| $60 |
Cash 60.00
Purchased inventory
15-Sep 8 8.5 $ 68.00 8 $ 6.00 $ 48.00 2 $ 6.00 $ 12.00
15-Sep Cash (8 x $8.50) 68.00
20-Sep 20 $ 6.10 $ 122.00 2 $ 6.00 $ 12.00 Merchandise Sales 68.00
20 $ 6.10 $ 122.00
| per unit |
Record sale of inventory
22 $ 134.00
| $6.09 |
15-Sep Cost of Goods Sold (8 X $6) 48.00
24-Sep 18 8.5 $ 153.00 18
| $ 6.09 |
$
|
| 109.62 |
4
$ 24.38 |
Merchandise Inventory 48.00
Record inventory reduction due to sale
30-Sep 25 $ 6.05 $ 151.25 4
| $
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| – 0 |
25 $ 6.05 $ 151.25 20-Sep Merchandise Inventory (20 x $6.10) 122.00
81 $ 554.25 26
| 157.62 |
29 $ 151.25
$5.22 |
Cash 122.00
24-Sep Cash (18 x 8.50) 153.00
Merchandise Sales 153.00
Record sale of inventory
24-Sep
| Cost of Goods Sold (18 x $6.09) |
109.62
Merchandise Inventory 109.62
Record inventory reduction due to sale
30-Sep Merchandise Inventory (25 x $6.05) 151.25
Cash 151.25
T-Accounts
|
|
|
| date |
Cash date date Notes Payable date
Business License exp |
Common Stock
1-Jul 10,000.00 10,000 3-Jul 10-Jul 375.00 10,000 1-Jul
3-Jul 10,000.00 6,000 13-Jul
3,000.00 7-Jul – 0 10,000.00 375.00 – 0 – 0
|
|
|
|
|
| 16,000.00 |
375.00 10-Jul 10,000.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance |
Balance 375.00 16,000.00 Balance
|
|
|
|
| 250 |
.00
11-Jul
200.00 13-Jul
300.00 14-Jul
2,400.00 31-Jul
31-Jul 10,000.00
120.00 5-Aug
8-Aug 3,800.00
75.00 10-Aug
18-Aug 3,000.00
1,500.00 15-Aug
8,500.00 20-Aug
| Accounts Rec. |
Insurance expense |
480.00 20-Aug 31-Jul 5,000.00
300.00 22-Aug 3,800.00 8-Aug
31-Aug 12,500.00 3,000.00 18-Aug
10,000.00 1-Sep 31-Aug 7,500.00
420.00 5-Sep 4,000.00 8-Sep
60.00 7-Sep 30-Sep 6,000.00
8-Sep 4,000.00
75.00 10-Sep
|
|
|
|
| 18,500.00 |
10,800.00 |
5,000.00 13-Sep Balance
|
|
|
|
| 7,700.00 |
1,500.00 15-Sep
15-Sep 68.00
456.00 20-Sep
122.00 20-Sep
24-Sep 153.00
151.25 30-Sep
30-Sep 14,000.00
| 67,521.00 |
35,284.25 |
Balance
|
|
|
|
| 32,236.75 |
| Misc. expense |
Baking equipment |
Advertising expense |
11-Jul
|
|
|
|
|
|
| 250.00 |
13-Jul 6,000 13-Jul 200.00
250.00 – 0 6,000.00 – 0 200.00 – 0
Balance 250.00 Balance 6,000.00 Balance 200.00
| Baking supplies |
Office supplies
Rent expense |
1-Jul 6,500 14-Jul 300 7-Jul 1,500
15-Aug 5,000 22-Aug 300 15-Aug 1,500
11-Sep 7,000 15-Sep 1,500
18,500.00 – 0
|
|
| 600.00 |
– 0
|
|
|
|
| 4,500.00 |
– 0
Balance 18,500.00 Balance 600.00 Balance 4,500.00
| Prepaid rent |
Prepaid insurance |
Bakery Sales
7-Jul 1,500 31-Jul 2,400 15,000 31-Jul
20,000 31-Aug
20,000 30-Sep
1,500.00 – 0 2,400.00 – 0 – 0
|
|
|
|
| 55,000.00 |
Balance 1,500.00 Balance 2,400.00 55,000.00 Balance
| Accounts payable |
Wages expense |
Wages payable |
6,500.00 1-Jul 31-Jul 120 120 31-Jul
75 30-Jul 15-Aug 480 5-Aug 120
10-Aug 75 31-Aug 420 480 15-Aug
5,000 15-Aug 15-Sep 456 20-Aug 480
20-Aug 8,500 30-Sep 480 420 31-Aug
75 31-Aug 5-Sep 420
10-Sep 75 456.00 15-Sep
7,000.00 11-Sep 20-Sep 456
13-Sep 5,000 480.00 30-Sep
| 13,650 |
18,650 |
|
| 1,956 |
– 0
1,476 |
1,956
5,000 Balance Balance 1,956 480 Balance
Dividends
| depreciation expense |
| Telephone expense |
1-Sep 10,000
30-Jul 75
31-Aug 75
10,000 – 0
| acc dep |
Balance 10,000
|
| 150 |
– 0
Interest expense |
Balance 150
| baking supplies expense |
COGS FIFO |
Interest payable |
15-Sep 48.00
24-Sep 109.60
| misc supplies expense |
157.60 – 0
Balance 157.60
Merchandise Sales
68.00 15-Sep
| Merch. Inv. FIFO |
153.00 24-Sep 7-Sep 60.00
48.00 15-Sep
20-Sep 122.00
– 0
|
| 221 |
109.60 24-Sep
221 Balance 30-Sep 151.25
| 333.25 |
157.60
Balance 175.65
| Trial Balance |
Peyton Approved
Trial Balance
|
| 2018 |
| Unadjusted trial balance |
Adjusting entries |
Adjusted trial balance |
Account Debit Credit Debit Credit Debit Credit
Cash 32,236.75 32,236.75
Baking Supplies 18,500.00 18,500.00
|
|
| Merchandise Inventory (FIFO) |
175.65 175.65
Prepaid Rent 1,500.00 1,500.00
Prepaid Insurance 2,400.00 400.00
|
|
| 2,000.00 |
Baking Equipment 6,000.00
|
|
|
|
|
|
| 17,400.00 |
(11,400.00) |
Accumulated Depreciation 250.00 250.00
Office Supplies 600.00
|
|
|
|
|
|
| 550.00 |
50.00
Accounts Receivable 7,700.00 7,700.00
Notes Payable 10,000.00 10,000.00
Interest Payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 150.00 |
150.00
Accounts Payable 5,000.00 5,000.00
Wages Payable 480.00 480.00
Common Stock 16,000.00 16,000.00
Dividends 10,000.00 10,000.00
Bakery Sales 55,000.00 55,000.00
Merchandise Sales
|
|
|
| 221.00 |
221.00
Baking Supplies Expense 17,400.00 17,400.00
Rent Expense 4,500.00 4,500.00
Interest Expense 150.00 150.00
Insurance Expense 400.00 400.00
Depreciation Expense 250.00 250.00
Misc. Expense 250.00 250.00
Office Supplies Expense 550.00 550.00
Business License Expense 375.00 375.00
Advertising Expense 200.00 200.00
Wages Expense
|
|
|
| 1,956.00 |
1,956.00
Telephone Expense 150.00 150.00
| COGS (FIFO) |
157.60 157.60
| Total: (FIFO) |
| 86,701.00 |
86,701.00
|
|
| 18,750.00 |
18,750.00
| 87,101.00 |
87,101.00
Adjusting Entries
Peyton Approved
| Adjusting Journal Entries |
Put entries in shaded cells
2018
Date Accounts Debit Credit
30-Sep Depreciation Expense 250
| accumulated depreciation |
250.00
30-Sep Interest Expense 150.00
Interest Payable 150.00
30-Sep Insurance Expense 400.00
Prepaid Insurance 400.00
30-Sep Baking Supplies Expense 17,400.00
Baking Supplies 17,400.00
30-Sep Office Supplies Expense 550.00
Office Supplies 550.00
18,750.00 18,750.00
| Income Statement |
Peyton Approved
Income Statement
|
| For
| Qtr. Ending 9/30/2018 |
| Revenues: |
Bakery Sales
| $ 55,000.00 |
Merchandise Sales 221.00
| Total Revenues |
|
| 55,221.00 |
Cost of Goods Sold
| -157.8 |
| Gross Profit (FIFO) |
55,378.80 |
| Operating Expenses: |
| Baking supplies Expense |
17,400.00
Rent Expense 4,500.00
Interest Expense 150.00
Insurance Expense 400.00
Depreciation Expense 250.00
Misc. Expense 250.00
Office Supplies Expense 550.00
| Business Licenses Expense |
375.00
Advertising Expense 200.00
Wages Expense 1,956.00
| Telephone Expenses |
150.00
| Total Operating Expenses: |
26,181.00 |
| Net Income (FIFO) |
29,197.80 |
| Statement of
| Retained Earnings |
Peyton Approved
Statement of Retained Earnings
For Qtr. Ending 9/30/2018
| Beginning Balance: |
| plus Net Income (FIFO) |
| 28,882.40 |
| less Dividends: |
10,000.00
| Ending Balance (FIFO): |
|
|
| 18,882.40 |
| Balance Sheet |
Peyton Approved
Balance Sheet
| As of September 30, 2018 |
| Assets |
Liabilities and Owners’ Equity |
| Current Assets: |
Current Liabilities: |
Cash 32,236.75 Accounts Payable 5,000.00
Baking Supplies
|
| 1,100.00 |
Wages Payable 480.00
Merchandise Inventory (FIFO) 175.65 Interest Payable 150.00
Prepaid Rent 1,500.00
| Total Current Liabilities |
5,630.00 |
Prepaid Insurance 2,000.00
| Misc. Supplies |
50.00
Long-Term Liabilities: |
Accounts Receivable 7,700.00 Notes Payable 10,000.00
| Total Long-Term Liabilities: |
10,000.00
| Total Current Assets |
44,762.40 |
Total Liabilities: |
15,630.00 |
| Long-Term/Fixed Assets: |
Equity: |
Baking Equipment 6,000.00 Common Stock 16,000.00
| Less Accumulated Depreciation |
250.00
Retained Earnings (FIFO): |
18,882.40
| Total Long-Term/Fixed Assets |
5,750.00 |
| Total Assets: |
| 50,512.40 |
Total Equity |
34,882.40 |
| Total Liabilities & Equity |
50,512.40
Closing Entries
Peyton Approved
| Closing Entries |
|
| Qtr ending 9/30/2018 |
Date Accounts Debit Credit
30-Sep Bakery Sales 55,000.00
Merchandise Sales 221.00
| Income Summary |
55,221.00
30-Sep
|
| Income Summary (FIFO) |
55,221.00
| Baking Supplies Expense |
17,400.00
| Rent Expense |
4,500.00
| Wages Expense |
1,956.00
| Office Supplies Expense |
550.00
| Business License Expense |
375.00
| Misc. Expense |
250.00
| Depreciation Expense |
250.00
| Insurance Expense |
400.00
| Advertising Expense |
200.00
|
| Interest Expense |
150.00
| Telephone Expense |
150.00
| COGS FIFO |
157.60
30-Sep Income Summary (FIFO) 28,882.40
|
| Retained Earnings FIFO |
18,882.40
30-Sep Retained Earnings
| Dividends |
10,000.00
| Post Closing Trial Balance |
Peyton Approved
Post Closing Trial Balance
Qtr. Ending 9/30/2018
| Unadjusted Trial Balance |
Account Debit Credit
Cash 32,236.75
Baking Supplies 1,100.00
Merchandise Inventory (FIFO) 175.65
Prepaid Rent 1,500.00
Prepaid Insurance 2,000.00
Baking Equipment 6,000.00
Accumulated Depreciation 250.00
Office Supplies 50.00
Accounts Receivable 7,700.00
Accounts Payable 5,000.00
Wages Payable 480.00
Interest Payable 150.00
Notes Payable 10,000.00
Common Stock 16,000.00
Retained Earnings FIFO 18,882.40
| Totals |
| 50,762.40 |
50,762.40
Reversing Entries
Peyton Approved
| Reversing Entries |
These are given to you. No other entries are needed. |
Qtr ending 9/30/2018
Date Accounts Debit Credit
30-Sep Interest Payable 150.00
Interest Expense 150.00
Running head: ACC 201 FINAL PROJECT PART II PROFESSIONAL RELEVANCE ESSAY
ACC 201 Final Project Part II Professional Relevance Essay, YOUR LAST NAME 2
(This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.)
Review the Final Project Part II Guidelines and Rubric document to see how your paper will be scored.
Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the
Purdue OWL website
or seek help from the
SNHU Writing Lab
.
Notes on APA in a Formal Assignment
· Use one-inch margins on all sides.
· Use 12-point Times New Roman font with double spacing.
· Paragraphs should be at least five to six sentences in length.
· Do not include the headings “Introduction” and “Conclusion.” These are included below to help you lay out your paper. APA format assumes that the introduction begins the paper, the body continues the paper, and the conclusion wraps up the paper, so those headings are not needed.
·
Indent the first line of every paragraph by 0.5”.
· Be careful not to use personal pronouns such as “I.”
Make sure to delete headings such as Paragraph One, Paragraph Two, and so on.
Be sure to replace all of the text in green with your own writing. (This entire first page can be deleted after you review the guidelines. Your paper should begin with the title page that follows.)
ACC 201 Final Project Part II Professional Relevance Essay
Your Name
Southern New Hampshire University
DELETE THE PROMPT LANGUAGE AS YOU WRITE
Introduction (delete this heading in your final paper)
In your opening paragraph, briefly introduce the purpose of your paper. Recall that you will be drawing connections between the accounting principles that you demonstrated in the first part of your final project to their specific, practical applications within your own professional practice. You will need to describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does or will financial accounting play a role in your day-to-day professional life? A minimum of five to six sentences are required..
Paragraph One (delete this heading in your final paper)
In the first part of your final project, you recorded various transactions in the life of a business. Now consider your current or future professional life: what sort of transactions would you encounter in your field? Describe at least three using specific details. A minimum of five to six sentences is required to support your thoughts.
Paragraph Two (delete this heading in your final paper)
Analyze the relationship between those transactions and the success of your current or future business. For example, how would each impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. A minimum of five to six sentences is required to support your thoughts.
Paragraph Three (delete this heading in your final paper)
Finally, imagine that you are the new department manager of a corporation within your chosen field, and you discover that your predecessor had been using the cash basis of accounting. Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement? A minimum of five to six sentences is required to support your thoughts.
Conclusion (delete this heading in your final paper)
The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. A minimum of five to six sentences are required to support your conclusion.
References
Warren, C.S., Reeve, J.M., Duchac, J. (2017). Corporate Financial Accounting (14th ed.). Boston, MA: Cengage Learning.
Make sure that you provide appropriate in-text citations in APA style with the author’s name and year of publication (Author last name, year). The textbook is provided as an example and should be kept in the references for your paper. Feel free to add other resources. To add credibility to your paper, remember to cite ALL of the sources within the body of the paper as well as in the References list at the end. References should be in alphabetical order by the author’s last name.
