A1 X V fx ACCT500: Course Project A B C D E F G H ACCT500: Course Project Requirement Requirement Description Worksheet Name 2 Prepare the Journal Entries In the General Journal 1 - Journal Entries Post Journal Entries to the General Ledger 2 - General Ledger Prepare a Trial Balance 3 - Trial Balance 5 6 There are also hints contained within certain cells on some of the Worksheet tabs. You can hover over the red pointer at the top right-hand corner of the cell to read the hint. Hints are provided for the following balances: 10 1) The debits for the journal entries are on the Journal Entries tab. 11 2) The credits for the journal entries are on the Journal Entries tab. 12 3) The cash balance is on the General Ledger tab. 13 4) The debits for the trial balance are on the Trial Balance tab. 14 5) The credits for the trial balance are on the Trial Balance tab. 15 16 Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric +During its first month of operation, the Plumbing Repair Company, which, specializes in plumbing repair services, completed the following transactions. September Transactions Date Transaction Description September 1 Started a plumbing repair business by making a $100,000 deposit in a company bank account, in exchange for 20,000 shares of $5 par value common stock September 1 Purchased insurance for the year and paid $3,000 cash. September 2 Paid monthly rent with $3,500 cash on a warehouse to store the plumbing equipment. September 5 Purchased plumbing equipment for $25,000, making a $5,000 down payment and placing $20,000 on account. September & Purchased supplies for $2,000 on account. September 7 Paid $750 cash for advertising in local newspapers. September 10 Received $15,000 in cash for plumbing services provided September 12 Paid $5,000 for plumbing equipment previously purchased on account on September 5th. September 15 Provided plumbing services on account for $2,500. September 23 Received $22,000 in cash for plumbing services provided. September 25 Received $1,500 cash for plumbing services performed on account on September 15th. September 28 Paid $500 cash for a utility bill. September 30 Paid cash dividends of $1,000. September 30 One month's insurance expired. September 30 The inventory of supplies showed a balance of $1,200 on hand at the end of the month. Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric + Ready Accessibility: InvestigateUse the following account descriptions for journal entries. Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 115 Accounts Receivable Debit 117 Supplies Debit 119 Prepaid Insurance Debit 144 Equipment Debit Liabilities 212 Accounts Payable Credit Stockholders Equity 311 Common Stock Credit 313 Dividends Debit Revenue 411 Service Revenue Credit Expenses 510 Insurance Expense Debit 511 Rent Expense Debit 512 Advertising Expense Debit 514 Supplies Expense Debit 517 Utility Expense Debit Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric +REQUIREMENT #1: Prepare journal entries to record the September transactions in the General Journal below. Remember that Debits must equal Credits-AN of your Journal Entries should balance. General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric +REQUIREMENT #2: Post the September journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date Service Revenue (411) Accounts Receivable (115) Insurance Expense (510) Supplies (117) Rent Expense (511) Prepaid Insurance (119) Advertising Expense (512) Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric +AutoSave O OFF MAP ?C ... 3 Wk-5 ACCT500_Course_Project_Template Joseph Viani Q Home Insert Draw Page Layout Formulas Data Review View Automate Acrobat Table Tell me Share Comments Insert v Century Gothic v 10 AA = ag v Custom O Ex Delete Paste Sort & Create and Share BIUV $ ~ % " Conditional Format Cell Find & Analyze 00 20 Formatting as Table Styles Format v Filter Select Data Adobe PDF C33 4 X V fx E F G H K L M N O P Q R S U A C REQUIREMENT #3: Prepare a trial balance for September in the space below. The Plumbing Repair Company Trial Balance September 30 Account Account Balance 4 Number Title Debit Credit 10 11 12 13 14 15 16 17 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 27 Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric + -+ 100% Ready 7x Accessibility: InvestigateB C D E G H K L 0 NAME Course Project Grading Rubric Points Your Points Excellent Good Fair Poor Unacceptable Avollable Step 1 -Journal |Joumal entries use accurate Journal entries mostly use Journal entries have some Journal entries have some The submission does not Entries gocounts and amounts; and accurate accounts and errors In use of accounts and | errors In use of accounts and meet this requirement. debits and credits are used |amounts; and debits and amounts; and debits and amounts; and debits and correctly. credits are used correctly. credits are only somewhat credits are not used correctly. used correctly Step 1 Grading Soole 45-40 37-35 34-30 27-25 240 45 Step 2 Ledger Posting and Posting Is done In the Posting Is done mostly In the Posting has errors with Listing of gocounts Is mostly The submission does not Balancing correct accounts and at the correct accounts and mostly |Incorrect accounts and Incorrect with most Incorrect meet this requirement, Correct side [Dr./Cr.] and at the correct side [Dr/Cr.) Incorrect debits/credits and gocounts and Incorrect Dr./Cr. or posting is not done at balances ore Correct. and balances are mostly Incorrect balances. Most ledger balances are all. Correct Incorrect. step 2 Grading Soole 45-40 39-35 34-30 27-25 24-0 45 Step 3 - Unadjusted Trial Accounts are listed correctly Most accounts are listed Listing of accounts has Listing of gocounts Is done The submission does not Balance and In the proper order correctly leading to a mostly several errors leading to poorly or not at all, leading to |meet this requirement. eading to an accurate trial correct tila balance. Incorrect trial balance. inaccurate or no trial balance. balance. Step 3 Grading Scale 30-27 26-24 23-21 20-18 17-0 120 Menu September Transactions Chart of Accounts 1 - Journal Entries 2 - General Ledger 3 - Trial Balance Grading Rubric +