Rubric

Criteria Exemplary

Proficient

Basic

Unsatisfactory

(40 Points)

(30 Points)

(20 Points)

(10 Points)

#1: Accuracy of

Has an

Has a clear

Demonstrates

Lacks an

debits and credits

outstanding

understanding of

some

understanding of

understanding of

how to prove

understanding of

how to prove

how to prove

debits and credits

how to prove

debits and credits.

debits and credits

and the process

debits and credits.

and the process

necessary to

necessary to

complete the task.

complete the task.

#2: Accuracy of

85 - 100% of the

70-84% of the

50 - 69% of the

Calculations and

calculations and

calculations and

calculations and

applications were

Journalizing and

applications of the

applications of the

applications of the

mostly incorrect

Posting journal

respective

respective

respective

for more than

entries

accounting

accounting

accounting

50% of the

statements were

statements were

statements were

assignment.

correct.

correct.

correct.

#3: Preparing a

Has a

Has a clear

Demonstrates

Lacks an

Trial Balance

commendable

understanding of

some

understanding of

understanding of

what a trial

understanding of

what a trial

what a trial

balance is and

what a trial

balance is or how

balance is and

how to prepare

balance is and

to prepare one.

how to prepare

one. Limit of two

how to prepare

one. No mistakes.

mistakes.

one. Limit of three

mistakes.

2

Question 1 (100 marks)

You are to enter up the necessary accounts for the month of May from the following information relating to a small printing firm locates in North York. Then balance off the accounts and extract a trial balance as at 31 May 2021.

2021

May 1 Started in business with capital in cash of $800 and $9,200 in the bank.

.. 5 Bought goods on credit from the following persons: J Ward $610; P Green $214; M Taylor $174; S Gemmill $345.

.. 7 Sold goods on credit to: J Sharpe $340; G Boycott $720; F Titmus $1,152. .. 10 Paid rent by cash $230.

.. 12 J Sharpe paid us his account by cheque $340.

.. 18 F Titmus paid us $1,152 by cheque.

.. 22 We paid the following by cheque: M Taylor $174; J Ward $610; P Green $214. .. 26 Paid carriage by cash $38.

.. 29 Cash sales $810.

.. 31 Paid rent by cheque $230.

(also give the result account to debit and account credit)