ACCT 504 case study 1 the complete accounting cycle

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The entire Case Study is due Sunday at midnight mountain time at the end of Week 3.       
This Case Study is worth 100 points or 10% of your final course grade.       
         
This Case Study relates to TCOs D and E and Chapters 3 and 4.        
         
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.       
         
There are 10 sheets in the Workbook including this one.  
All of the Information you need for the project is located in this Workbook.       
         
RequirementsSheet in Workbook       
Requirement 1—Prepare the Journal Entries in the General JournalJournal Entries       
Requirement 2—Post Journal Entries to the General LedgerGeneral Ledger       
Requirement 3—Prepare a Trial BalanceTrial Balance       
Requirement 4—Prepare the Adjusting EntriesAdjusting Entries       
Requirement 5—Post Adjusting Entries to the General LedgerGeneral Ledger       
Requirement 6—Prepare an Adjusted Trial BalanceAdjusted TB       
Requirement 7—Prepare the Financial StatementsFinancial Statements       
Requirement 8—Prepare the Closing EntriesClosing Entries       
Requirement 9—Post Closing Entries to the General LedgerGeneral Ledger       
Requirement 10—Prepare the Post Closing Trial BalancePost Closing TB       
         
Hint for success: Review the Week 2 Lecture prior to starting this project.     
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:        
1) The debits for the journal entries are on the Journal Entries tab.       
2) The credits for the journal entries are on the Journal Entries tab.       
3) The cash balance is on the General Ledger tab.        
4) The debits for the trial balance are on the Trial Balance tab.        
5) The credits for the trial balance are on the Trial Balance tab.        
6) The debits for the adjusted trial balance are on the Adjusted Trial Balance tab.       
7) The credits for the adjusted trial balance are on the Adjusted Trial Balance tab.       
8) Net income for the income statement is on the Financial Statements tab.       
9) Retained earnings as of March 31 are on the Financial Statements tab.       
10) Total assets for the balance sheet are on the Financial Statements tab.       
11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.      
12) The debits for the post-closing trial balance are on the Post-Closing Trial Balance tab.       
13) The credits for the post-closing trial balance are on the Post-Closing Trial Balance tab.       

 

 

 

 

 

Case Study 1 Rubric     
Please note that this rubric provides a general guideline but you can score anywhere between 0     
and the maximum number of points for that step depending on the accuracy and completeness    
of your work.     
CriteriaOutstandingGoodPoorVery PoorPoints Awarded
     
 Step 1                           Prepared Journal Entries (20 points)Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Minor errors such as incorrect account names or credits listed prior to debits.Errors in computations that resulted in incorrect amounts to be debited and credited.Evidence of an attempt to complete the journal entries. 
20 points16 points12 points8 points 
 Step 2                          Posted to the General Ledger (10 pts)Posting is correct leading to accurate account balances.Posting is mostly correct but minor errors are evident.Posting has several errors that resulted in incorrect account balances.Posting is done poorly but does show evidence of an attempt to complete. 
10 points8 points6 points4 points 
 Step 3                          Prepared a Trial Balance (10 points)Correct account names and balances so to arrive at a correct trial balance. Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps.Errors in computations that resulted in incorrect amounts to be debited and credited.Evidence of an attempt to complete the trial balance. 
10 points8 points6 points4 points 
 Step 4                          Prepared 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. 
 10 points8 points6 points4 points 
 Steps 5 and 6                          Posted and Prepared an 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. 
 10 points8 points6 points4 points 
 Step 7                          Prepared Financial Statements (20 points)All three Financial Statements are prepared accurately and in an appropriate format.Two of the three financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors.One of the three 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. 
 20 points16 points12 points8 points 
 Step 8                           Prepared 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. 
 10 points8 points6 points4 points 
 Steps 9 and 10                          Posted and Prepared Post-Closing 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. 
 10 points8 points6 points4 points 
     Total Points Earned Out of 100 Points0
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