ACC-201 Financial Accounting Milestone Two

11/17/22, 5:08 PM Milestone Two Guidelines and Rubric - ACC-201-R2129 Financial Accounting 22EW2

https://learn.snhu.edu/d2l/le/content/1188155/viewContent/21410120/View 1/3

Milestone Two Guidelines and Rubric

Overview

In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data.

In Milestone Two, you will use your trial balance results from Milestone One to create financial statements. These financial

statements will be part of the Summary Report that you will present to your employer in Module Seven.

Scenario

You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in opera�on

for the business and your first task is to record business transac�ons for their first month using the source documents and

transac�on data the owner will provide to you. Because this is a small business that does not use computerized accoun�ng, you will

apply the accoun�ng cycle in Excel to record transac�ons and generate financial repor�ng results for the owner.

Direc�ons

Report Financial Results: Use the account balances from the Trial Balance generated through the recording process in Milestone

One to prepare the income statement, statement of owner’s equity, and balance sheet for the company. Then close temporary

account balances using closing entries in the final step. Be sure to revisit any feedback received from Milestone One and make

necessary correc�ons to ensure that statements are completed with accurate balance informa�on. (You may refer to the blank

Company Accoun�ng Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the

work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given

during Milestone One.)

Specifically, you must address the following rubric criteria:

Income Statement: Prepare the income statement using the adjusted trial balance

Statement of Owner’s Equity: Prepare the statement of owner’s equity using the adjusted trial balance.

Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.

Balance Sheet Liabili�es: Prepare the balance sheet liabili�es entries using the adjusted trial balance.

Closing Entries: Complete the “Closing Entries” tab of the company accoun�ng workbook by closing all temporary income

statement amounts to create closing entries.

Guidelines for Submission

Build on your work from Milestone One to complete the “Income Statement,” “Statement of Stockholder’s Equity,” “Balance Sheet,”

and “Closing Entries” tabs in your company accoun�ng workbook. This should be completed and submi�ed using Microso� Excel.

Please refer to the video walkthrough linked below if you need more assistance with your submission.

Suppor�ng Materials

The following resources support your work on the project:

Video: Milestone Two Walkthrough (13:28)

This video walkthrough is available if you need addi�onal assistance comple�ng this milestone. The video uses a sample data set for

illustra�ve purposes.

A video transcript is available: Transcript for ACC 201 Milestone Two Walkthrough

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ACC-201-R2129 Financial Accounting 22EW2 LP

11/17/22, 5:08 PM Milestone Two Guidelines and Rubric - ACC-201-R2129 Financial Accounting 22EW2

https://learn.snhu.edu/d2l/le/content/1188155/viewContent/21410120/View 2/3

Milestone Two Rubric

Criteria Exemplary (100%) Proficient (85%) Needs Improvement

(55%) Not Evident (0%) Value

Income Statement Prepares the income statement using the adjusted trial balance with no errors

Prepares the income statement using the adjusted trial balance with minimal errors

Prepares the income statement using the adjusted trial balance with significant errors

Does not a�empt criterion

20

Financial Statements: Statement of

Owner’s Equity

Prepares the statement of owner’s equity using the adjusted trial balance with no errors

Prepares the statement of owner’s equity using the adjusted trial balance with minimal errors

Prepares the statement of owner’s equity using the adjusted trial balance with significant errors

Does not a�empt criterion

20

Financial Statements:

Balance Sheet Assets

Prepares the balance sheet assets using the adjusted trial balance with no errors

Prepares the balance sheet assets using the adjusted trial balance with minimal errors

Prepares the balance sheet assets using the adjusted trial balance with significant errors

Does not a�empt criterion

20

Balance Sheet Liabili�es

Prepares the balance sheet liabili�es using the adjusted trial balance with no errors

Prepares the balance sheet liabili�es using the adjusted trial balance with minimal errors

Prepares the balance sheet liabili�es using the adjusted trial balance with significant errors

Does not a�empt criterion

20

Closing Entries Completes closing entries by closing all temporary income statement amounts to create closing entries with no errors

Completes closing entries by closing all temporary income statement amounts to create closing entries with minimal errors

Completes closing entries by closing all temporary income statement amounts to create closing entries, but there are significant errors

Does not a�empt criterion

20

Total: 100%