accounting assignment

AccountingCycleProjectInstructions_ACCU602.docx

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Accounting Cycle Project: Instructions

Due at the end of Week 4 (100 points)

The Accounting Cycle Project consists of 10 Requirements for you to complete. All of the information you need to complete the Course Project is located in the attached Excel Workbook.

• There are eight worksheets in the workbook you will need to complete.

• A list of January transactions

• A Chart of Accounts reference sheet

• A Grading Rubric to help explain what is expected.

• Each worksheet has the Check Figures embedded as a comment.

Scenario:

Moonlight Bay Inn is incorporated on January 2, 2017, by its three owners, each of whom contributes $20,000 in cash in exchange for shares of stock in the business. In addition to the sale of stock, the following transactions are entered into during the month of January: (See January Transactions Tab)

Additional Guidelines:

1. Complete the Accounting Cycle project using the attached excel workbook. The workbook must be used to complete this project (no points will be given if submitted in a different format or file).

2. Please make sure to save the file with your name before uploading.

3. Helpful Resources

a. In Cengage under the ‘Study Tools Tab’ you can access resources such as Tell Me How and Show Me How Videos as well as practice exercises.

b. You can search Google or YouTube for videos explaining how to input formulas/calculations into Excel

*If you have any question about completing this project, please email your instructor.

RUBRIC

Criteria		Exemplary	Proficient	Developing	NSW
*Parts:*		*90% to 100%*	*70% to 89%*	*50% to 69%*	*Less than 50%*
	Step 1 —Journal Entries (20 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.
	Steps 2 and 3 —Posted and 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.
	Step 4 —Adjusting Journal Entries (20 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.
	Steps 5 and 6 —Posted and Adjusted 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.
	Step 7 —Financial Statements (20 points)	All four financial statements are prepared accurately and in an appropriate format.	Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors.	Two of four 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.
	Step 8 —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.
	Steps 9 and 10 —Posted and 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.
NSW: Needs Significant Work