Balance sheet and income statement

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ACCT500_Course_Project_Template1.xlsx
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ACCT500: Course Project
Requirement Requirement Description Worksheet Name
1 Prepare the Journal Entries in the General Journal 1 - Journal Entries
2 Post Journal Entries to the General Ledger 2 - General Ledger
3 Prepare a Trial Balance 3 - Trial Balance
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.

September Transactions

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 6 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.

Chart of Accounts

Use the following account descriptions for journal entries.
Chart of Accounts
Account Type Account 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

1 - Journal Entries

REQUIREMENT #1: Prepare journal entries to record the September transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
General Journal
Date Account Number from Chart of Accounts tab Account Title from Chart of Accounts tab Debit Credit

Windows User: The debits should equal $182,800.
Windows User: The credits should equal $182,800.

Journal Entries

2 - General Ledger

REQUIREMENT #2: Post the September journal entries to the following T-Accounts and compute ending balances.
Date Cash (111)
DeVry: The balance of the Cash account after posting the journal entries should be $119,750. 		Date Service Revenue (411)
Accounts Receivable (115) Insurance Expense (510)
Supplies (117) Rent Expense (511)
Prepaid Insurance (119) Advertising Expense (512)
Equipment (144) Supplies Expense (514)
Accounts Payable (212) Utility Expense (517)
Common Stock (311)
Dividends (313)

3 - Trial Balance

REQUIREMENT #3: Prepare a trial balance for September in the space below.
The Plumbing Repair Company Trial Balance September 30
Account Account Balance
Number Title Debit Credit

Windows User: The debits should equal $156,500.
Windows User: The credits should equal $156,500.

Journal Entries

Grading Rubric

NAME
Course Project Grading Rubric
Excellent Good Fair Poor Unacceptable Points Available Your Points
Step 1 —Journal Entries 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. The submission does not meet this requirement.
Step 1 Grading Scale 45-40 39-35 34-30 29-25 24-0 45
Step 2 Ledger Posting and Balancing Posting is done in the correct accounts and at the correct side (Dr./Cr.) and balances are correct. Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. The submission does not meet this requirement, or posting is not done at all.
Step 2 Grading Scale 45-40 39-35 34-30 29-25 24-0 45
Step 3 - Unadjusted Trial Balance Accounts are listed correctly and in the proper order leading to an accurate trial balance. Most accounts are listed correctly leading to a mostly correct trial balance. Listing of accounts has several errors leading to incorrect trial balance. Listing of accounts is done poorly or not at all, leading to inaccurate or no trial balance. The submission does not meet this requirement.
Step 3 Grading Scale 30-27 26-24 23-21 20-18 17-0 30
120