Complete Chapter 4's
End-of-Chapter Exercises (Links to an external site.)
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Prepare and submit in EXCEL (only) the following:
· Problems: Number #1, 2, 3 & 5. HINTS: #1 - Use Proper Journal Entry format. #2: The letter reference - a simple yes or no and if yes, how much. #3: Use proper Journal Entry format for your "YES" answers in #2. And for #5: List the item and then list next to if it normally has a DEBIT or CREDIT balance.
· As always - do not overthink; Accounting is about sorting, classifying and recording. Keep it simple.
Rubric
Individual Assignment (2)
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Individual Assignment (2)
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Criteria
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Ratings
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Pts
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This criterion is linked to a Learning Outcome Content & Organization (80%)
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80 to >74.0 pts
Exemplary
• Student provides a thorough and detailed description of the questions. • Demonstrates a sophisticated understanding of the topic(s) and issue(s). • Presents an insightful and thorough analysis. • Provides appropriate and powerful connections with concepts discussed course.
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74 to >66.0 pts
Accomplishment
• Student provides a description with some details of the topic chosen of the questions. • Demonstrates an accomplished understanding of the topic(s) and issue(s). • Presents an effective analysis. • Provides appropriate connections with concepts discussed in the course.
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66 to >58.0 pts
Partially Proficient
• Student provides a cursory or incomplete description of the questions. • Demonstrates an inadequate understanding of the topic(s) and issue(s). • Presents an incomplete analysis. • Provides little or no connection with concepts discussed in the course.
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58 to >0 pts
Proficient
• Student provides a description with vague details of the topic of the questions. • Demonstrates an acceptable understanding of the topic(s) and issue(s). • Presents a superficial analysis. • Provides appropriate but somewhat vague connections with concepts discussed in the course.
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80 pts
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This criterion is linked to a Learning Outcome Readability & Style (10%)
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10 to >9.0 pts
Exemplary
• Paragraph transitions are present and logical and maintain the flow throughout the paper. • Tone is appropriate to the content and assignment. • Sentences are complete, clear, and concise. • Sentences are well-constructed with consistently strong, varied sentences.
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9 to >8.0 pts
Accomplishment
• Paragraph transitions are present and maintain the flow throughout the paper. • Tone is mostly appropriate to the content and assignment. • Sentences are mostly complete and clear. • Sentences are constructed with consistently varied sentences.
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8 to >6.0 pts
Proficient
• Paragraph transitions are mostly present throughout the paper. • Tone is somewhat appropriate to the content and assignment. • Sentences are somewhat complete and clear. • Sentences are constructed with varied sentences.
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6 to >0 pts
Partially Proficient
• Paragraph transitions are not present throughout the paper. • Tone is not appropriate to the content and assignment. • Sentences are not complete and clear. • Sentences are not constructed with varied sentences.
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10 pts
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This criterion is linked to a Learning Outcome Writing Mechanics (10%)
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10 to >9.0 pts
Exemplary
• Student work has no spelling errors, appropriate sentence structure and language usage, followed grammatical rules are applied. • Citations of original works within the body of the paper follow APA guidelines. • The paper is laid out with effective use of headings, sub-headings, and font styles. • Rules of grammar, usage, and punctuations are followed.
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9 to >8.0 pts
Accomplishment
• Student work has 1-3 spelling errors, appropriate sentence structure and language usage, followed grammatical rules are applied mostly throughout the assignment. • Citations of original works within the body of the paper follow APA guidelines with just 1-3 errors. • The paper is laid out with use of headings and font styles. • Rules of grammar, usage, and punctuations are followed mostly throughout the assignment with 1-3 errors.
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8 to >6.0 pts
Proficient
• Student work has 4-7 spelling errors, with minor sentence structure and language usage errors, followed grammatical rules are applied mostly throughout the assignment. • Citations of original works within the body of the paper follow APA guidelines with just 4-7 errors. • The paper is laid out with use of headings and font styles. • Rules of grammar, usage, and punctuations are not followed mostly throughout the assignment.
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6 to >0 pts
Partially Proficient
• Student work has numerous spelling errors, sentence structure and language usage errors, followed grammatical rules are not applied throughout the assignment. • Citations of original works within the body of the paper follow APA guidelines were not applied. • The paper is not laid out with use of headings, sub-headings, and font styles. • Rules of grammar, usage, and punctuations are not followed throughout the assignment.
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10 pts
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QUESTIONS:
Prepare and submit in EXCEL (only) the following:
PROBLEMS NUMBERS 1, 2,3 and 5
Problems Numbers: HINTS: #1 - Use Proper Journal Entry format. #2: The letter reference - a simple yes or no and if yes, how much. #3: Use proper Journal Entry format for your "YES" answers in #2. And for #5: List the item and then list next to if it normally has a DEBIT or CREDIT balance.
1. Record the following journal entries for Taylor Company for the month of March:
1. Borrowed $4,500 from Local Bank and Trust
2. Investors contributed $10,000 in cash for shares of stock
3. Bought inventory costing $2,000 on credit
4. Sold inventory that originally cost $400 for $600 on credit
5. Purchased a new piece of equipment for $500 cash
6. Collected $600 in cash from sale of inventory in (d) above
7. Paid for inventory purchased in (c) above
8. Paid $1,200 in cash for an insurance policy that covers the next year
9. Employees earned $3,000 during the month but have not yet been paid
10. Paid employees $2,900 for wages earned and recorded during February
2. For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so, how much it has earned.
1. Customers paid Raymond $1,500 for work Raymond will perform in June.
2. Customers purchased $6,000 of inventory for which they have not yet paid.
3. Raymond performed work for customers and was paid $3,400 in cash.
4. Customers paid Raymond $2,300 for inventory purchased in April.
Record the journal entries for number 2 above.
State which balance, debit, or credit is normally held by the following accounts:
1. Cash
2. Dividends
3. Notes payable
4. Unearned revenue
5. Cost of goods sold
6. Prepaid rent
7. Accounts receivable
8. Capital stock
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Assignment1QuestionsAM.docx
