Prepare accurate journal entries with the correct ledger accounts on the Milestone Inventory tab of the workbook.
Order Instructions
Overview
The milestone for Project One involves applying accounting principles and methods to current assets and liabilities. You will also evaluate these financial statement components for adherence to accounting principles and methods. In this assignment, which directly supports Project One, you will analyze the scenario in Project One to calculate and record financial data accurately. You will have an opportunity to correct journal entries in Project One based on feedback from your instructor for this assignment. With any accounting, it is imperative to keep accurate and complete records.
Directions
Using the scenario provided in the Project One Guidelines and Rubric linked from the Supporting Materials section, you will be preparing journal entries related to the current assets and liabilities in the Milestone Journal Entries and Milestone Inventory tabs of the Project One Workbook Template and based on the transactions listed in the Project One Appendix.
The Project One Workbook Template is provided for you to prepare the journal entries. It contains several tabs: Charts of Accounts, Milestone Journal Entries, Corrected Journal Entries, Milestone Inventory, Corrected Inventory, Ledger Accounts, Income Statement, and Balance Sheet. Please keep in mind, for this milestone you will only be completing the Milestone Journal Entries and the Milestone Inventory tabs of the worksheet.
Specifically, you must address the following rubric criteria:
Journal Entries Tab
Prepare accurate journal entries with the correct ledger accounts on the Milestone Journal Entries tab of the workbook. Be sure to refer to the Chart of Accounts tab for the account names when preparing journal entries. Include the following details in your response:
Show calculations necessary to prepare the journal entries. Not all journal entries will require a calculation. Rows with an asterisk require formulas in the debit or credit column.
Prepare journal entries that are complete from the transactions listed in Project One Appendix on the Milestone Journal Entries tab of the workbook. There are a total of 26 entries.
Inventory Tab
Prepare accurate journal entries with the correct ledger accounts on the Milestone Inventory tab of the workbook.
Prepare the worksheet that reflects the products purchased and sold at the new store on the Milestone Inventory tab of the workbook.
Prepare journal entries that are complete from the transactions listed in Project One Appendix on the Milestone Inventory tab of the workbook. There are a total of 18 entries.
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