ACC 201 Milestone One Guidelines and Rubric
ACC 201 Milestone One Guidelines and Rubric
Overview
In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.
Scenario
You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.
Prompt
Record Financial Data: Use accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template using the data provided in the Accounting Data Appendix document.
Specifically, you must address the following rubric criteria:
- Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
- Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
- Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the “Trial Balance” tab of the company accounting workbook, ensuring that the total debits and credits match.
What to Submit
Using the provided template, submit your company accounting workbook with the following portions completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This should be completed and submitted using the Microsoft Excel workbook template. Please note that the first tab of the workbook provides you with the chart of accounts. These are the accounts you will use in recording transactions for the month.
Supporting Materials
The following resources support your work on the project:
Video: Milestone One Walkthrough (14:40)
This video walkthrough is available if you need additional assistance completing this milestone. The video uses a sample data set for illustrative purposes.
A video transcript is available: Transcript for ACC 201 Milestone One Walkthrough
Milestone One Rubric
CriteriaExemplary (100%)Proficient (85%)Needs Improvement (55%)Not Evident (0%)ValueAccuracyPrepares accurate entries with no errorsPrepares accurate entries with minimal errorsPrepares entries that have significant inaccuraciesDoes not attempt criterion35CompletenessPrepares entries that are complete for each month, including transferring posted entries to T accounts, with no errorsPrepares entries that are complete for each month, including transferring posted entries to T accounts, with minimal errorsPrepares entries that are complete for each month, including transferring posted entries to T accounts, with significant errorsDoes not attempt criterion35Unadjusted Trial Balance Prepares the unadjusted trial balance accurately, ensuring the total debits and credits match with no errors Prepares the unadjusted trial balance with minimal errors Prepares the unadjusted trial balance with significant errors Does not attempt criterion30Total:100%
ACC 201 Accounting Data Appendix
The following events occurred in June:
· June 1: Owner contributed $50,000 in cash to the business.
· June 1: Owner purchased a company vehicle in the amount of $15,000.
· June 3: Owner took out a small business loan in the amount of $25,000.
· June 5: Owner paid rent for June, and prepaid office rent for a 6-month period to cover July through December at $1,195 per month.
· June 5: Owner paid business license fees in the amount of $250 to the county.
· June 5: Owner ordered office supplies, on account, in the amount of $750.00.
· June 6: Owner performed service for client on account in the amount of $1,000.
· June 9: Owner provided service for client in the amount of $1,500. Customer paid $750 at time of service. Client will be billed for the balance due.
· June 10: Owner paid $250 in advertising costs to the local paper.
· June 15: Owner recorded wages due to the part-time employee in the amount of $325. This will be paid on June 20.
· June 15: Owner prepaid business insurance to cover July through December at the rate of $125 per month.
· June 20: Owner paid wages due to part-time employee from period ending June 15.
· June 21: Owner paid for plumbing repairs in the office in the amount of $210.
· June 22: Owner withdrew $1,000 cash for personal use.
· June 23: Customer paid balance due from June 6 service in the amount of $1,000.
· June 25: Owner provided service to client in the amount of $800. Client paid at time of service.
· June 28: Owner paid balance due for office supplies purchase on June 5.
· June 29: Owner performed service for client on account in the amount of $2,225.00.
· June 30: Owner received telephone bill for month of June in the amount of $155 and recorded the expense. This bill will not be paid until July.
· June 30: Last day of pay period; owner owes part-time worker $325 for the June 16 through June 30 pay period. This will be paid on July 5.
· June 30: Record depreciation on vehicle at $250.
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Chart of Accounts
| This chart of accounts should help you identify the appropriate accounts to record to as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. | |||||
| Asset Accounts | Liability Accounts | Equity Accounts | |||
| Acct # | Acct # | Acct # | |||
| Cash | 101 | Notes Payable | 201 | Owner's Capital | 301 |
| Accounts Receivable | 102 | Accounts Payable | 202 | Owner Draws | 302 |
| Prepaid Rent | 103 | Wages Payable | 203 | ||
| Prepaid Insurance | 104 | ||||
| Office Supplies | 105 | ||||
| Vehicle | 106 | ||||
| Accumulated Depreciation (contra asset) | 107 | ||||
| Revenue Accounts | |||||
| Acct # | |||||
| Service Revenue | 401 | ||||
| Expense Accounts | |||||
| Acct # | |||||
| Rent expense | 501 | ||||
| Business License Expense | 502 | ||||
| Telephone expense | 503 | ||||
| Repairs and Maintenance | 504 | ||||
| Advertising Expense | 506 | ||||
| Wages Expense | 507 | ||||
| Depreciation Expense | 508 | ||||
| Cash | |||||
| Baking Supplies | |||||
| Prepaid Rent | |||||
| Prepaid Insurance | |||||
| Baking Equipment | |||||
| Office Supplies | |||||
| Accounts Receivable | |||||
| Accumulated Depreciation | |||||
| Merchandise Inventory | |||||
| Notes Payable | |||||
| Accounts Payable | |||||
| Wages Payable | |||||
| Interest Payable | |||||
| Common Stock | |||||
| Dividends | |||||
| Bakery Sales | |||||
| Merchandise Sales | |||||
| Baking Supplies Expense | |||||
| Rent Expense | |||||
| Insurance Expense | |||||
| Misc. Expense | |||||
| Business License Expense | |||||
| Advertising Expense | |||||
| Wages Expense | |||||
| Telephone Expense | |||||
| Interest Expense | |||||
| Depreciation Expense | |||||
| Office Supplies Expense | |||||
| Cost of Goods Sold |
General Journal
| A Company | |||||
| General Journal Entries | Journal Entry Tips | ||||
| The debited account is recorded first, credited account recorded second. | |||||
| Debits and credits must always equal! | |||||
| Date | Accounts | Debit | Credit | There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account. | |
| Be sure to use your chart of accounts (the first page of this workbook). | |||||
| Each account you will record to is already listed and organized by classification of the account. | |||||
| Total | – 0 | – 0 | If Red, this means your debits and credits do not equal. Be sure to review for errors. |
Ledger Accounts
| Assets | Liabilities | Equity | Revenue | Expenses | ||||||||||||||||||
| Cash | Notes Payable | Owner's Capital | Service Revenue | Rent Expense | ||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | ||||||||||||||||||
| Accounts Rec. | Accounts Payable | Owner Draws | Business License Expense | |||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| Prepaid Rent | Wages Payable | Telephone Expense | ||||||||||||||||||||
| Posting to the ledger/t accounts | ||||||||||||||||||||||
| Don't overthink it! | ||||||||||||||||||||||
| You are just posting each debit and credit from the journal entries to the account you identified in the entry. | ||||||||||||||||||||||
| These accounts are set to calculate your balances for you. | ||||||||||||||||||||||
| Please be careful not to delete the running totals as those will calculate the ending balance. | ||||||||||||||||||||||
| The ending balance will transfer to the Trial Balance sheet. | ||||||||||||||||||||||
| If you have posted all entries and your trial balance is not in balance (total debits = total credits), | ||||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | this means that there is an error. | $ – 0 | $ – 0 | ||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | ||||||||||||||||||||
| Prepaid Insurance | Repairs & Maint. | |||||||||||||||||||||
| $ – 0 | $ – 0 | $ – 0 | $ – 0 | |||||||||||||||||||
| $ – 0 | $ – 0 | |||||||||||||||||||||
| Office Supplies |
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