MAT200 Sect1 Principles of Accounting: Module 3 Assignment
Assignment Description:
Use the transactions below to prepare an accounting equation and Income statement. See the example below of a journal entry. Also, remember to use the excel file and watch the video attached to this module to assist you with the assignment.
Example:
Account
Debit
Credit
Cash Basis – Rent Expense
$2,800
Cash Basis – Cash Account
$2,800
Accrual Basis – Prepaid Rent
$2,800
Accrual Basis – Cash Account
$2,800
On November 1, 2021, Barbie Riley opened Barbie’s Art Studio. The following transactions occurred in November.
Nov. 1 Barbie Riley invested $8,000 in the art studio
Nov. 1 Paid ten months’ rent in advance, $2,800
Nov. 3 Purchased $1,200 of equipment from Omni Co. on the account
Nov. 5 Received $900 cash for art-training workshop for teachers
Nov. 8 Purchased $450 of art supplies for cash
Nov. 9 Billed Howie Co. $2,500 for group art lessons for its employees
Nov. 10 Paid salaries of assistants, $1,300
Nov. 15 Barbie withdrew $100 from the business for personal use
Nov. 28 Paid electrical bill, $110
Nov. 29 Paid telephone bill for November, $140
Your tasks are to do the following:
Prepare a trial balance as of November 30, 2021, on a cash basis and accrual basis.
Create an income statement on accrual basis
Write a summary describing what you did in this assignment.
Record audio and video showing your work (approximately 6-8 minutes).
M3 Assignment UMBO – 4
M3 Assignment PLG – 1, 2, 3
M3 Assignment CLO – 1, 2, 3, 6, 8, 9
Instructions & Specifications
Submissions
Rubric
Start by reading and following these instructions:
Study the required chapter(s) of the textbook and any additional recommended resources. Some answers may require you to do additional research on the Internet or in other reference sources. Choose your sources carefully.
Consider the discussion and the any insights you gained from it.
Review the assignment rubric and the specifications below to ensure that your response aligns with all assignment expectations.
Create your assignment submission and be sure to cite your sources, use APA style as required, and check your spelling.
The following specifications are required for this assignment:
Length: 6-8 minute video; answers must thoroughly address the two questions in a clear, concise manner
Structure: Include a title page and reference page in APA style. These do not count toward the minimum word amount for this assignment.
References: Use the appropriate APA style in-text citations and references for all resources utilized to answer the questions. Include at least three (3) scholarly citations to support your claims.
Format: Save your assignment as a .mp4 or provide the link to the video on YouTube.
Filename: Name your saved file according to your FirstInitialLast Name_CourseID_ModuleNumber (for example, “RHall_EDD820_M1.docx”)
After completing the assignment above, select the link below to access the next module overview.
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