Portfolio Project – Trail Balance, Adjusting Entries, & Closing Entries Assignment | Professional Writing Services

 

ACCT205– Accounting Principles II

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Portfolio Project Directions and Rubric

 

This Assessment is worth 15% of your grade

Outcomes

Completing this Assessment will help you to meet the following:

 

Course Outcomes

  • Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization
  • Select and utilize appropriate technology to complete a real-world accounting project that requires the construction of a multiple-step income statement and a classified balance sheet.

 

Program Outcomes

            Accounting Associates:

  • Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.

 

Business Associates:

  • Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.

 

BBA:

  • Apply contemporary knowledge and skills in the evolving business marketplace.

 

Institutional Outcomes

  • Information Literacy and Communication – Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
  • Relational Learning – Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations.
  • Thinking Abilities – Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement.
  • Quantitative and Scientific Reasoning – Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
  • Community and Career – Participate in social, learning, and professional communities for personal and career growth.

 

 

Scenario

 

You have just been promotedto the Senior Accountant position for Northridge LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Jones, requests that he previews your work since you are new to the position.

 

 

Directions

 

For this project, you will be using the Excel workbook provided in week 3.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) .

 

Northridge LLC
 Trial Balance
April 30, 20XX
          Debit Credit
Cash         $58,791  
Accounts receivable       18,495  
Merchandise inventory       85,221  
Store Supplies       2250  
Office Supplies’       885  
Prepaid Insurance       1659  
Office equipment       2500  
 Accumulated depreciation-Office Equipment     $658
Store equipment       16580  
 Accumulated depreciation-Store Equipment     2,268
Accounts Payable           50921
J. Spark, Capital         132,534
             
Totals         $186,381 $186,381

 

 

 

 

 

Week 5: Trial Balance, Adjustments, Closing Entries
submit your work by the end of Week 5, 11:59pm EST.

Using the informationfrom the Excel workbook from Week 3’s submission, complete a worksheet using the following information for accounting adjustments.

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

 

    1. Expired insurance, $553.
    1. Ending store supplies inventory, $2,632.
    1. Ending office supplies inventory, $504.
  1. Depreciation of store equipment, $567.
    1. Depreciation of office equipment, $329.

 

 

 

 

 

ACCT205 – Portfolio Project – Week 3 General Journal Entries Rubric
Criteria Exceeds Expectations Meets Expectations Needs Improvement Points
Forms and Schedules

100 Points

90-100 points

 

Submitted without errors:

·         Journal Entries

·         Properly formatted

 

 

70 – 89 points

 

Submitted with minor errors, each of the submissions:

·         Journal Entries

·         1-5 entries incorrectly formatted/not balanced

 

69-0 points

 

·         Did not submit or missing a significant amount of data; numerous errors.

·         6 or more JEs are not in proper form/unbalanced

·         Student does not understand how to correctly complete assigned tasks.

 
Instructor Comments:   Total Points:  

 

 

 

 

 

ACCT205 – Portfolio Project Week 5 Trial Balance, Adjusting & Closing Entries Rubric
Criteria Exceeds Expectations Meets Expectations Needs Improvement Points
Forms and Schedules

100 Points

90-100 points

 

Submitted without errors:

·         Adjusting Entries

·         Worksheet

·         Closing Entries

·         In proper form/balanced

 

 

70 – 89 points

 

Submitted with minor errors, each of the submissions:

·         Adjusting Entries

·         Worksheet

·         Closing Entries

·         1-3 entries incorrectly formatted/not balanced

 

69-0 points

 

·         Did not submit or missing a significant amount of data; numerous errors.

·         4 or more entries are not in proper form/unbalanced

·         Student does not understand how to correctly complete assigned tasks.

 
Instructor Comments:   Total Points:  

 

 

 

ACCT205 – Portfolio Project Week 6 Financial Statements Rubric
Criteria Exceeds Expectations Meets Expectations Needs Improvement Points
Forms and Schedules

100 Points

90-100 points

 

Submitted without errors:

·         Multiple Step Income Statement

·         Statement of Owners’ Equity

·         Classified Balance Sheet

·         In proper form/balanced

 

 

70 – 89 points

 

Submitted with minor errors, each of the submissions:

·         Multiple Step Income Statement

·         Statement of Owners’ Equity

·         Classified Balance Sheet

·         1 statement incorrectly formatted/not balanced

 

69-0 points

 

·         Did not submit or missing a significant amount of data; numerous errors.

·         2 or more statements are not in proper form/unbalanced

·         Student does not understand how to correctly complete assigned tasks.

 
Instructor Comments:   Total Points:  

 

 

 

 

 

ACCT205 – Portfolio Project Final Submission Rubric
Criteria Exceeds Expectations Meets Expectations Needs Improvement Points
Forms and Schedules

100 Points

90-100 points

 

Submitted to ePortfolio without errors in each of the submissions:

·      Journal Entries

·      Worksheet/Adjusting & Closing Entries

·      Financial Statements

70 – 89 points

 

Submitted to ePortfolio with minor errors in each of the submissions:

·      Journal Entries

·      Worksheet/Adjusting & Closing Entries

·      Financial Statements

0 -69 points

 

Did not submit or missing a significant amount of data; numerous errors.

Student does not understand how to correctly complete assigned tasks.

 
Instructor Comments:   Total Points:  

 

 

 

 

 

 

 

 

 

 

 

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