This Course Project is the signature assignment of ACCT212.
Each student will complete the two milestones of the Course Project. Milestone 1 is due at the end of Week 4 and has three requirements. Milestone 2 is due at the end of Week 6 and has seven requirements.
Please submit each milestone of the Course Project in the assignment section of the respective week.
The Course Project template has all of the information you will need to complete the project. The template also includes the following.
- Detailed project instructions with requirements
- A reference list of July transactions
- A chart of accounts reference sheet
- A grading rubric to help explain what is expected
- Each worksheet has the check figures embedded as a comment
Menu ACCT 212: Course Project RequirementRequirement DescriptionWorksheet Name 1Prepare the Journal Entries in the General Journal1 - Journal Entries 2Post Journal Entries to the General Ledger2 - General Ledger 3Prepare a Trial Balance3 - Trial Balance 4Prepare the Adjusting Entries4 &5 - Adjusting Entries 5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2) 6Prepare an Adjusted Trial Balance6- Adjusted TB 7Prepare the Financial Statements7 - Financial Statements 8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2) 9Post Closing Entries to the General Ledger8&9- General Ledger 10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance Project Instructions Course Project Overview The Course Project consists of 10 Requirements for you to complete. Part 1 of the Course Project is due at the end of Week 4 and Part 2 at the end of Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook. • There are eight worksheets in the workbook you will need to complete. • A list of July transactions • A Chart of Accounts reference sheet • A Grading Rubric to help explain what is expected. • Each worksheet has the Check Figures embedded as a comment. Scenario You’ve just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and pool repair specialist, but definitely not an accountant. Your job is to help Peter put his affairs in order. Luckily, Peter has only been in operation for a month and things have not gotten too out of hand yet! Peter has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the PPC. Requirements ACCT 212: Course Project RequirementRequirement DescriptionWorksheet Name 1Prepare the Journal Entries in the General Journal1 - Journal Entries 2Post Journal Entries to the General Ledger2 - General Ledger 3Prepare a Trial Balance3 - Trial Balance 4Prepare the Adjusting Entries4 &5 - Adjusting Entries 5Post Adjusting Entries to the General Ledger4 &5 -Adjusting Entries ( Use worksheet #2) 6Prepare an Adjusted Trial Balance6- Adjusted TB 7Prepare the Financial Statements7 - Financial Statements 8Prepare the Closing Entries8&9 - Closing Entries ( use worksheet #2) 9Post Closing Entries to the General Ledger8&9- General Ledger 10Prepare the Post Closing Trial Balance10 - Post Closing Trial Balance Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 4 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-10. Before You Begin: Review the Week 2 Lecture prior to starting work on this project. Print the Chart of Accounts and July Transactions worksheets for your reference. You will need to refer to both throughout the project. Review the Grading Criteria. SAVE your work frequently in this workbook. July Transactions During its first month of operation, Peter's Pool Corporation, which specializes in pool repairs, completed the following transactions. July Transactions DateTransaction Description July 1Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1Paid the premium on a 1-year insurance policy, $4,800. July 1Paid the current month's store rent expense, $3,600. July 6Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8Purchased repair supplies from Mary's Repair Company on credit, $450. July 10Paid telephone bill, $300. July 11Cash pool service revenue for the first third of July, $2,650. July 18Made payment to Mary's Repair Company, $300. July 20Cash pool service revenue for the second third of July, $4,000. July 31Cash pool service revenue for the last third of July, $2,250. July 31Paid the current month's electric bill, $500. July 31Declared and paid cash dividend of $1,100. Chart of Accounts Use the following account descriptions for journal entries. Chart of Accounts Account TypeAccount NumberAccount TitleNormal Balance Assets 111Cash Debit 117Repair SuppliesDebit 119Prepaid InsuranceDebit 144Repair Equipment Debit 145Accum Dep -Repair Equipment Credit Liabilities 212Accounts Payable Credit 213Income Tax PayableCredit Stockholders Equity 311Common Stock Credit 312Retained Earnings Credit 313Dividends Debit Revenue 411Pool Service RevenueCredit Expenses 511Store Rent Expense Debit 512Telephone Expense Debit 513Insurance ExpenseDebit 514Repair Supplies Expense Debit 515Dep Expense - Repair Equipment Debit 516Income Tax Expense Debit 517Electric ExpenseDebit 1 - Journal Entries REQUIREMENT #1: Prepare journal entries to record the July transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance. General Journal DateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit 0 Windows User: Debits equal $67,750. 0 Windows User: Credits equal $67,750. Journal Entries Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. 2 - General Ledger REQUIREMENT #2: Post the July journal entries to the following T-Accounts and compute ending balances. DateCash (111) DeVry: The debit balance of the Cash account should be $37,700. DatePool Service Revenue (411) Repair Supplies (117)Store Rent Expense (511) Prepaid Insurance (119)Telephone Expense (512) Repair Equipment (144)Insurance Expense (513) Accum. Depr.-Repair Equipment (145)Repair Supplies Expense (514) Accounts Payable (212)Depr. Exp.-Repair Equipment (515) Income Tax Payable (213)Income Tax Expense (516) Common Stock (311)Electric Expense (517) Retained Earnings (312) Dividends (313) This worksheet will be used to complete Requirements #2, #5 and #9. Instructions for #5 can be found on the Adjusting Entries Worksheet. Instructions for #9 can be found on the Closing Entries Worksheet. 3 - Trial Balance REQUIREMENT #3: Prepare a trial balance for July in the space below. Peter's Pool Corporation Trial Balance July 31 AccountAccountBalance Number TitleDebitCredit 0 Windows User: Debit Balance equals $56,2500 Windows User: Credit Balance equals $56,250. Journal Entries Only enter accounts that have a balance. 4&5 Adjusting Entries Requirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95. Requirement #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed. Requirement #4 DateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit 0 Windows User: Debits equal $855. 0 Windows User: Credits equal $855. Journal Entries 6 - Adjusted TB REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Peter's Pool Corporation Adjusted Trial Balance July 31 AccountAccountBalance Number TitleDebitCredit 0 Windows User: Debit Balance equals $56,505. 0 Windows User: Credit Balance equals $56,505. Journal Entries Only enter accounts that have a balance. 7 - Financial Statements Requirement #7: Prepare the financial statements for Peter's Pool Corporation as of July 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earnings, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. Peter's Pool CorporationPeter's Pool CorporationPeter's Pool Corporation Income StatementStatement of Retained EarningsBalance Sheet For the Month Ending July 31For the Month Ending July 31July 31 Revenues:Retained Earnings, July 1Assets: Pool Repair RevenueAdd: Net IncomeCash Total RevenueSubtotalRepair Supplies Less: DividendsPrepaid Insurance Expenses:Retained Earnings, July 31 Windows User: Retained Earnings, July 31 equals $2,545. Repair Equipment Store Rent ExpenseLess: Accum. Dep - Repair Equipment. Telephone ExpenseTotal Assets Insurance Expense Repair Supplies Exp.Liabilities and Stockholders' Equity Depreciation Exp.Liabilities: Income Tax ExpenseAccounts Payable Electric ExpenseIncome Taxes Payable Total ExpensesTotal Liabilities Net IncomeStockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Windows User: Total Liabilities & Stockholders' Equity equals $49,990. Windows User: Total Assets equals $49,990. Windows User: Net Income equals $3,645. 8&9- Closing Entries Requirement #8: Prepare the closing entries at July 31 in the General Journal below. Hint:Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger ( Step 2) worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal DateAccount Number from Chart of Accounts tabAccount Title from Chart of Accounts tabDebitCredit 0 Windows User: Debits equal $15,255. 0 Windows User: Credits equal $15,255. Journal Entries See the Week 2 Lecture for how to complete closing entries. 10- Post Closing Trial Balance Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Peter's Pool Corporation Post-Closing Trial Balance July 31 AccountAccountBalance Number TitleDebitCredit - 0 Windows User: Debit Balance equals $50,150. - 0 Windows User: Credit Balance equals $50,150. Journal Entries Grading Rubric Course Project Grading Rubric - Students CriteriaExcellentGoodFairPoorUnacceptable Points Available Milestone 1Step 1 —Journal EntriesJournal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.The submission does not meet this requirement. Step 1 Grading Scale24-2221-1918-1716-1514-024 Milestone 1Step 2 Ledger Posting and Balancing Posting is done in the correct accounts and at the correct side (Dr./Cr.) and balances are correct. Posting is done mostly in the correct accounts and mostly at the correct side(Dr./Cr.) and balances are mostly correct. Posting has errors with incorrect accounts and incorrect debits/credits and incorrect balances. Listing of accounts is mostly incorrect with most incorrect accounts and incorrect Dr./Cr. Most ledger balances are incorrect. The submission does not meet this requirement, or posting is not done at all. Step 2 Grading Scale16-1514-1312-1110-98-016 Milestone 1Step 3 - Unadjusted Trial Balance Accounts are listed correctly and in the proper order leading to an accurate trial balance.Most accounts are listed correctly leading to a mostly correct trial balance. Listing of accounts has several errors leading to incorrect trial balance. Listing of accounts is done poorly