Accounting I - Mr. Mavis class info
Accounting I
Midterm Project
Extreme Adventures
You will have until the end of the hour on Tuesday November 20th to complete Parts 1 and 2. Any assignments received late will be given a 20% point deduction. If you are absent, it is up to you to come in before/after school to catch up.
In the packet provided, you will be given all the accounting information for Extreme Adventures for the month of May 2011. You will need to apply what you have learned so far to create each of the following financial statements:
• Journal – chapter 3
• Ledgers – chapter 4
• Worksheet – chapter 6
• Income Statement – chapter 7
• Balance Sheet - chapter 7
• Adjusting Entries/Closing Entries Journal – chapter 8
• Post-Closing Trial Balance – chapter 8
Step 1: Journalize the transactions on pages 147-149. You will be using Page 1 and Page 2 of a Journal
Step 2: Ignore the directions telling you to do a bank reconciliation - continue journalizing the transactions. Make sure you go all the way to the end of the month
Step 3: Complete your equality proof and Cash proof at the end of your journal. If your numbers do not equal, go back and find your errors. YOU MUST FIND AND FIX YOUR ERRORS BEFORE YOU CAN CONTINUE!
Step 4: Post your amounts to the general ledger. Make sure to put your post reference numbers on your journal.
Step 5: Create a Trial Balance on the Worksheet using your Ledger account totals. Make sure your debit and credit totals are in balance.
Step 6: Complete the Worksheet using the information on your Trial Balance. The Adjustments are located on page 228.
Step 7: Create an Income Statement and Balance Sheet based off the information on your Worksheet. Remember to compute your new Capital.
Step 8: Journalize the Adjusting and Closing Entries using Page 3 of a Journal
Step 9: Update your Ledgers, then create a Post-Closing Trial Balance
SEE BELOW FOR RUBRIC….
|Simulation |Point Value |
|Journal (general pg. 1-2) |70 |
|Ledgers |50 |
|Worksheet |30 |
|Income Statement |15 |
|Balance Sheet |15 |
|Adjusting/Closing Entries Journal (pg.3) |20 |
|Post-Closing Trial Balance |25 |
|Total Points Possible |225 |
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