Sub Sheets needs to be done as following
# 4&5 Adjusting Entries
# 6 Adjusted TB
#7 Financial Statements
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MGMT210: Course Project
Requirement
Requirement Description
Worksheet Name
1
Prepare the Journal Entries in the General Journal
1 – Journal Entries
2
Post Journal Entries to the General Ledger
2 – General Ledger
3
Prepare a Trial Balance
3 – Trial Balance
4
Prepare the Adjusting Entries
4 – Adjusting Entries
5
Post Adjusting Entries to the General Ledger
2 – General Ledger
6
Prepare an Adjusted Trial Balance
5 – Adjusted TB
7
Prepare the Financial Statements
6 – Financial Statements
8
Prepare the Closing Entries
7 – Closing Entries
9
Post Closing Entries to the General Ledger
2 – General Ledger
10
Prepare the Post Closing Trial Balance
8 – Post Closing Trial Balance
11
Compute Ratios
11-Ratios
12
Interpret the Ratios
12-Interpretation of Ratios
Project Instructions
Course Project Overview
The Course Project consists of 12 Requirements for you to complete. The Course Project is due at the end of Week 9. See the Modules section 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 March 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, Howard’s Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard 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 HFRM.
Requirements
Guidelines
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor.
Milestone 1 is due in Week 3 – This includes project requirements 1-3.
Milestone 2 is due in Week 6 – This includes project requirements 4-7.
Milestone 3 is due in Week 9 – This includes project requirements 8-12.
Before You Begin: Review the Week 2 Lecture prior to starting work on this project. Print the Chart of Accounts and October 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.
March Transactions
During its first month of operation, HFRM completed the following transactions.
March Transactions
Date
Transaction Description
March 1
Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock.
March 1
Paid the premium on a 1-year insurance policy, $2,400.
March 1
Paid the current month’s rent expense, $1,900.
March 3
Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.
March 8
Purchased repair supplies from Gary Company on credit, $650.
March 10
Paid telephone bill for March, $340.
March 11
Cash flight management system (FMS) repair revenue for the first third of March, $1,650.
March 18
Made payment to Gary Company, $400.
March 20
Cash FMS repair revenue for the second third of March, $2,450.
March 31
Cash FMS repair revenue for the last third of March, $1,250.
March 31
Paid the current month’s electice bill, $250.
March 31
Declared and paid cash dividend of $1,000.
Chart of Accounts
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Account Number
Account Title
Normal Balance
Assets
111
Cash
Debit
117
Prepaid Insurance
Debit
119
Repair Supplies
Debit
144
Repair Equipment
Debit
145
Accum Dep -Repair Equipment
Credit
Liabilities
212
Accounts Payable
Credit
213
Income Tax Payable
Credit
Stockholders Equity
311
Common Stock
Credit
312
Retained Earnings
Credit
313
Dividends
Debit
Revenue
411
Bicycle Repair Revenue
Credit
Expenses
511
Store Rent Expense
Debit
512
Telephone Expense
Debit
513
Insurance Expense
Debit
514
Repair Supplies Expense
Debit
515
Dep Expense – Repair Equipment
Debit
516
Income Tax Expense
Debit
517
Electric Expense
Debit
1- Journal Entries
REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
General Journal
Date
Account Number from Chart of Accounts tab
Account Title from Chart of Accounts tab
Debit
Credit
1-Mar
111
Cash
20,000
311
Common Stock
20,000
1-Mar
117
Pre-paid Insurance
2,400
111
Cash
2,400
1-Mar
511
Rent Expense
1,900
111
Cash
1,900
3-Mar
144
Repair equipment
5,800
111
Cash
1,000
212
Account Payable
4,800
8-Mar
119
Repair Supplies
650
212
Account Payable
650
‘March 10
512
Telephone Bill
340
111
Cash
340
11-Mar
111
Cash
1,650
411
(FMS) Repair Revenue
1,650
18-Mar
212
Account Payable
400
111
Cash
400
20-Mar
111
Cash
2,450
411
FMS repair revenue
2,450
31-Mar
111
Cash
1,250
411
FMS repair revenue
1,250
31-Mar
517
Electricity Bill
250
111
Cash
250
31-Mar
313
Dividends
1,000
111
Cash
1,000
38,090Harris, Nicole: Debits = $38,090
38,090Harris, Nicole: Credits = $38,090
1 Journal Entries
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 March journal entries to the following T-Accounts and compute ending balances.
Date
Cash (111)DeVry: The balance of the Cash account after posting journal entries for Part A should be $18,060 .
Date
FMS Repair Revenue (411)
1-Mar
20,000
11-Mar
1,650
1-Mar
2,400
20-Mar
2,450
1-Mar
1,900
31-Mar
1,250
3-Mar
1,000
Trial Balance
5,350
10-Mar
340
Adjusted TB
5,350
11-Mar
1,650
closing
5,350
18-Mar
400
Post Closing TB
0
20-Mar
2,450
31-Mar
1,250
31-Mar
250
31-Mar
1,000
Trial Balance
18,060
Adjuted TB
18,060
Post Clossing TB
18,060
Prepaid Insurance (117)
Rent Expense (511)
1-Mar
2,400
1-Mar
1,900
Trial balance
2,400
Trial balance
1,900
adjustingElizabeth Rolison: Adjusting entries in blue type
200
Adjusted TB
1,900
Adjusted TB
2,200
closing
1,900
Post Closing TB
2,200
Post Closing TB
0
Repair Supplies (119)
Telepone Bill (512)
8-Mar
650
10-Mar
340
Trial balance
650
Trial balance
340
adj
450
Adjusted TB
340
Adjusted TB
200
closing
340
Post Closing TB
200
Post Closing TB
0
Repair Equipment (144)
Insurance Expense (513)
3-Mar
5,800
adjusting
Trial balance
5,800
Adjusted TB
200
Adjusted TB
5,800
closing
200
Post Closing TB
5,800
Post Closing TB
0
Accum Dep – Repair Equipment (145)
Repair Supplies Expense (514)
adjusting
120
adjusting
450
Adjusted TB
120
Adjusted TB
450
Post Closing TB
120
closing
450
Post Closing TB
0
Accounts Payable (212)
Dep expense – Repair Equipment (515)
3-Mar
4,800
adjusting
120
8-Mar
650
Adjusted TB
120
18-Mar
400
closing
120
Trial Balance
5,050
Post Closing TB
0
Adjusted TB
5,050
Post Closing TB
5,050
Income Tax Payable (213)
Income Tax Expense (516)
adjusting
65
adjusting
65
Adjusted TB
65
Adjusted TB
65
Post Closing TB
65
closing
65
Post Closing TB
0
Common Stock (311)
Electric Expense (517)
1-Mar
20,000
31-Mar
250
Trial Balance
20,000
Trial Balance
250
Adjusted TB
20,000
Adjusted TB
250
Post Closing TB
20,000
closing
250
Post Closing TB
0
Retained Earnings (312)
closing
1,000
closing
2,025
closing
Post Closing TB
1,025
Dividends (313)
31-Mar
1,000
Trial Balance
1,000
closing
1,000
Post Closing TB
0
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 March in the space below.
Howard’s Flight Radio Management Corporation Trial Balance March 31
Account
Account
Balance
Number
Title
Debit
Credit
111
Cash
18,060
117
Prepaid Insurance
2,400
119
Repair Supplies
650
144
Repair Equipment
5,800
212
Accounts Payable
5,050
311
Common Stock
20,000
313
Dividends
1,000
411
FMS Repair Revenue
5,350
511
Store Rent Expense
1,900
512
Telephone Expense
340
517
Electric Expense
250
30,400User: Debit Balance = $30,400
30,400User: Credit Balance = $30,400
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 $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65.
Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
General Journal
Date
Account Number from Chart of Accounts tab
Account Title from Chart of Accounts tab
Debit
Credit
0Bruce: Balance $406.00
0Bruce: Balance $406.00
Journal Entries
6 – Adjusted TB
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Howard’s Flight Radio Management Corporation Adjusted Trial Balance March 31
Account
Account
Balance
Number
Title
Debit
Credit
0User: Debit Balance = $30,585
0User: Credit Balance = $30,585
Journal Entries
Only enter accounts that have a balance.
7 – Financial Statements
Requirement #7: Prepare the financial statements for Howard’s Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Howard’s Flight Radio Management Corporation
Howard’s Flight Radio Management Corporation
Howard’s Flight Radio Management Corporation
Income Statement
Statement of Retained Earnings
Balance Sheet
For the Month Ending March 31
For the Month Ending March 31
March 31
Revenues:
Retained Earnings, March 1
Assets:
FMS Repair Revenue
Add: Net Income
Cash
Total Revenue
Subtotal
Prepaid Insurance
Less: Dividends
Repair Supplies
Expenses:
Retained Earnings, March 31
User: Retained Earnings = $1,025
Repair Equipment
Store Rent Expense
Less: Accum. Depr.
Telephone Expense
Total Assets
User: $26,140
Insurance Expense
Repair Supplies Exp.
Liabilities and Stockholders’ Equity
Depreciation Exp.
Liabilities:
Income Taxes Expense
Accounts Payable
Electric Expense
Income Taxes Payable
Total Expenses
Total Liabilities
Net Income
User: Net Income = $2,025
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
Total Liabilities & Stockholders’ Equity
User: $26,140
8 & 9- – Closing Entries
Requirement #8: Prepare the closing entries at March 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 worksheet and compute ending balances. Just add to the adjusted balances already listed.
General Journal
Date
Account Number from Chart of Accounts tab
Account Title from Chart of Accounts tab
Debit
Credit
0Bruce: Debit $9,675
0Bruce: Credit $9,675
Journal Entries
10 – Post Closing Trial Balance
Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below.
Howard’s Flight Radio Management Corporation Post-Closing Trial Balance March 31
Account
Account
Balance
Number
Title
Debit
Credit
– 0User: Debits = $26,260
– 0User: Credits = $26,260
Journal Entries
11- Ratios
Requirement #11: Ratios
Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios.
Current Ratio
Leverage Ratio
Asset Turnover Ratio
Net Profit Margin Ratios
Rate of Return on Total Assets
12- Interpretaion of Ratio
Grading Rubric
Project 1 Grading Rubric – Students
Criteria
Excellent
Good
Poor
Very Poor
Unacceptable
Points Available
Milestone 1
Step 1 —Journal Entries (20 points)
Journal 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. Little-to-no work was completed.
Step 1 Grading Scale
20-18
17-15
14-12
11-9
8-0
20
Milestone 1
Steps 2 and 3 —Posted an Unadjusted Trial Balance. (13 points)
Posting is correct leading to an accurate trial balance.
Posting is mostly correct leading to a mostly correct trial balance.
Posting has several errors leading to a trial balance with several errors.
Posting is done poorly or not at all, leading to inaccurate or no trial balance.
The submission does not meet this requirement. Little-to-no work was completed.
Step 2 & 3 Grading Scale
13-11
10-8
7-5
4-2
1-0
13
Milestone 1
Total
33
Milestone 2
Step 4 —Adjusting Journal Entries (8 points)
Journal 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. Little-to-no work was completed.
Step 4 Grading Scale
8-7
6-5
4-3
2-1
0
8
Milestone 2
Steps 5 and 6 —Posted and Adjusted Trial Balance. (10 points)
Posting is correct leading to an accurate trial balance.
Posting is mostly correct leading to a mostly correct trial balance.
Posting has several errors leading to a trial balance with several errors.
Posting is done poorly or not at all, leading to inaccurate or no trial balance.
The submission does not meet this requirement. Little-to-no work was completed.
Step 5 & 6 Grading Scale
10-9
8-7
6-5
4-3
2-0
10
Milestone 2
Step 7 —Financial Statements (15 points)
All four financial statements are prepared accurately and in an appropriate format.
Three of four financial statements are prepared accurately and mostly in an appropriate format, one statement has some errors.
Two of four financial statements are prepared accurately and mostly in an appropriate format, two statements have some errors.
One or fewer of four financial statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.
The submission does not meet this requirement. Little-to-no work was completed.
Step 7 Grading Scale
15-13
12-10
9-7
6-4
3-0
15
Milestone 2
Total
33
Milestone 3
Step 8 —Closing Journal Entries (7 points)
Journal 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. Little-to-no work was completed.
Step 8 Grading Scale
7-6
5-4
3-2
1
0
7
Milestone 3
Steps 9 and 10 —Posted a Post-closingTrial Balance. (10 points)
Posting is correct leading to an accurate trial balance.
Posting is mostly correct leading to a mostly correct trial balance.
Posting has several errors leading to a trial balance with several errors.
Posting is done poorly or not at all, leading to inaccurate or no trial balance.
The submission does not meet this requirement. Little-to-no work was completed.
Step 9 & 10 Grading Scale
10-9
8-7
6-5
4-3
2-0
10
Milestone 3
Steps 11 and 12 —Ratios and Interpretation. (17 points)
Ratios are calculated correctly. Math process is present. Interpretation of ratios are accurate.
Ratios are calculated mostly correctly. Math process is present. Interpretation of ratios are mostly accurate.
Ratios calculations have some errors. Math process is present. Interpretation of ratios is flawed.
Ratios calculations have various errors. Math process is present. Interpretation of ratios is severely flawed.
The submission does not meet this requirement. Little-to-no work was completed. No math process is present.
Step 11 & 12 Grading Scale
17-15
14-12
11-9
8-6
5-0
17
Milestone 3
Total
34
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