Overview and Guidelines
Detailed project instructions with requirements
A reference list of April transactions
Course Project Template ACCT500: Course Project
Requirement
1
2
3
There are also hints contained within certain cells on some of the Worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the
Hints are provided for the following balances:
1) The debits for the journal entries are on the Journal Entries tab.
2) The credits for the journal entries are on the Journal Entries tab.
3) The cash balance is on the General Ledger tab.
4) The debits for the trial balance are on the Trial Balance tab.
5) The credits for the trial balance are on the Trial Balance tab.
ACCT500: Course Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
so hints contained within certain cells on some of the Worksheet tabs.
er over the red pointer at the top right-hand corner of the cell to read the hint.
ded for the following balances:
or the journal entries are on the Journal Entries tab.
or the journal entries are on the Journal Entries tab.
lance is on the General Ledger tab.
or the trial balance are on the Trial Balance tab.
or the trial balance are on the Trial Balance tab.
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
rksheet tabs.
cell to read the hint.
During its first month of operation, the Plumbing Repair Company, which, specializes in
plumbing repair services, completed the following transactions.
September Transactions
Date
September 1
Transaction Description
Started a plumbing repair business by making a $100,000
deposit in a company bank account, in exchange for 20,000
shares of $5 par value common stock.
September 1
September 2
Purchased insurance for the year and paid $3,000 cash.
Paid monthly rent with $3,500 cash on a warehouse to store the
plumbing equipment.
September 5
Purchased plumbing equipment for $25,000, making a $5,000
down payment and placing $20,000 on account.
September 6
September 7
September 10
September 12
Purchased supplies for $2,000 on account.
Paid $750 cash for advertising in local newspapers.
Received $15,000 in cash for plumbing services provided.
Paid $5,000 for plumbing equipment previously purchased on
account on September 5th.
September 15
September 23
September 25
Provided plumbing services on account for $2,500.
Received $22,000 in cash for plumbing services provided.
Received $1,500 cash for plumbing services performed on
account on September 15th.
September 28
September 30
September 30
September 30
Paid $500 cash for a utility bill.
Paid cash dividends of $1,000.
One month’s insurance expired.
The inventory of supplies showed a balance of $1,200 on hand
at the end of the month.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
115
117
119
144
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Debit
Debit
Debit
Debit
Debit
212
Accounts Payable
Credit
311
313
Common Stock
Dividends
Credit
Debit
411
Service Revenue
Credit
510
511
512
514
517
Insurance Expense
Rent Expense
Advertising Expense
Supplies Expense
Utility Expense
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the September 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
Journal Entries
Journal Entries
e General Journal
balance.
Credit
Journal Entries
REQUIREMENT #2: Post the September journal entries to the following T-Accounts and compute e
balances.
Date
Cash (111)
Accounts Receivable (115)
Supplies (117)
Prepaid Insurance (119)
Equipment (144)
Date
Accounts Payable (212)
Common Stock (311)
Dividends (313)
ollowing T-Accounts and compute ending
Service Revenue (411)
Insurance Expense (510)
Rent Expense (511)
Advertising Expense (512)
Supplies Expense (514)
Utility Expense (517)
Journal Entries
REQUIREMENT #3: Prepare a trial balance for September in the space below.
Account
Number
The Plumbing Repair Company
Trial Balance
September 30
Account
Title
Balance
Debit
Credit
Journal Entries
NAME
Course Project Grading Rubric
Excellent
Good
Step 1
—Journal Entries
Journal entries use
Journal entries mostly use
accurate accounts and accurate accounts and
amounts; and debits and amounts; and debits and
credits are used correctly. credits are used correctly.
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
45-40
Posting is done in the
correct accounts and at
the correct side (Dr./Cr.)
and balances are
correct.
39-35
Posting is done mostly in
the correct accounts and
mostly at the correct
side(Dr./Cr.) and balances
are mostly correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
45-40
Accounts are listed
correctly and in the
proper order leading to
an accurate trial
balance.
39-35
Most accounts are listed
correctly leading to a
mostly correct trial
balance.
Step 3 Grading Scale
30-27
26-24
Points
Available
Fair
Poor
Unacceptable
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.
34-30
Posting has errors with
incorrect accounts and
incorrect debits/credits
and incorrect balances.
29-25
Listing of accounts is mostly
incorrect with most
incorrect accounts and
incorrect Dr./Cr. Most
ledger balances are
incorrect.
24-0
The submission does
not meet this
requirement, or
posting is not done at
all.
45
34-30
Listing of accounts has
several errors leading to
incorrect trial balance.
29-25
Listing of accounts is done
poorly or not at all, leading
to inaccurate or no trial
balance.
24-0
The submission does
not meet this
requirement.
45
20-18
17-0
30
120
23-21
Your Points
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