Posted: March 3rd, 2014

Course Project 1 – Overview and Guideli

ourse Project 1 – Overview and Guideli

Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See Syllabus/”Due Dates for Assignments & Exams” for due date information.

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The Course Project 1 template has all of the information you will need to complete Parts A & B of the project. The template also includes:

• Detailed Project Instructions (with requirements)
• A reference list of October 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.

1. Download the Excel template named ACCT212_CourseProject1 located on the Doc Sharing tab in the course shell.
2. To complete Part A (due at the end of Week 3):
   • Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets.
   • Type your work directly into the worksheets.
   • Save your workbook as “CourseProject1A_ ACCT212_YourLastName”.
   • Submit your workbook to the Dropbox under “Course Project 1-Part A” by the end of Week 3. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thes or watch this Tutorial
3. To complete Part B (due at the end of Week 5):
   • Using feedback from your instructor and the worksheets from Part A, complete requirements 4-10.
   • Type your work directly into the worksheets.
   • Save your workbook as “CourseProject1B_ACCT212_YourLastName”.
   • Submit the workbook to the Dropbox under “Course Project 1-Part B” by the end of Week 5. Submit your assignment to the Dropbox located on the silver tab at the top of this page.

Course Project 2 – Overview and Guidelines

The Course Project 2 template has all of the information you will need to complete the project including:Course Project 2 satisfies the course description. At the end of Course Project 2, you will be able to prepare common-size statements, analyze profitability; and make comparisons with the industry allowing you to make informed business decisions. Course Project 2 is due at the end of Week 7.

• Detailed requirements
• A worksheet to enter your solutions
• A Grading Rubric to help explain what is expected.

1. Download the Excel template named ACCT212_CourseProject2 located on the Doc Sharing tab in the course shell.
2. To complete Course Project 2 (due at the end of Week 7):
   • Using the requirements worksheet for reference, complete requirements 1-3 on the Your Solution worksheet.
   • Type your work directly into the worksheet.
   • Save your workbook as “CourseProject2_ACCT212_YourLastName”.
   • Submit your workbook to the Dropbox under “Course Project 2” by the end of Week 7

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Question 1. Question : (TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners’ Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points)

 

 

 

 

 

 

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Question 2. Question : (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement requires input from the Income Statement and Statement of Retained Earnings (10 points), and (2) explain what information this financial statement provides. (10 points)

 

 

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Question 3. Question : (TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the Going-concern Assumption is (10 points) and (2) provide an example of its application. (10 points)

 

 

 

 

 

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Question 4. Question : (TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

 

Question 5. Question : (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The building that houses the business is depreciated at an annual rate of $14,000. Develop the adjusting entry for year end. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

 

 

 

 

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(TCO 5) E-commerce creates its own risks, and therefore special internal controls. (1) Identify and explain one pitfall and one security measure for an online business (10 points) and (2) provide examples of how your selected security measure will strengthen internal control. (15 points)

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Question 2. Question : (TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

 

•????????The bank statement indicated a service charge of $56.

•????????J & J made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.

•????????A credit memo in the bank statement indicated a bank collection of a note for $1,300 with interest received of $16. This item was dated May 18.

•????????Also included in the bank statement was a debit memo for a NSF check for $314 from Barney Smythe.

•????????Checks #1406 for $1,342, #1610 for $1,609, and #1825 for $857 were written by J & J and sent to the respective companies, but these checks do not appear on the bank statement.

•????????The balance on the bank statement as of May 31 was $13,019.

•????????The Cash account on Janus’ books showed an amount of $9

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