I have completed sheet 1, 2 and 3 on the attached excel document. I need help completing the rest of the sheets (4&5,6,7,8,9,10) using the information provided.
For the completed sheets 1,2,3 the instructor commented
“You should only have one accounts payable account. also, I do not follow your balances for the cash account.”
MGMT210: Course Project
Requirement
1
2
3
4
5
6
7
8
9
10
11
12
MGMT210: Course Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
Prepare the Adjusting Entries
Post Adjusting Entries to the General Ledger
Prepare an Adjusted Trial Balance
Prepare the Financial Statements
Prepare the Closing Entries
Post Closing Entries to the General Ledger
Prepare the Post Closing Trial Balance
Compute Ratios
Interpret the Ratios
roject
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
4 – Adjusting Entries
2 – General Ledger
5 – Adjusted TB
6 – Financial Statements
7 – Closing Entries
2 – General Ledger
8 – Post Closing Trial Balance
11-Ratios
12-Interpretation of Ratios
Course Project Overview
Scenario
Requirements
Guidelines
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.
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.
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
During its first month of operation, HFRM completed the following transactions.
March Transactions
Date
March 1
Transaction Description
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
March 1
March 3
Paid the premium on a 1-year insurance policy, $2,400.
Paid the current month’s rent expense, $1,900.
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
March 11
Paid telephone bill for March, $340.
Cash flight management system (FMS) repair revenue for the
first third of March, $1,650.
March 18
March 20
Made payment to Gary Company, $400.
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
March 31
Paid the current month’s electice bill, $250.
Declared and paid cash dividend of $1,000.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
117
119
144
145
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Accum Dep -Repair Equipment
Debit
Debit
Debit
Debit
Credit
212
213
Accounts Payable
Income Tax Payable
Credit
Credit
311
312
313
Common Stock
Retained Earnings
Dividends
Credit
Credit
Debit
411
Bicycle Repair Revenue
Credit
511
512
513
514
515
516
517
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Expense
Dep Expense – Repair Equipment
Income Tax Expense
Electric Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Review Chapter 2,
p. 90 for more
information on the
Chart of Accounts
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
1-Mar
1-Mar
1-Mar
3-Mar
8-Mar
10-Mar
11-Mar
18-Mar
20-Mar
31-Mar
31-Mar
31-Mar
Account
Number from
Chart of
Accounts tab
Account Title from Chart of Accounts tab Debit
Cash a/c
Common Stock (2000×10)
Insurance Premium A/c
cash a/c
Rent a/c
cash a/c
Repair Equipment A/C
Cash a/c
Account Payble
Repair Supplies A/C
Account Payble
Telephone Expense
Cash a/c
Cash A/C
Repair Revenue
Account Payble
Cash A/C
Cash A/C
Repair Revenue
Cash A/C
Repair Revenue
Electric Expense
Cash A/C
Dividen A/C
Cash A/C
Credit
20.000
20.000
2.400
2.400
1.900
1.900
5.800
1.000
4.800
650
650
340
340
1.650
1.650
400
400
2.450
2.450
1.250
1.250
250
250
1.000
1.000
Once you’ve
requirement
General Journ
complete Req
on the Genera
worksheet.
Journal Entries
Journal Entries
Once you’ve completed this
requirement print your
General Journal to
complete Requirement #2
on the General Ledger
worksheet.
REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances.
1-Mar
11
20
31
Cash Account
Debit
Common stock
Repair Revenue a/c
Repair Revenue a/c
Repair Revenue a/c
Cash Account
20.000
1.650
2.650
1.250
1
1
3
10
18
31
31
31
Insurance
Rent
Repair Equip.
Teleohone Exp.
Account Payable
Electrick Exp
Dividen A/C
Balance
23.350
ACCOUNT PAYABLE (FRED) debit
31-Mar To Balance
4.800
Credit
31-Mar Repair Expense
4.800
ACCOUNT PAYABLE ( Gary CO)
18-Mar Cash
400
To balance
250
Credit
18-Mar Repair Expense
650
COMMON STOCK (DEBIT)
31-Mar To balance
20.000
20.000
CREDIT
cash
ompute ending balances.
Credit
2.400
1.900
1.000
360
400
250
1.000
18.060
23.350
Credit
4.800
4.800
Credit
650
650
CREDIT
20.000
20.000
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.
Journal Entries
REQUIREMENT #3: Prepare a trial balance for March in the space below.
Account
Number
111
212
212
311
513
511
515
512
514
517
313
411
Howard’s Flight Radio Management Corporation
Trial Balance
March 31
Account
Title
Cash
Account Payable ( Fred)
Account Payable ( GARY)
Common Stock
Insurance
Rent
Repair Equipment
Telephone Expense
Repair Supplies
Electric Expenses
Dividens
Repair Revenue
Balance
Debit
Credit
18.060
4.800
250
20.000
2.400
1.900
5.800
340
650
250
1.000
5.350
30.400
30.400
Journal Entries
Only enter
accounts that
have a balance.
Journal 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.
Date
Account
Number from
Chart of
Accounts tab
General Journal
Account Title from Chart of Accounts tab
Debit
0
Journal Entries
ournal below. Show
counts and
Credit
0
Journal Entries
REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below.
Account
Number
Howard’s Flight Radio Management Corporation
Adjusted Trial Balance
March 31
Account
Title
Balance
Debit
Credit
0
0
Journal Entries
Only enter
accounts that
have a balance.
Requirement #7: Prepare the financial statements for Howard’s Flight Radio Management Corporation as
You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Shee
The Statement of Cash Flows is a required Financial Statement, but is not required for this project.
Howard’s Flight Radio Management Corporation
Income Statement
For the Month Ending March 31
Revenues:
FMS Repair Revenue
Total Revenue
Expenses:
Store Rent Expense
Telephone Expense
Insurance Expense
Repair Supplies Exp.
Depreciation Exp.
Income Taxes Expense
Electric Expense
Total Expenses
Net Income
Howard’s Flight Radio Management Corporation
Statement of Retained Earnings
For the Month Ending March 31
Retained Earnings, March 1
Add: Net Income
Subtotal
Less : Dividends
Retained Earnings, March 31
anagement Corporation as of March 31 in the space below.
ning, and the Balance Sheet.
uired for this project.
Management Corporation
Retained Earnings
Ending March 31
Howard’s Flight Radio Management Corporation
Balance Sheet
March 31
Assets:
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Less: Accum. Depr.
Total Assets
Liabilities and Stockholders’ Equity
Liabilities:
Accounts Payable
Income Taxes Payable
Total Liabilities
Stockholders’ Equity:
Common Stock
Retained Earnings
Total Stockholders’ Equity
Total Liabilities & Stockholders’
Equity
Journal 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
Journal Entries
0
Journal Entries
Hint: Use the
g entries.
sheet and
Credit
Journal Entries
0
Journal Entries
Requirement #10: Prepare a post-closing trial balance as of March 31 in the space
below.
Account
Number
Howard’s Flight Radio Management Corporation
Post-Closing Trial Balance
March 31
Account
Title
Balance
Debit
Credit
–
–
Requirement #11: Ratios
Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute
Current Ratio
Leverage Ratio
Asset Turnover Ratio
Net Profit Margin Ratios
Rate of Return on Total Assets
d by you in step 7 compute the following ratios.
Project 1 Grading Rubric – Students
Criteria
Excellent
Journal entries use
accurate
Step 1
accounts and
Milestone 1 —Journal Entries
amounts; and
(20 points)
debits and credits
are used correctly.
Step 1 Grading
Scale
Steps 2 and 3
—Posted an
Milestone 1 Unadjusted Trial
Balance. (13
points)
Step 2 & 3
Grading Scale
20-18
Posting is correct
leading to an
accurate trial
balance.
Good
Poor
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.
17-15
14-12
Posting is mostly
correct leading to
a mostly correct
trial balance.
Posting has several
errors leading to a
trial balance with
several errors.
13-11
10-8
7-5
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.
8-7
6-5
4-3
Milestone 1
Step 4
—Adjusting
Milestone 2
Journal Entries
(8 points)
Step 4 Grading
Scale
Steps 5 and 6
—Posted and
Milestone 2 Adjusted Trial
Balance. (10
points)
Step 5 & 6
Grading Scale
Posting is correct
leading to an
accurate trial
balance.
10-9
Posting is mostly
correct leading to
a mostly correct
trial balance.
8-7
Posting has several
errors leading to a
trial balance with
several errors.
6-5
Step 7
—Financial
Milestone 2
Statements (15
points)
Step 7 Grading
Scale
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.
15-13
12-10
9-7
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.
7-6
5-4
3-2
Milestone 2
Step 8
—Closing
Milestone 3
Journal Entries
(7 points)
Step 8 Grading
Scale
Steps 9 and 10
—Posted a PostMilestone 3 closingTrial
Balance. (10
points)
Step 9 & 10
Grading Scale
Posting is correct
leading to an
accurate trial
balance.
10-9
Ratios are calculated
correctly. Math
Steps 11 and 12 process is present.
Interpretation of
—Ratios and
Milestone 3
Interpretation. ratios are accurate.
(17 points)
Step 11 & 12
Grading Scale
Milestone 3
17-15
Posting is mostly
correct leading to
a mostly correct
trial balance.
8-7
Ratios are calculated
mostly correctly.
Math process is
present.
Interpretation of
ratios are mostly
accurate.
14-12
Posting has several
errors leading to a
trial balance with
several errors.
6-5
Ratios calculations
have some errors.
Math process is
present.
Interpretation of
ratios is flawed.
11-9
Very Poor
Unacceptable
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. Littleto-no work was
completed.
11-9
8-0
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
4-2
Points
Availabl
e
20
The submission does
not meet this
requirement. Littleto-no work was
completed.
1-0
13
33
Total
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. Littleto-no work was
completed.
2-1
0
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
4-3
8
The submission does
not meet this
requirement. Littleto-no work was
completed.
2-0
10
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. Littleto-no work was
completed.
6-4
3-0
15
33
Total
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. Littleto-no work was
completed.
1
0
Posting is done
poorly or not at all,
leading to
inaccurate or no
trial balance.
4-3
Ratios calculations
have various errors.
Math process is
present.
Interpretation of
ratios is severely
flawed.
8-6
7
The submission does
not meet this
requirement. Littleto-no work was
completed.
2-0
10
The submission does
not meet this
requirement. Littleto-no work was
completed. No
math process is
present.
5-0
17
Total
34
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
