13 May ACC 201 Milestone One Guidelines and Rubric
ACC 201 Milestone One Guidelines and Rubric
Overview
In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.
Scenario
You were recently hired as an entry-level bookkeeper for a service corporation that just opened this month. Your first task is to record business transactions for its first month using the source documents and transaction data the company will provide to you. This corporation hasn’t set up its computerized accounting system yet, so you will apply the accounting cycle in Microsoft Excel to record transactions and generate financial reporting results for the organization.
Directions
Record Financial Data: Use generally accepted accounting principles to accurately capture business transactions for the month in the Company Accounting Workbook Template, which is linked in the What to Submit section below. Use the data provided in the Accounting Data Appendix document, which is also linked in the Supporting Materials section below.
Specifically, you must address the following rubric criteria:
Accuracy: Prepare entries that are accurate and fully reflect the appropriate information.
Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance tab of the Company Accounting Workbook, ensuring that the total debits and credits match.
What to Submit
Using the provided template, submit your Company Accounting Workbook Template with the following portions completed: the General Journal tab, the Ledger Accounts tab, and the Trial Balance tab. This assignment should be completed and submitted using the Microsoft Excel workbook template. Note that the first tab of the workbook provides you with the chart of accounts. These are the accounts you will use in recording transactions for the month.
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