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Assignment #1 - PRACTICAL application

Added on -2019-09-22

Complete the given accounting worksheet with the trial balance and related adjustment information. Prepare adjusting entries, post adjusting entries into worksheet, complete income statement, balance sheet, multi-step income statement, statement of equity, classified balance sheet, and journalize closing entries.
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ASSIGNMENT #1 - PRACTICAL APPLICATIONSTUNDENT NAME: _______________________INSTRUCTIONSThis assignment should be completed using this document. Assignmentsneed to be submitted on or before the due date specified by the instructor. Consult the course calendar in the Course Documentssection for assignment due dates. The assignment may be uploaded only once to the gradecenter. Yourassignment grade and the marked file will be available for your review through the Gradebook after the due date.This assignment is worth 15% of your final grade. There are a total of 83 marks as described in the question on the following pages. SCORING CRITERIAThis assignment will be marked using the scoring criteria indicated in the chart below. Grading RubricCriteriaExceedsRequirementsMeetsRequirementsMeetsRequirementsbut NeedsWorkDoes Not MeetRequirementsGradePrepareAdjustingEntriesPrepares alljournal entriescorrectly(16)Prepares aminimum of70% of journalentries correctly(12-15)Prepares aminimum of50-69% ofjournalentriescorrectly(9-11)Prepares lessthan 50% ofjournal entriescorrectly(0-8)Post AdjustingEntries into aWorksheetPost entriescorrectly(10)Post entries 70%of correctly(8-9)Post aminimum of50-69% ofentriescorrectly(6-7)Post less than50% of entriescorrectly(0-5)CompleteIncomeStatement onWorksheetCompleteIncomestatement onworksheetcorrectly(10)CompleteIncomestatement onworksheetcorrectly70%(8-9)CompleteIncomestatement onworksheetcorrectly50-69% (6-7)CompleteIncomestatement onworksheet lessthan 50%correctly (0-5)CompleteBalance Sheeton WorksheetCompleteBalance Sheeton worksheetcorrectlyCompleteBalance Sheeton worksheetcorrectly70%CompleteBalance Sheeton worksheetcorrectly50-69% CompleteBalance Sheeton worksheetless than 50%correctly
(13)(10-12)(5-9)(0-6.5)Prepare in GoodForm Multi StepIncomeStatement Complete inGood Form aMulti StepIncomeStatement(10)Complete inGood Form aMulti StepIncomeStatementcorrectly70% (8-9)Complete inGood Form aMulti StepIncomeStatementcorrectly50-69% (6-7)Complete inGood Form aMulti StepIncomeStatement lessthan 50%correctly(0-5)Prepare in GoodForm Statementof Equity Complete inGood Form aStatement ofEquity(5)Complete inGood Form aStatement ofEquitycorrectly70% (4-4.5)Complete inGood Form aStatement ofEquitycorrectly50-69% (3-3.5)Complete inGood Form aStatement ofEquity less than50%correctly(0-2.5)Prepare in GoodForm ClassifiedBalance Sheet Complete inGood Form aClassifiedBalance Sheet(11)Complete inGood Form aClassifiedBalance Sheetcorrectly70% (9-10)Complete inGood Form aClassifiedBalance Sheetcorrectly50-69% (6-8)Complete inGood Form aClassifiedBalance Sheetless than 50%correctly(0-5.5)JournalizeClosing EntriesPrepares allclosing entriescorrectly(8)Prepares aminimum of70% of closingentries correctly(6-7)Prepares aminimum of50-69% ofclosingentriescorrectly(5-5.5)Prepares lessthan 50% ofclosing entriescorrectly(0-4)CommentsTotal/83
Question Given the following work sheet with the trial balance already entered, and the related adjustment information, complete the requirements listed belowEmmas Essentials Co. Accounting Work Sheet For the Year Ended December 31, 2011 (All numbers are in ‘$,000)AccountTrialAdjustmentsInc.BalanceBalanceStatementSheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Cash8Accounts Rec.15Inventory22Prepaid Rent9Furniture16AccumulatedAmortization-Furniture4AccountsPayable17Salary Payable0UnearnedRevenue6Emma Mc,Capital24Emma Mc,Withdrawals3Sales Revenue79Sales Discounts5Sales Returnsand Allowances2Cost of GoodsSold25Salary Expense18Rent Expense0UtilitiesExpense7AmortizationExpense-Furniture130130NetIncome/Loss

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