End of Week 2 Mid Week Assessment: You will be getting the majority of this task on Thursday with a small addition on Friday. It is due Sunday December 13th at 11:59pm |
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Explanantion |
N.A. James, a public accountant decided to begin a business of his own on October 1, 20-. At that time he invested in the business a bank balance of $5000 and a automobile worth $18000 and therefore an equity of $23,000 |
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All accounts he uses are listed in the Charter of Accounts below |
A) Your task is to record all the transaction found in the transaction tab, into the correct corresponding T - Account(Chart is optional). Be sure to include the transaction number beside each transaction |
B) Taking the new updated balances in each of your T Accounts you will then create a Trial Balance for October 31, 20 |
C) Once you have checked your balances are balanced, Prepare an Income Statement for the month Ending October 31, 20- |
D) Will be given to you tomorrow |
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Charter of Accounts |
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Bank |
N.A. James, Capital |
Miscellaneous Expense |
A/R - Jenkins and Co |
N.A. James, Drawings |
Rent Expense |
Office Supplies |
Fees Earned |
Office Equipment |
Advertising Expense |
Automobile |
Car Expense |
A/P - Office Supply Company |
Donations Expense |
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Explanation Charter of Accounts End of Week 2 Mid Week Assessment: You will be getting the majority of this task on Thursday with a small addition on Friday. It is due Sunday December 13th at 11:59pm Explanantion N.A. James, a public accountant decided to begin a business of his own on October 1, 20-. At that time he invested in the business a bank balance of $5000 and a automobile worth $18000 and therefore an equity of $23,000 All accounts he uses are listed in the Charter of Accounts below A) Your task is to record all the transaction found in the transaction tab, into the correct corresponding T - Account(Chart is optional). Be sure to include the transaction number beside each transaction B) Taking the new updated balances in each of your T Accounts you will then create a Trial Balance for October 31, 20 C) Once you have checked your balances are balanced, Prepare an Income Statement for the month Ending October 31, 20- D) Will be given to you tomorrow Charter of Accounts BankN.A. James, CapitalMiscellaneous Expense A/R - Jenkins and CoN.A. James, DrawingsRent Expense Office SuppliesFees Earned Office EquipmentAdvertising Expense AutomobileCar Expense A/P - Office Supply CompanyDonations Expense Transactions Transactions T Accounts * Hint did you bring over the 3 beginning balances? T Accounts BankA/R - Jenkins and CoOffice Supplies Office EquipmentAutomobile A/P - Office Supply CompanyN.A. James, CapitalN.A. James, Drawings Fees EarnedAdvertising ExpenseCar Expense Donations ExpenseMiscellaneous ExpenseRent Expense Sheet6 Account NameAssets, Liability or Owners EquityIncrease (+) or Decrease(-)Debit (Dr) or Credit (Cr)Amount� 1BankAsset- Cr300 Office SuppliesAsset +Dr300 Fees EarnedO.E +Dr300 2 Trial Balance Income Statement N.A. James Income Statement For the month Ending October 31, 20- Revenue Rubric Level 1Level 2Level 3Level 4Overall Knowledge: Embeds course knowledge and understanding into answering questions and formation of T AccountsDemonstrates limited knowledge of course content.Demonstrates some knowledge of course content.Demonstrates considerable knowledge of course content.Demonstrates thorough knowledge of course content./20 Communication: Financial Reports is professionally completedReport is not professionally completed and answers with large amount of spelling and grammar mistakesReport is somewhat professionally completed and answers have some spelling and grammar mistakesReport is professionally completed and answers have minimal spelling and grammar mistakesReport is professionally completed and answers have no spelling and grammar mistakes/10 Application: Able to apply course content knowledge into completing financial transaction and documentsDemonstrates limited ability to link course content into completing financial transaction and documentsDemonstrates some ability to link course content into completing financial transaction and documentsDemonstrates considerable ability to link course content into completing financial transaction and documentsDemonstrates thorough ability to link course content into completing financial transaction and documents/70 Comments/100