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Note: The template required for this assignment is attached.Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial BalanceComplete Part 1 and Part 2.Part 1Shown below is Johnson Travel Agency’s adjusted trial balance as of the end of its annual accounting period:Johnson Travel Agency’sAdjusted Trial BalanceDecember 31Account NameDR.CR.Cash$ 52,000Accounts receivable18,900Office equipment31,500Accumulated depreciation—Office equipment $7,500Notes payable11,260Capital stock42,500Dividends2,500Fees earned98,000Salaries expense45,200Rent expense2,300Depreciation expense—Office equipment 3,160Office supplies expense3,700Totals$159,260$159,260Required: Using the template in the Module 3 folder, prepare the following:(a) Prepare the necessary closing entries.(b) Prepare a post-closing trial balance.Part 2Determine if the following transactions for Everon Corporation require an adjustment. If an adjusting entry is required, give the correct entry. Where applicable, write the original entry first and then the adjusting entry.At the beginning of the month, Everon agreed to perform services for the next four months for Maston, Inc. for $25,000 per month. Ford paid Michigan $100,000 cash in advance. One month has now passed.Everon pays its employees every two weeks. At the end of the month, Everon owes its employees $75,000 but will not pay them until the following week.Everon paid $60,000 cash for rent at the beginning of the month by debiting prepaid rent and crediting cash. This amount covered six months of occupancy, but only one month has passed.At the beginning of the year, Everon bought supplies from Douglas Implements for $4,500 cash per month for twelve months. A physical count at year-end revealed supplies worth $1,500 were still left over. Complete the original journal entry followed by the adjusting entry.Review the grading rubric to understand how you will be graded on this assignment. Note: The template required for this assignment is attached.RubricACT300 Mod 3 CTACT300 Mod 3 CTCriteriaRatingsPtsThis criterion is linked to a Learning OutcomeRequirements10.0 to >8.0 ptsMeets ExpectationIncludes all of the required components of adjusting and closing entries and/or financial statements.8.0 to >6.0 ptsApproaches ExpectationIncludes most of the required components of adjusting and closing entries and/or financial statements.6.0 to >4.0 ptsBelow ExpectationIncludes some of the required components of adjusting and closing entries and/or financial statements.4.0 to >0 ptsLimited EvidenceIncludes few of the required components of adjusting and closing entries and/or financial statements.10.0 ptsThis criterion is linked to a Learning OutcomeContent20.0 to >16.0 ptsMeets ExpectationDemonstrates strong or adequate knowledge of adjusting and closing entries and/or financial statements; correctly represents knowledge of adjusting and closing entries and/or financial statements.16.0 to >12.0 ptsApproaches ExpectationSome significant but not major errors or omissions in demonstration of knowledge of adjusting and closing entries and/or financial statements; somewhat represents knowledge of adjusting and closing entries and/or financial statements.12.0 to >8.0 ptsBelow ExpectationMajor errors or omissions in demonstration of knowledge of adjusting and closing entries and/or financial statements; major misrepresentations of knowledge of adjusting and closing entries and/or financial statements.8.0 to >0 ptsLimited EvidenceFails to demonstrate knowledge of adjusting and closing entries and/or financial statements.20.0 ptsThis criterion is linked to a Learning OutcomeCritical Analysis10.0 to >8.0 ptsMeets ExpectationProvides a strong critical analysis and interpretation of the information given.8.0 to >6.0 ptsApproaches ExpectationSome significant but not major errors or omissions in analysis and interpretation.6.0 to >4.0 ptsBelow ExpectationMajor errors or omissions in analysis and interpretation.4.0 to >0 ptsLimited EvidenceFails to provide critical analysis and interpretation of the information given.10.0 ptsThis criterion is linked to a Learning OutcomeProblem Solving10.0 to >8.0 ptsMeets ExpectationDemonstrates strong or adequate thought and insight in problem solving.8.0 to >6.0 ptsApproaches ExpectationSome significant but not major errors or omissions in problem solving.6.0 to >4.0 ptsBelow ExpectationMajor errors or omissions in problem solving.4.0 to >0 ptsLimited EvidenceFails to demonstrate problem solving.10.0 ptsThis criterion is linked to a Learning OutcomeDemonstrates college-level proficiency in organization, grammar and style.10.0 to >8.0 ptsMeets ExpectationProject is clearly organized, well written, and in proper format as outlined in the assignment. Strong sentence and paragraph structure; few errors in grammar and spelling.8.0 to >6.0 ptsApproaches ExpectationProject is fairly well organized and written, and is in proper format as outlined in the assignment. Reasonably good sentence and paragraph structure; significant number of errors in grammar and spelling.6.0 to >4.0 ptsBelow ExpectationProject is poorly organized; does not follow proper paper format. Inconsistent to inadequate sentence and paragraph development; numerous errors in grammar and spelling.4.0 to >0 ptsLimited EvidenceProject is not organized or well written, and is not in proper paper format. Poor quality work; unacceptable in terms of grammar and spelling.10.0 ptsTotal Points: 60.0
act300_critical_thinking_template_option_02_part_02_module_03.xlsx

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ACT 300 Module 3 CT 3
Option #2: Preparing Adjusting Entries, Closing Entries and a Post-Closing Trial Balance
Complete Part 1 and Part 2.
Part 1
Shown below is Johnson Travel Agency’s adjusted trial balance as of the end of its annual accounting period:
Johnson Travel Agency’s
Adjusted Trial Balance
December 31
Account Name
Cash
Accounts receivable
Office equipment
Accumulated depreciation—Office equipment
Notes payable
Capital stock
Dividends
Fees earned
Salaries expense
Rent expense
Depreciation expense—Office equipment
Office supplies expense
Totals
DR.
$52,000
18,900
31,500
CR.
$7,500
11,260
42,500
2,500
98,000
45,200
2,300
3,160
3,700
$159,260
$159,260
Required: Using the template (worksheet) below, prepare the following:
(a) Prepare the necessary closing entries.
(b) Prepare a post-closing trial balance.
Part 2
Determine if the following transactions for Everon Corporation require an adjustment. If an adjusting entry is required, give t
1. At the beginning of the month, Everon agreed to perform services for the next four months for Maston, Inc. for $25,000 pe
2. Everon pays its employees every two weeks. At the end of the month, Everon owes its employees $75,000 but will not pay
3. Everon paid $60,000 cash for rent at the beginning of the month by debiting prepaid rent and crediting cash. This amount c
4. At the beginning of the year, Everon bought supplies from Douglas Implements for $4,500 cash per month for twelve mont
Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have
Note: The template required for this assignment is located in the Module 3 folder.
djusting entry is required, give the correct entry. Where applicable, write the original entry first and then the adjusting entry.
s for Maston, Inc. for $25,000 per month. Ford paid Michigan $100,000 cash in advance. One month has now passed.
cash per month for twelve months. A physical count at year-end revealed supplies worth $1,500 were still left over. Complete the original
ill left over. Complete the original journal entry followed by the adjusting entry.
This is a template. You may use it to add or to delete information and data to complete your assignment. It is not a substitu
ACT300 Principles of Accounting I
Module 3: Critical Thinking Template Option #2, Part 1
Closing Entries & Post Closing Trial Balance
Student Name:
Account
Cash
Accounts receivable
Office equipment
Accumulated depreciation—Office equipment
Notes payable
Capital Stock
Dividends
Fees earned
Salaries expense
Rent expense
Depreciation expense—Office equipment
Office supplies expense
Total
Closing Entries
Date
Dec. 31
Date
Dec. 31
Date
Dec. 31
Date
Dec. 31
rmation and data to complete your assignment. It is not a substitute for data and instructions provided in the assignment.
Adjusted trial balance
Debit
Credit
$52,000
18,900
31,500
$7,500
11,260
42,500
2,500
98,000
45,200
2,300
3,160
3,700
159,260
159,260
Account Titles and Explanation
Debit
Account Titles and Explanation
Debit
Account Titles and Explanation
Debit
Account Titles and Explanation
Debit
a and instructions provided in the assignment.
Post-Closing Trial Balance
Account
Totals
Credit
Credit
Credit
Credit
[NAME OF COMPANY]
Post-Closing Trial Balance
[DATE]
Account balances
Debit
Credit
$

$

This is a template. You may use it to add or to delete information and data to
ACT300 Principles of Accounting I
Module 3: Critical Thinking Template Option #2, Part 2
Journal Entries
Student Name:
Original Entry
Transaction
Number
Account Name
1
2
3
4
Memo
dd or to delete information and data to complete your assignment. It is not a substitute for data and instructions provided in the assign
Debit
Credit
Adjusting Entry
Account
Name
Memo
Debit
Credit

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