Hello Mark!
I need assistance with an explanation and answer for the accounting milestone below. I will attach all templates and the appendix as documents to the question! Below are the instructions and rubric.
Overview
The milestone for Project Two involves applying accounting principles and methods to long-term assets. You will also evaluate these financial statement components for adherence to accounting principles and methods. In this assignment, which directly supports Project Two, you will analyze the scenario in Project Two to calculate and record financial data accurately. You will have an opportunity to correct journal entries in Project Two based on feedback from your instructor for this assignment. It is imperative to keep accurate and complete records.
Directions
Using the scenario provided in the Project Two Guidelines and Rubric, you will be preparing journal entries related to long-term assets in the Milestone Journal Entries tab of the Project Two Workbook Template and based on the transactions listed in the Project Two Appendix.
To access the Project Two Workbook Template, use Microsoft Excel on the virtual desktop infrastructure (VDI) to complete this assignment.
Note: You may choose to complete an assignment using a desktop program instead of SNHU's virtual desktop (VDI); however, technical support will not be provided by SNHU if you select this option.
The Project Two Workbook Template is provided for you to prepare the journal entries. It contains several tabs, Charts of Accounts, Milestone Journal Entries, Corrected Journal Entries, Ledger Accounts, Income Statement, and Balance Sheet. Please keep in mind, for this milestone, you will only be completing the Milestone Journal Entries tab of the worksheet.
Note: Remember to save your file on your OneDrive before existing the VDI; your work is not saved once you exit the VDI.
Specifically, you must address the following rubric criteria:
- Prepare journal entries with the correct ledger accounts on the Milestone Journal Entries tab of the workbook. Be sure to refer to the Chart of Accounts for the account names when preparing journal entries. Include the following details in your response:
- Show calculations necessary to prepare the entries. Not all journal entries will require a calculation. Rows with an asterisk require you to show all your work in column E.
- Prepare journal entries that are complete from the transactions listed in Project Two Appendix on the Milestone Journal Entries tab of the workbook. There are a total of 10 entries.
Supporting Materials
The following resources support your work on the project:
Scenario: Project Two Guidelines and Rubric This document provides the scenario that is applicable to this milestone.
Appendix: Project Two Appendix The appendix contains all the relevant data needed to prepare the journal entries.
Alt Text: T Accounts Infographic Text-Only Versions This document contains text-only versions of the images located on the Journal Entry tab of the Project Two Workbook Template.
What to Submit
Submit the Project Two Workbook Template with only the Milestone Journal Entries tab of the workbook completed using Microsoft Excel in the VDI. Remember to save your file on your OneDrive before exiting the VDI.
Project Two Milestone Rubric
| Criteria | Proficient (100%) | Needs Improvement (75%) | Not Evident (0%) | Value |
|---|---|---|---|---|
| Correct | Prepares journal entries with the correct ledger accounts on the Milestone Journal Entries tab of the workbook | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include reviewing calculations for accuracy | Does not attempt criterion | 70 |
| Complete | Prepares journal entries that are complete from the transactions listed in the Project Two Appendix on the Milestone Journal Entries tab of the workbook | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include reviewing the transactions in the Project Two Appendix | Does not attempt criterion | 30 |
| Total: | 100% |