ACC205 UNIT 4 INDIVIDUAL PROJECT

Instructions:

Assignment Details

Unit 4 - Individual Project (150 points)

Due: Tue, Aug 18 |

Description

You will create this assignment following the Assignment Detail instructions below.

Review the tutorial How to Submit an Individual Project.

You will have an Excel file for this assignment.

Assignment Details

Using the data provided, perform the steps below to complete the final project.

On December 1, 2019, SoccerBox Inc. started operations. The following transactions occurred during December 2019.

NOTE: There are no beginning balances-this is a new company.

Dec 1	Randol Espy invested $80,000 cash in the company for common stock.
2	SoccerBox purchased soccer equipment for $20,000 cash.
2	SoccerBox rented an old warehouse for $30,000 cash for the first year's (December 2019-November 2020) rent.
3	SoccerBox purchased $500 of office supplies with cash.
10	SoccerBox paid $12,000 cash for an annual insurance policy.
14	SoccerBox paid $4,000 cash for the first payroll earned by its employees.
24	SoccerBox received $85,000 cash from soccer fees paid by parents for a private youth soccer lesson.
28	SoccerBox paid $4,000 cash for 2 weeks' salaries earned by its employees.
29	SoccerBox paid $200 cash for minor repairs to its soccer equipment.
30	SoccerBox paid $150 cash for this month's telephone bill.
30	Dividends of $1,000 cash were paid by SoccerBox to its current shareholders.

Using this spreadsheet and the information above, complete the following:

1. Record the journal entries that occurred during the month of December.
2. Prepare an unadjusted trial balance.
3. Create adjusting journal entries at the end of the year (December 31) based on the following adjustment data:
   1. One month's insurance coverage has expired (refer to the December 10 entry).
   2. The company occupied the warehouse space for the month of December (refer to the December 2 entry).
   3. At the end of the month, $100 worth of office supplies are still available (refer to the December 3 entry).
   4. This month's depreciation on the soccer equipment is $250.
   5. Employees earned $300 of unpaid and unrecorded salaries as of month-end.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of retained earnings, and a classified balance sheet as of December 31, 2019.

Please review this video for assistance in completing this assignment. Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Assignment Reminders:

• Please submit your assignment.
• Make sure you submit this assignment by the listed due date. Late deductions will apply for this assignment. Please refer to the Late Submission of Assignment policy

• Assignment Rubric

  Criterion 1: Content and IdeasPoints Possible: 7575 pointsThoroughly and accurately records all journal entries, adjusting entries, and financial statements. Demonstrates a clear understanding of accounting principles. Includes all necessary calculations and shows strong organizational structure and flow. Analysis is complete and reflects strong conceptual grasp.60 pointsIncludes all major components: journal entries, trial balances, adjusting entries, and financial statements. Descriptions and formatting are mostly correct, with minor errors. Demonstrates general understanding of accounting procedures and concepts.45 pointsMost required components are included, though some may be missing or contain errors. Entries and statements may lack organization or clarity. Demonstrates partial understanding of accounting principles.30 pointsSignificant errors or omissions in journal entries, trial balances, or financial statements. Content lacks clarity, contains inaccuracies, or shows a weak grasp of the material.15 pointsFails to meet assignment requirements. Journal entries or statements are mostly missing, incorrect, or off-topic. Shows minimal or no understanding of accounting concepts.0 pointsAssignment did not meet any of the Quality Criteria.Criterion 2: Support and EvidencePoints Possible: 3030 pointsExcellent use of relevant, convincing examples and evidence. Fully supports ideas.24 pointsGood use of examples and evidence, but some may lack depth or clarity.18 pointsSome evidence or examples provided but may be weak or underdeveloped.12 pointsVery little evidence or examples. Claims are unsupported or poorly explained.6 pointsN/A0 pointsAssignment did not meet any of the Quality Criteria.Criterion 3: OrganizationPoints Possible: 3030 pointsWell-organized with a clear and logical flow of ideas. Excellent use of paragraphs, transitions, and structure.24 pointsGenerally clear organization, with minor issues in flow. Transitions are mostly effective.18 pointsOrganization is somewhat unclear, but ideas can be followed. Transitions are awkward.12 pointsPoor organization. Ideas feel disjointed or hard to follow. Transitions are missing or ineffective.6 pointsN/A0 pointsAssignment did not meet any of the Quality Criteria.Criterion 4: Grammar and MechanicsPoints Possible: 1515 pointsVirtually no errors in grammar, punctuation, or spelling. Excellent use of APA 7 formatting, including citations, references, and title page. Exemplary writing style.12 pointsFew minor errors in grammar, punctuation, or spelling. Few small APA 7 formatting issues (e.g., minor citation mistakes or spacing). Writing is clear and professional.9 pointsSome errors in grammar, punctuation, or spelling. Several APA 7 errors (e.g., incorrect citations or missing reference page), but meaning is still clear.6 pointsFrequent errors in grammar, punctuation, or spelling that distract from readability. Multiple APA 7 format errors, such as missing or incorrect citations and reference list.3 pointsN/A0 pointsAssignment did not meet any of the Quality Criteria.Total Points Possible: 150