The attached file (Week 3 Milestone) has Milestone 1 completed and filled out. Which includes the completed tabs: October, November, and December journal entries; the â€œT Accountsâ€ tab; and the â€œInventory Valuationâ€ tab. I also attached the “Graded Assignment Part 1 with Professor Corrections” file. This file has the corrections to the tabs mentioned above. Those corrections need to be made in the excel file (week 3 milestone) to properly begin Milestone 2. Milestone 2 will be conducted in that same excel file. I have also attached the “Accounting Data Appendix 1” file which is the data on which Milestone 1 was completed from.
In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data. In Milestone Two, you will use your journal entries from Milestone One to continue working through the next stages of the accounting cycle in preparation for creating financial statements in Module Seven.
You are a certified public accountant (CPA) who is working with a small bakery to prepare their financial statements for three months of the current fiscal year. Because the company is a startup and so small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements, but you will need to use the accounting cycle to report accurate information to the finance department.
Accrual Basis: In your company accounting workbook, apply the accrual basis of accounting and prepare adjusting entries to ensure accurate accounting for expenses that lack transactions in the current period. (You may refer to the Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the work you completed in your workbook for the previous milestone.)
Specifically, you must address the following rubric criteria:
- Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the â€œTrial Balanceâ€ tab of the company accounting workbook, ensuring that the total debits and credits match.
- Adjusting Entries: Prepare the â€œAdjusting Entriesâ€ tab of the company accounting workbook. Ensure that the entries are correctly transferred to the adjusting entries portion of the â€œTrial Balanceâ€ tab.
- Adjusted Trial Balance: Prepare the adjusted trial balance on the â€œTrial Balanceâ€ tab, ensuring that the debit and credit totals match.
Guidelines for Submission
Build on your work from Milestone One to complete the â€œTrial Balanceâ€ and â€œAdjusting Entriesâ€ tabs in your company accounting workbook. This should be completed and submitted using Microsoft Excel. Please note that there are drop-down menus embedded in the â€œAccountsâ€ columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.