3-2 milestone one – acc-201 – financial accounting | Financial Accounting | Southern New Hampshire University

Overview

In previous modules, you examined the initial stages of the accounting cycle and practiced journalizing financial transactions. In Milestone One, you will complete the first part of your course project to demonstrate your ability to accurately record financial data, which will continue to be used to complete other parts of the project.

Scenario

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.

Prompt

Record Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December in the Company Accounting Workbook Template Spreadsheet using the data provided in the Accounting Data Appendix Word Document.

Specifically, you must address the following rubric criteria:

• Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
• Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
• Inventory Valuation: Prepare entries for the month of December to reflect the new line of products offered by the company, which includes using the entries from the “Inventory Valuation” tab to complete your journal for the month of December.

Guidelines for Submission

Using the provided template, submit your company accounting workbook with the following portions completed: October, November, and December journal entries; the “T Accounts” tab; and the “Inventory Valuation” tab. This should be completed and submitted using Microsoft Excel. Please note that there are drop-down menus embedded in the “Accounts” columns as well as formulas throughout the spreadsheet to help you complete the workbook without accidentally introducing errors.