ACC2202 - Winter 2021 - Excel Assignment #1

This assignment may be completed in groups of 2-3 students or may be completed individually. NO MORE THAN THREE STUDENTS
You must submit your completed Excel file via Brightspace by the due date indicated on Brightspace and on your course schedule.
Submit only one file for each group. Each group member will receive the same grade. (If you do not submit on time, you will receive a grade of '0').

Assignment Instructions:
Note: This company uses the alternative method and also uses reversing entries.
Using the company data provided on the Data tab and Adjusted Trial Balance tab, prepare the following:
1 Adjusting journal entries required at the year-end, December 31, 2021. (16 marks)
2 Post the adjusting entries to the unadjusted trial balance and prepare the adjusted trial balance. (10 marks)
a.     Reference the adjusting journal entry number in the column provided.
3 Prepare financial statements for the year ended December 31, 2021 in good format – no abbreviations allowed: (35 marks)
a.     Single-Step Income Statement (10 marks) - Report expense accounts from highest to lowest amounts.
b.     Statement of Owner’s Equity (5 marks)
c.     Classified Balance Sheet (20 marks)
4 Prepare the reversing entries and subsequent cash entries. (10 marks)

SEE THE RUBRIC FOR FULL MARKS BREAKDOWN. THIS ASSIGNMENT INCLUDES SUBSTANTIAL MARKS FOR FORMATTING AND CELL REFERENCING.

Rename your Excel file using your own names as the file name, for example: "Mohamad and Anne.xlsx"
Late assignments will not be accepted.
Each student in the group MUST enter their name on the declaration in the Attestation tab of this Excel file.
Technical Requirements:
1 There are 7 other tabs to this Excel file - please complete the tasks required in each tab.
2 You must use cell references and formulas in all cells (with the exception of account names for the Statement of Owner's Equity).
3 As well, all calculations must be shown to the side of your cell where calculations are required.
4 Brightspace - submit your finished Excel file into Brightspace for grading. One team member should submit the file for all team members and the file name will be your names.
5 All numbers MUST be presented in proper number format - i.e., 100000 WRONG!!!! 100,000 CORRECT!!! Marks will be deducted if incorrect number format is presented.
6 All work must be in Arial font size 12.

7 This assignment will include substantial marks for formatting and cell referencing. Good formatting includes neat, legible work, with font size and style, and number
formatting consistent throughout. Excel also has a spell check feature to catch misspelling of words.

Group Member Names and Student Numbers:

1 Mandatory Student number You must add your 9 digit student number
2 Mandatory Student number You must add your 9 digit student number
3 Mandatory Student number You must add your 9 digit student number
 ACC2202 Financial Accounting II - Winter 2021
Assignment Chapters 3 and 4

Date: ____________________

I hereby declare that the work I am submitting is my own work/my own group's work.
I understand that plagiarism, whether done deliberately or accidentally, is defined as pres
someone else's work, in whole or in part, as my own, and includes the verbal or written submiss
another work (for example, ideas, wording, code, graphics, music, and inventions) without creditin
source. This includes all electronic sources (for example, the internet, television, video, film
recordings), all print and written sources (for example, books, periodicals, lyrics, gover
publications, promotional materials, and academic assignments), and all verbal sources (for ex
conversations and interviews).
I understand that the facilitation of plagiarism, that is, one student sharing his or her work with
students, is also considered an act of plagiarism.
I understand that contravening Algonquin College Directive AA20 - Plagiarism will result in an aca
sanction(s) as described in this directive.

No part of this assignment was copied from another student. By entering y

name below, you confirm that you have read the statement above and agre
it.

Signature (type name): _______________________________________________

Signature (type name): _______________________________________________

Signature (type name): _______________________________________________

 RUBRIC FOR ASSIGNMENT Marks
Achieved

Part a) 1. Adjusting entries

Adjusting Journal Entries for year end:

All entries must be accurately prepared using proper /16
acccount titles which have been cell referenced to the Unadjusted
Trial Balance

/16
Part b) Adjusted trial balance

The columns are property filled in, totalled and proper number
formatting used /10
Amounts and entry letter are cell-referenced to adjusting entries
made in the Journal Adjusting Entries
/10
Part c) Financial Statements:

Income Statement /10

Statement of Owner's Equity /5
Balance Sheet /20

Account titles and amounts MUST be cell-referenced from the

Adjusted Trial Balance
Formulas must be used where calculations are required
No abbreviations allowed
/35
Part d) Reversing Entries and Subsequent Cash Entries
Reversing Entries /4
Subsequent Cash Entries /6

Formulas must be used where calculations are required

Must use cell referencing

Formatting /10
Change file name
Consistent formatting (use of commas, proper decimals places)
Spell check
/10
Total Grade /81
 Denmark Consulting
December 31, 2021 Year-End

Important Information:
This company uses the alternative form of adjusting entries.

1. The company has completed consulting services as of December 31,

2021 that was not billed until January 16, 2022. The customer paid the
invoice on January 31, 2022.

The amount of services completed as of Dec 31st: $ 3,323

2. The insurance account represents a one-year insurance policy. The

policy was purchased on April 1, 2021.

3. Supplies on hand as of December 31, 2021 was: $ 408

4. The furniture has an estimate useful life of 10 years. Once fully

depreciated, it will have no value at the end of the 10 years. Straight-line
amortization is used. Depreciation is recorded on a monthly basis on the
last day of each month.

5. Salaries are paid every two weeks worked. The work week is Monday to
Friday. December 31, 2021 ended on Friday, and the workers were last
paid on Monday December 27th for the last two weeks prior.

Salaries were paid on January 10, 2022 in the amount of: $ 3,200

6. On May 1, 2021 the company sold their equipment to a customer, and in

exchange, the company agreed to receive a the 9-month note receivable
shown on the Trial Balance. The customer pays interest every three
months for the past three months (Aug 1st, Nov 1st, Feb 1st).

The interest rate on the note is: 5%

7. The company attracted a new customer for 2022. Denmark Consulting is

working on a 6-month consulting project for this new customer that began
on October 1, 2021. The customer paid the contract in advance for the
entire six months. The contract revenue by month will be earned evenly
over the 6-month period.

The value of the 6-month consulting contract is: $ 23,732

8. The company received the utility bill for the month of December 2021
on January 11, 2022. This utility bill was paid on January 22, 2022.

Utility bill amount $ 226

 Denmark Consulting
Account Name Unadjusted Trial Balance at Adjusted Trial Balance for
December 31, 2021 Adjustments Required for Year End December 31, 2021
Debit Credit Debit Ref Credit Ref Debit Credit
Cash $ -
Accounts receivable -
Note receivable -
Interest receivable -
Supplies -
Prepaid insurance -
Furniture -
Accumulated depreciation—furniture -
Accounts payable -
Salaries payable -
Unearned revenue -
K. Smeltz, capital -
K. Smeltz, withdrawals -
Consulting revenue -
Interest revenue -
Salaries expense -
Rent expense -
Insurance expense -
Utilities expense -
Depreciation expense -
Supplies expense -
Totals $ - $ -
 General Journal

Ref Date Account Description Dr Cr

MAKE SURE TO CELL REFERENCE ALL AMOUNTS AND ACCOUNT TITLES

2 FROM THE ADJUSTED TRIAL BALANCE AND NECESSARY DATA FROM THE
DATA TAB. SHOW YOUR CALCULATIONS OFF TO THE SIDE.
MAKE SURE TO CELL REFERENCE ALL AMOUNTS AND ACCOUNT
TITLES FROM THE ADJUSTED TRIAL BALANCE.
 General Journal

Date Account Description Dr Cr

MAKE SURE TO CELL REFERENCE ALL AMOUNTS FROM THE JOURNAL

ADJUSTING ENTRIES AND ACCOUNT TITLES FROM THE ADJUSTED TRIAL
BALANCE.