Below is a list of transactions that you will be using to complete your group project.

You
must complete the 10 steps in accounting cycle and make sure you fulfill all 100 pts on the
rubric below. Reminders:
- ONE word document will be submitted by the group leader.
- The group will be responsible to make up a brief description of their business based
on the type of transactions given.
- Use the table feature in Microsoft Word for the journals and the accounts in the
ledger (remember the numbering the chart of accounts.)
- Remember to number your pages and places content in the order as it is listed in the
rubric below
- Remember the accounts must be updated thrice... 1. The original transactions, 2. the
adjusting entries and 3. the post-closing entries.
Palacio’s Tutoring Services

Sep1 The owner T. Palacio, invested $16,000 in cash.

Sep 1 Purchased a small wooden building, 8,000 cash.
Sep1 Paid $600 cash for three months insurance on the building.
Sep 2 Purchased furniture $8,000 on account.
Sep 8 Purchased supplies $950 with cash.
Sep 10 Provided tutoring services to customers on account $5, 540.
Sep 15 Provided tutoring services to customers $9,750 cash.
Sep 17 Received $800 from a parent for services to be provided evenly for 5 months.
Sep 18 Received $1,400 from customers on account.
Sep 20 Purchased more supplies $300, on account.
Sep21 Palacio withdrew $185 cash for a personal trip to Chetumal.
Sep 22 Provided tutoring services to customers and received cash, $900.
Sep 24 Paid a creditor, $3,000.
Sep 30 Paid for repairs expense to furniture, $170 and assistant worker wages, $400.
Sep 30 Paid miscellaneous expense, $280

The data needed for the end of month adjustments are:

 Depreciation of building, $600
 Supplies on hand $450
 One month of insurance expired.
 Utilities owing, $230
 Earned one of the 5 months worth of unearned fees

1
Group Project Assessment

The lecturer will give students between 15 to 20 initial and at least 4 adjusting business
transactions for a one-month period. Students will be required to complete a project in groups of
5s. Using these transactions, students will complete the 10 steps in the accounting cycle for
their business and submit for grading.

Each group will have a different set of transactions to work with in order to minimize copying and
collaboration outside of the individual groups.

Rubric for Group Project

Cover page with relevant information 02 pts.

Brief description of business 02 pts.
Completing the accounting cycle accurately 92 pts. broken down as follows:
 Journalizing 10 pts.
 Posting to the ledger
(initial, adjusting and closing entries) 15 pts.

 Unadjusted trial balance 07 pts.

 Adjusting entries journalized 10 pts.
 Adjusted trial balance 07 pts.
 Financial statements (All 3) 21 pts.
 Closing entries journalized 08 pts.
 Post- Closing trial balance 07pts.
 End of period spreadsheet 07 pts.
Presentation and neatness 02 pts.

Project submitted by deadline 02 pts.

Total 100 pts = 12% of final grade

Cover page should have all the Brief description should include:
following information:

 Name of course & course code  State the name of the business.
 Name of school  State the period of existence.
 Name of business  Explain the service being provided.
 Name of Lecturer  State the location of the business.
 Group members’ names  Mention at least 2 of the immediate competitors.
 Date project is to be  State at least one competitive advantage of your
submitted business.