ACCT 301 Online, Reilly, Spring 2021
INSTRUCTIONS FOR ACCOUNTING CYCLE PROJECT #1
INTRODUCTION
✓ Watch the instructor video for Project #1 Accounting Cycle in the Project Module in Canvas. The
video describes the expected process for successful completion of the project.
✓ The learning outcomes needed to complete the project are covered in Chapters 1 – 3 of our
textbook. Please refer to those chapters for examples when completing this project.
✓ A total of 60 points available to be earned as follows:
o Part I. Accounting Cycle completed in Connect, 35 points
o Part II. Student prepared Unadjusted Trial Balance, Adjusted Trial Balance, Post-Closing
Trial Balance uploaded to Canvas on the forms provided, 15 points (Upload to Canvas,
not submitted in Connect)
o Part III. Student prepared analysis uploaded to Canvas on the form provided, 10 points
(upload to Canvas, not submitted in Connect)
ITEMS TO PRINT OR SAVE TO YOUR COMPUTER
✓ Print this document so you can check off steps as you work.
✓ Print or save the blank Trial Balance forms (link in Canvas Module). These forms must be filled in
and uploaded to Canvas.
✓ Print or save the Part III Memo form (link in Canvas Module). This must be filled in and
uploaded to Canvas.
PART I. COMPLETE THE ACCOUNTING CYCLE, 35 POINTS
Follow the instructions below to complete the accounting cycle for Business Solutions. Caution, the
course steps include completion of three trial balances, the first, the unadjusted trial balance
(referenced in Chapter 2 of our textbook), is an addition to the Connect assignment. Follow the steps
listed below carefully so you don’t miss out on points! Finally, be sure to keep a print copy of your
three completed Financial Statements to use for your analysis in Part III. Connect access to those is not
available until after the due date once you submit the project.
Log-in to Canvas
● use the link in the Canvas Module to navigate through to Connect for the Project #1
accounting cycle work.
Important notes
● Each student will have a unique set of data assigned in Connect (algorithmic).
● 2 submits (attempt) are allowed.
● The project is programmed to allow for 3 “check my works” for the WHOLE project. Not per
question or step. Work very carefully and use your check-my-works wisely!
Following is a copy of the step-by-step instructions. I have adapted the Connect instructions to
include our unique class required steps. My additions to the Connect steps are in italics and
underlined.
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ACCT 301 Online, Reilly, Spring 2021
INSTRUCTIONS
After the success of the company’s first two months, Santana Rey continues to operate Business
Solutions. The November 30, 2020, unadjusted trial balance of Business Solutions (reflecting its
transactions for October and November of 2020) follows. (In Connect each student will be assigned
a unique unadjusted trial balance listing the accounts and balances as of November 30, 2020.)
Required:
1. Prepare journal entries to record each of the December transactions and events for Business
Solutions. Enter the entries on the tab in Connect labeled Req 1.
ADDED STEP: After preparing the journal entries, post each of the journal entries to the general
ledger. This process will record each of the December transactions from Requirement 1 to the
general ledger on tab Req 2B. After posting the journal entries to the general ledger on tab Req 2B,
pause. Now, open the Unadjusted trial balance form provided in Canvas. Enter the account
alances at this point in time from the general ledger. If your completed unadjusted trial balance is
in balance, continue to the next step. If you are not in balance, stop and see information in Chapter 2
on page 59 and 60 for Preparing a Trial Balance and Searching for E
ors.
2-a. Prepare adjusting entries to reflect a through f. Enter your adjusting journal entries on the tab
in Connect labeled Req 2A. Adjusting journal entries were studied and there are examples in
Chapter 3. Use your unadjusted trial balance amounts from step 1 above to “determine what the
cu
ent account balance equals” as the starting point for each adjusting journal entry as illustrated on
the top of textbook page 89. (This is worth 9 points of the total 15 points for uploaded trial
alances.)
2-b. Post the adjusting journal entries to record each of the adjusting entries from Requirement 2A.
In this step you will post each adjusting journal entry to the general ledger. This is completed in
Connect on tab Req 2B.
3. Prepare an adjusted trial balance as of December 31, 2020. This is completed in Connect on Tab
Req 3. Once your adjusted trial balance is in balance, open the Adjusted Trial Balance form
provided in Canvas. Copy these balances to that form. Note: If you have e
ors, you may choose
to complete this step after the due date to obtain the solution to list the accurate balances, there is
time. (This is worth 3 points of the total 15 points for uploaded trial balances.)
4. Prepare an income statement for the three months ended December 31, 2020. This is completed
in Connect on tab Req 4.
5. Prepare a statement of retained earnings for the three months ended December 31, 2020. This is
completed in Connect on tab Req 5.
6. Prepare a balance sheet as of December 31, 2020. This is completed in Connect on tab Req 6.
7. Prepare and record the necessary closing entries as of December 31, 2020 (on tab Req 7) and
then post the closing entries to the general ledger in tab Requirement 2B.
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ACCT 301 Online, Reilly, Spring 2021
8. Prepare a post-closing trial balance as of December 31, 2020. This is completed in Connect on
Tab Req 8. Now open the Post-Closing Trial Balance form provided in Canvas. Copy these
alances to that form. Note: If you have e
ors, you may choose to complete this step after the due
date, note there is time. (This is worth 3 points of the total 15 points for uploaded trial balances.)
IMPORTANT: Before you submit your work to Connect print the three financial statements, or
save a .pdf copy of each to your computer. These are for your use, you do not turn them in,
ut you need the results from these financial statements to complete Project Part III. Once you
have submitted your work, you will not have access to this information to complete the 10
point Analysis Memo in Part III until after the due date for Part I.
PART II. UPLOAD THE 3 TRIAL BALANCES FORM TO CANVAS, 15 POINTS.
UNADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 9 POINTS
Part I, Step 2-a listed above, contains instructions to prepare the unadjusted trial balance after
posting the activity transactions to the general ledger. This consists of general ledger balances
efore any adjusting journal entries are posted. Manually complete the unadjusted trial balance
on the form you printed or saved, and when it balances, then you are ready!
ADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS
During your work in Part I, step 3 in Connect you completed the adjusted trial balance. This is
NOT the same as the unadjusted trial balance. Enter your Connect solution on the adjusted
trial balance form to upload to Canvas.
POST-CLOSING TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS
During your work in Part I, step 8 in Connect you completed a post-closing trial balance. This is
NOT the same as the other two previously completed trial balances. Enter your Connect
solution onto the post closing trial balance form.
Upload the forms to Canvas
Upload either your scanned, handwritten copies saved to .pdf, or your saved excel work to
Canvas. (If you are on a Mac system and used Numbers convert your document to .pdf or a
windows readable format.) A balancing and accurate set of three trial balances can earn a
total of 15 points. The scoring ru
ic is in Canvas. Your trial balances will be verified to your
Connect work and scored manually in Canvas.
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ACCT 301 Online, Reilly, Spring 2021
PART III. UPLOAD ANALYSIS MEMO TO CANVAS, 10 POINTS.
Analyze your results for Business Solutions by answering the specific questions on the provided
memo form. The following questions should be answered in your analysis, your writing must be
your own work.
Based on your financial statements for Business Solutions answer the following questions:
1. Complete the accounting equation for Business Solutions using the amounts in this
format: $______ = $_______ + $_____________
2. In discussing Business Solutions latest financial statements, you as the manager say that
it is the “the net income results on the bottom line” that really count. What do you
mean? Which financial statement are you refe
ing to? Are the results reflected
satisfactory? Explain your answers.
3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020?
Please list the December 31 balance of cash, subtract the amount of total cu
ent
liabilities and calculate the overage or shortfall cash amount. Does Business Solutions
need to improve this situation? If no, please describe what they are doing co
ectly. If
yes, please describe how they may improve.
Upload your completed word document to Canvas for scoring prior to the due date. (If you
are on a Mac computer and use Pages please convert the document to word or .pdf before
uploading).
Remember, no late projects are accepted, be sure to allocate your time appropriately for
successful completion.