Question;THE UNIVERSITY OF NEVADA LAS VEGAS;WILLIAM F.;HARRAH COLLEGE OF HOTEL ADMINISTRATION;TCA 221;Fall 2014;Project Part 2;INTRODUCTION;This project is;the second part of a three-part project that assesses your knowledge of;financial accounting and the accounting cycle. In the first part, you were;required to prepare journal entries, T-accounts and a trial balance for a;variety of transactions for a new hospitality company. In part 2 of the project;you are asked to analyze adjusting entries and to prepare journals, T-accounts;and an adjusted trial balance. In the third part of the project (posted after;part 2 is complete) you will need to prepare closing journal entries and;T-accounts in addition to an income statement and balance sheet. This part of the project is based on the;first part so you must adjust your first part for any mistakes.;DUE;DATE;The project will;be due on Monday, November 3rd, 2014, at the beginning of class.;Projects received after this date will;be penalized 10 points (out of 100) each 24-hour period they are late;(beginning at the start of class). You;can earn 10% points extra credit by turning a completed project in at the;beginning of class on Monday, October 27, 2014.;No projects will be accepted for extra credit after the start of class;on Monday, November 3rd, 2014, including even one minute late. Also, any projects not completed are not;eligible for extra credit including not having all page or parts attached.;BACKGROUND;After;graduating from UNLV with a degree in Hotel Administration you have decided to;open your own hotel property as a sole proprietorship. The project is a hotel called Serenity.;Since you have taken a financial accounting class as part of your undergraduate;degree, you have decided to save the money to hire an accountant and do the;work yourself. Also as the owner, it is;your responsibility that all transactions are recorded properly and that the financial;statements are correct so either way you need to understand the transactions;and process.;REQUIREMENTS;1.;All;analysis must be completed using Excel. Handwritten journals, T-accounts, or;trial balance will not be accepted nor will any other file format. When using Excel formulas must be used when;possible and numbers should not be hardcoded.;For instance, do not just solve the amount of the adjusting entries using;your calculator and just type in the answer.;In Excel you must have a formula;for any calculations. The only hardcoded;numbers are the ones that have no calculation involved. There should be only formulas;on the T-accounts and trial balance.;2.;All;pages must be printed ?portrait style? (i.e. longer down than across). The trial balance must be on one page. The journals and T-accounts can be on;multiple pages but they must not wrap pages across, only down.;3.;In addition to the journals, T-accounts, and trial;balance, you must print out the formulas you used for the trial balance.;The instructions are shown below. The formula;printouts are to be handed in. They do;not have to all fit onto one page. Not;doing this is Excel, not using the Excel formulas, or not submitting the;formula sheet will result in a 10% point penalty.;STEPS TO PRINT;OUT FORMULAS IN EXCEL 2007/2010;1. Go to the ?FORMULAS? menu in Excel.;2. Click on ?SHOW FORMULAS?.;3. Unclick on ?SHOW FORMULAS? to get worksheet;back to numbers.;STEPS TO PRINT;OUT FORMULAS IN EXCEL 2010 ON A MAC;1. Go to the ?FORMULAS? menu in Excel.;3. Click on ?SHOW? in the ?FUNCTION? area and;check ?SHOW FORMULAS?.;4. Uncheck ?SHOW FORMULAS? to get worksheet;back to numbers.;4.;You;should present your work as follows;a) Cover sheet with your Name and ID;b) Your corrected;trial balance from Part 1 (even if there were no errors you must submit the;Part 1 trial balance).;c) Adjusting entries;d) T-accounts (all);e) Adjusted Trial balance;f) Formulas for;the adjusting entries, T-accounts, and adjusted trial balance;5.;All dollar figures should be formatted to the nearest dollar with no demical. Make;sure that your submission is formatted with dollar signs and commas.;6.;All pages must be professional, legible, and;formatted as if you were providing this to the owner or outside creditors. This includes, but is not limited to;spelling, presentable, correct format for journals, T-accounts, and trial;balance per what was learned in class and in the book. Penalty;points can range up to 20% points for unprofessional work and not following 1;2, 4, 5 or 6.;7.;Staple all of your analysis together so that it;won?t get lost or misplaced. Projects that are not stapled together will;lose points 5% points. Do not put;projects in binders or paperclips, staple only.;8.;Projects that do not meet these;requirements will be penalized. All;penalty points come off the starting value of 100%.;You are;expressly forbidden to consult anyone besides your partners about this;project (except the instructor).;***IMPORTANT*** To complete this;assignment, you must use the last four digits of your NSHE number, called your;ID. You must state on the cover page what;that ID number is or you will be penalized 10% points and your project returned;without grading to get that ID number since the answer cannot be solved without;this. If your NSHE number begins with one;or more zeros, place them at the end.;Example: 0097 becomes 9700.;PROJECT;DETAILS;After completing;Part 1 of the project, you need to fix any errors you may have had. A correct trial balance will be given back to;you with your Part 1. It is your;responsibility to make sure and fix any journals or T-accounts that were wrong;and to make sure the trial balance you now have matches the one given to you. Also, this project is an extension of Part 1;so just like in the real world the previous transactions do not go away. You start from where that part ended and add;this information.;After you have;corrected Part 1, the following transactions are adjusting entries that need to;be booked as of June 30, 20XX;1. The money borrowed on June 2 is an;interest-only loan with a 10 percent interest rate. The interest accrues each month even though;it is only paid quarterly with the first payment not due until September 2;20xx. Compute interest on a monthly;basis not by number of days.;2. The building has no salvage value and is;depreciated on a straight-line basis over 30 years. The equipment has no salvage value and is;depreciated on a straight-line basis over 10 years.;3. One month of insurance coverage has;expired. Assume an entire month?s worth;of insurance has expired not only the number of days between payment and end of;June.;4. There is $8,500 of food and beverage;inventory left in storage at the end of the month and there was no inventory;used for internal purposes.;5. The last payday was June 28th;(employees were paid for working that day).;Wages accrue at $200 per day.;Required;1. Fix any errors from Part 1;2. Prepare adjusting entries in good form based;on the above information. (Part 1 entries are not required and should not be;turned in);3. Post the journal entries into T-accounts;(make sure you have a total amount for each account and that the T-accounts;have Part 1 and Part 2 amounts).;Remember t-accounts do not go away.;Any T-account from Part 1 whether it was affected or not needs to be;included. There should be no hardcoded;numbers on the T-accounts, formulas only.;4. Complete an adjusted trial balance in good;form as of June 30, 20xx. There should be no hardcoded numbers on the adjusted;trial balance, formulas only.;HELPFUL HINTS;This is a real world;financial accounting exercise. It is;intended to integrate the material learned in class. Submissions are expected to resemble those;presented to the owner of a hospitality operation. Make sure they are legible and presented in;good order.;PLAN FOR DISASTER. Make back-up copies of your project files onto;at least two different drives or CD?s (you will need this part later;anyway). You can also use the discussion;group to save a copy. Lost, missing, or corrupted;file problems will not warrant an extension. Take good care of your files and your;back-ups.;Good;luck!;GRADING RUBRIC;These items are;points that come right off the starting score of 100%;No Cover page with ID;and student name. Both must be included;-10;Turning in late;(starting at 1 min after class starts);-10 per 24 hours;Project not in;required order as per #4 on Requirements;-5;Project not stapled;(binders and paperclips not allowed);-5;Formula sheets not;included (any 1 missing is total points off);-10;Formatting (dollar;signs, spelling, presentable, borders, etc.);Up to -20;These are the;maximum points for each required part;Corrected Part 1;Trial Balance;20;Adjusting entries -;10 points each journal (3 for the correct debit account, 3 for the correct credit;account and 4 for the dollar amount);50;T-accounts;10;Adjusted Trial;Balance;20;Trial Balance not balancing is the;largest point deduction;-10;This grading rubric is;very high level and does not give specifics of each journal, T-account, etc.;required. This should be used just to;guide you to make sure you are including all required parts.
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