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UNIVERSITY OF NEVADA LAS VEGAS TCA 221 Fall 2014 Project Part...............




Question;INTRODUCTIONThis project is the second part of a three-part project that assesses your knowledge offinancial accounting and the accounting cycle. In the first part, you were required toprepare journal entries, T-accounts and a trial balance for a variety of transactions for anew hospitality company. In part 2 of the project, you are asked to analyze adjustingentries and to prepare journals, T-accounts and an adjusted trial balance. In the third partof the project (posted after part 2 is complete) you will need to prepare closing journalentries and T-accounts in addition to an income statement and balance sheet. This part ofthe project is based on the first part so you must adjust your first part for any mistakes.DUE DATEThe 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-hourperiod they are late (beginning at the start of class). You can earn 10% points extra creditby 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, November3rd, 2014, including even one minute late. Also, any projects not completed are noteligible for extra credit including not having all page or parts attached.BACKGROUNDAfter graduating from UNLV with a degree in Hotel Administration you have decided toopen your own hotel property as a sole proprietorship. The project is a hotel calledSerenity. Since you have taken a financial accounting class as part of your undergraduatedegree, you have decided to save the money to hire an accountant and do the workyourself. Also as the owner, it is your responsibility that all transactions are recordedproperly and that the financial statements are correct so either way you need tounderstand the transactions and process.REQUIREMENTS1. All analysis must be completed using Excel. Handwritten journals, T-accounts, or trialbalance will not be accepted nor will any other file format. When using Excelformulas must be used when possible and numbers should not be hardcoded. Forinstance, do not just solve the amount of the adjusting entries using your calculatorand just type in the answer. In Excel you must have a formula for anycalculations. The only hardcoded numbers are the ones that have no calculationinvolved. 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 trialbalance must be on one page. The journals and T-accounts can be on multiple pagesbut they must not wrap pages across, only down.3. In addition to the journals, T-accounts, and trial balance, you must print out theformulas you used for the trial balance. The instructions are shown below. Theformula printouts are to be handed in. They do not have to all fit onto one page. Notdoing this is Excel, not using the Excel formulas, or not submitting the formulasheet will result in a 10% point penalty.STEPS TO PRINT OUT FORMULAS IN EXCEL 2007/20101. 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 MAC1. 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 IDb) Your corrected trial balance from Part 1 (even if there were no errors you must submitthe 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 balance5. All dollar figures should be formatted to the nearest dollar with no demical. Makesure 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 tothe owner or outside creditors. This includes, but is not limited to spelling,presentable, correct format for journals, T-accounts, and trial balance per what waslearned in class and in the book. Penalty points can range up to 20% points forunprofessional 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. Projectsthat are not stapled together will lose points 5% points. Do not put projects inbinders or paperclips, staple only.8. Projects that do not meet these requirements will be penalized. All penaltypoints come off the starting value of 100%.You are expressly forbidden to consult anyone besides your partners aboutthis project (except the instructor).***IMPORTANT*** To complete this assignment, you must use the last four digitsof your NSHE number, called your ID. You must state on the cover page what thatID number is or you will be penalized 10% points and your project returnedwithout grading to get that ID number since the answer cannot be solved withoutthis. If your NSHE number begins with one or more zeros, place them at the end.Example: 0097 becomes 9700.PROJECT DETAILSAfter completing Part 1 of the project, you need to fix any errors you may have had. Acorrect trial balance will be given back to you with your Part 1. It is your responsibilityto make sure and fix any journals or T-accounts that were wrong and to make sure thetrial balance you now have matches the one given to you. Also, this project is anextension 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 needto be booked as of June 30, 20XX:1. The money borrowed on June 2 is an interest-only loan with a 10 percent interestrate. The interest accrues each month even though it is only paid quarterly with thefirst payment not due until September 2, 20xx. Compute interest on a monthly basisnot by number of days.The building has no salvage value and is depreciated on a straight-line basis over30 years. The equipment has no salvage value and is depreciated on a straight-linebasis over 10 years.2. One month of insurance coverage has expired. Assume an entire month?s worthof insurance has expired not only the number of days between payment and end ofJune.3.There is $8,500 of food and beverage inventory left in storage at the end of themonth and there was no inventory used for internal purposes.4.The last payday was June 28th (employees were paid for working that day).Wages accrue at $200 per day.5.Required:1. Fix any errors from Part 12. Prepare adjusting entries in good form based on the above information. (Part 1 entriesare not required and should not be turned in)3. Post the journal entries into T-accounts (make sure you have a total amount for eachaccount and that the T-accounts have Part 1 and Part 2 amounts). Remember t-accountsdo not go away. Any T-account from Part 1 whether it was affected or not needs to beincluded. There should be no hardcoded numbers on the T-accounts, formulas only.34. Complete an adjusted trial balance in good form as of June 30, 20xx. There should beno hardcoded numbers on the adjusted trial balance, formulas only.HELPFUL HINTSThis is a real world financial accounting exercise. It is intended to integrate the materiallearned in class. Submissions are expected to resemble those presented to the owner of ahospitality 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 twodifferent drives or CD?s (you will need this part later anyway). You can also use thediscussion group to save a copy. Lost, missing, or corrupted file problems will notwarrant an extension. Take good care of your files and your back-ups.Good luck!GRADING RUBRICThese items are points that come right off the starting score of 100%No Cover page with ID and student name. Both must beincludedTurning in late (starting at 1 min after class starts)Project not in required order as per #4 on RequirementsProject not stapled (binders and paperclips not allowed)Formula sheets not included (any 1 missing is total points off)Formatting (dollar signs, spelling, presentable, borders, etc.)


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