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Accounting I

Midterm Project
Peak Performance
You will have until the end of the hour on Wednesday November 12 to complete Parts 1 and 2. Any
assignments received late will be given a 20% point deduction. If you are absent, it is up to you to
come in before/after school to catch up.
In the packet provided, you will be given all the accounting information for Peak Performance for the
month of August 2014. You will need to apply what you have learned so far to create each of the following
financial statements:
Journal chapter 3
Ledgers chapter 4
Worksheet chapter 6
Income Statement chapter 7
Balance Sheet - chapter 7
Adjusting Entries/Closing Entries Journal chapter 8
Post-Closing Trial Balance chapter 8
Step 1: Journalize the transactions on pages 154-155. You will be using Page 1 of a Journal (skip the
step that says to rule page 1 and start page 2 of a journal)
Step 2: Ignore the directions telling you to do a bank reconciliation - continue journalizing the transactions.
Make sure you go all the way to the end of the month. We will go over the Bank Reconciliation on
Monday.
Step 3: Complete your equality proof and Cash proof at the end of your journal. If your numbers do not
equal, go back and find your errors. YOU MUST FIND AND FIX YOUR ERRORS BEFORE YOU
CAN CONTINUE!
Step 4: Post your amounts to the general ledger. Make sure to put your post reference numbers on your
journal.
Step 5: Create a Trial Balance on the Worksheet using your Ledger account totals. Make sure your debit
and credit totals are in balance.
Step 6: Complete the Worksheet using the information on your Trial Balance. The Adjustments are located
on page 238.
Step 7: Create an Income Statement and Balance Sheet based off the information on your Worksheet.
Remember to compute your new Capital.
Note: you should be through this step by Monday, November 10th
Step 8: Journalize the Adjusting and Closing Entries using Page 2 of a Journal We will go over how to
do this on Monday
Step 9: Update your Ledgers, then create a Post-Closing Trial Balance
SEE BELOW FOR RUBRIC.

THIS PROJECT IS TO BE DONE INDIVIDUALLY YOU MAY USE THE BOOK,


POWERPOINTS, AND/OR OLD ASSIGNMENTS TO ASSIST YOU, BUT YOU ARE NOT TO
WORK WITH A PARTNER OR USE ANYONE ELSES ASSIGNMENT IN ANY WAY.
VIOLATION OF THIS WILL RESULT IN A ZERO.THATS A 0/250!
Simulation
Journal (general pg. 1-2)
Ledgers
Worksheet
Bank Reconciliation
Income Statement
Balance Sheet
Adjusting/Closing Entries Journal (pg.3)
Post-Closing Trial Balance
Assignment turned in on time, in order, using class
time, etc.
Total Points Possible

Point Value
70
50
30
15
15
15
20
25
10
250