This Assignment is Past Due and Must be Completed by Due Date and Time Posted on Order!!
Unit II Case Study
• Weight: 12% of course grade
• Grading Rubric
• Due: Tuesday, 12/15/2020 11:59 PM (CST)
Cookie Creations (Chapter 2)
This assignment is a continuation of the Cookie Creations case study, which began in Chapter 1. From the information gathered in the previous chapter, read the continuation of the Cookie Creations case study in Chapter 2 of the textbook on p. 2-42.
The case study allows you to apply what you have learned about accounting and the recording process. This assignment will enable you to practice what you have learned so far.
After researching the different forms of business organization, Natalie decides to operate Cookie Creations as a proprietorship. She then starts the process of getting the business running. In November 2019, the following activities listed below take place.
Nov. 8: Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
Nov. 8: She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account.
Nov. 11: Natalie pays $65 for advertising.
Nov. 13: She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. (Hint: Use the Supplies account.)
Nov. 14: Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Natalie decides to start using it only in her new business. She estimates that the equipment is currently worth $300. She invests the equipment in the business.
Nov. 16: Natalie realizes that her initial cash investment is not enough. Her grandmother lends her $2,000 cash, for which Natalie signs a note payable in the name of the business. Natalie deposits the money in the business bank account. (Hint: The note does not have to be repaid for 24 months. As a result, the note payable should be reported in the accounts as the last liability and on the balance sheet as the last liability.)
Nov. 17: She buys more baking equipment for $900 cash.
Nov. 20: She teaches her first class and collects $125 cash.
Nov. 25: Natalie books a second class for December 4 for $150. She receives $30 cash in advance as a down payment.
Nov. 30: Natalie pays $1,320 for a 1-year insurance policy that will expire on December 1, 2020.
Answer the questions below using an Excel spreadsheet. You should create a new tab on your spreadsheet for each calculation used for a total of three tabs on your spreadsheet.
a. Prepare journal entries to record the November transactions.
b. Post the journal entries to general ledger accounts.
c. Prepare a trial balance at November 30.
Please show your work, and do not take any shortcuts. Make sure to complete item “a” completely before moving to item “b,” and then move to item “c.” You cannot jump ahead unless you have completed each step sequentially in full.
Submit the Excel document in Blackboard upon completion.
Unit II Case Study Grading Rubric
Criteria Achievement Level
Level 1 Level 2 Level 3 Level 4 Level 5
0 – 23
Presents an account containing little analysis or relevant argument; interpretation is not well supported. Course concepts and analytical tools are not applied appropriately.
24 – 27
Presents an account that is descriptive but contains little analysis or relevant arguments; interpretation is not well supported. Course concepts and analytical tools are not applied appropriately.
28 – 31
Presents an analysis containing relevant arguments; interpretation is not thoroughly supported and not compelling. Course concepts and analytical tools are sometimes applied appropriately.
32 – 35
Presents a thorough analysis with effective arguments; interpretation is both reasonable and compelling. Course concepts and analytical tools are often applied appropriately.
36 – 40
Presents an insightful and thorough analysis with strong arguments and evidence; interpretation is both reasonable and compelling. Course concepts and analytical tools are expertly applied.
0 – 20
Content is often irrelevant; information may be noticeably incorrect and/or off-topic.
21 – 24
Content is somewhat relevant and informative; may stray off topic a few times.
25 – 27
Content is mostly relevant and informative; may stray off topic one or two times.
28 – 31
Content is relevant and informative; may stray slightly off topic one time.
32 – 35
Content is highly relevant and informative; remains on topic.
0 – 8
Most of the assignment is clearly inaccurate and lacks attention to detail.
9 – 10
Several areas of the assignment may be slightly lacking in accuracy and/or attention to detail.
11 – 11
Most of the assignment is fairly accurate and shows fair attention to detail.
12 – 13
Most of the assignment is accurate and shows good attention to detail.
14 – 15
Accuracy is excellent and close attention to detail is clearly evident in all parts of the assignment.
0 – 5
Writing lacks clarity and conciseness. Serious problems with sentence structure and grammar. Numerous major and/or minor errors in punctuation and spelling.
6 – 6
Writing lacks clarity and/or conciseness. Contains minor problems with sentence structure and some grammatical errors as well as several minor errors in punctuation and spelling.
7 – 7
Writing is mostly clear and concise. Sentence structure and grammar are strong and mostly correct. There may be 3 or 4 minor errors in punctuation and/or spelling.
8 – 8
Writing is clear and concise. Sentence structure and grammar are strong. There may be 1-2 minor punctuation errors and/or spelling errors.
9 – 10
Writing is clear and concise. Sentence structure and grammar are excellent. Correct use of punctuation. No spelling errors.For more information on Cookie Creations II Spreadsheet read :https://en.wikipedia.org/wiki/Spreadsheet