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Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information

ACCT205 – Accounting Principles II

Portfolio Project Directions and Rubric

This Assessment is worth 15% of your grade


Completing this Assessment will help you to meet the following:

Course Outcomes

  • Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization
  • Select and utilize appropriate technology to complete a real-world accounting project that requires the construction of a multiple-step income statement and a classified balance sheet.

Program Outcomes

            Accounting Associates:

  • Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.

Business Associates:

  • Demonstrate knowledge of numeric measurements within the business environment to make informed decisions.


  • Apply contemporary knowledge and skills in the evolving business marketplace.

Institutional Outcomes

  • Information Literacy and Communication - Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
  • Relational Learning - Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations.
  • Thinking Abilities - Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement.
  • Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
  • Community and Career - Participate in social, learning, and professional communities for personal and career growth.

Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below. The timeline is as follows:



Due by the end of Week 1 at 11:59 pm, ET.

Essential Questions

Due by the end of Week 3 at 11:59 pm, ET.

General Journal Entries

Due by the end of Week 5 at 11:59 pm, ET.

Trial Balance, Adjusting Entries & Closing Entries

Due by the end of Week 6 at 11:59 pm, ET.

Financial Statements

Due by the end of Week 7 at 11:59 pm, ET.

Final Project Submission

Due by the end of Week 7.5 at 11:59 pm, ET.

PowerPoint  with voiceover Presentation/Reflection


You have just been promoted to the Senior Accountant position for Northridge LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Jones, requests that he previews your work since you are new to the position.


For this project, you will be using the Excel workbook provided in week 3.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) .

Northridge LLC

 Trial Balance

April 30, 20XX















Accounts receivable






Merchandise inventory






Store Supplies






Office Supplies`






Prepaid Insurance






Office equipment






 Accumulated depreciation-Office Equipment




Store equipment






 Accumulated depreciation-Store Equipment




Accounts Payable







J. Spark, Capital




















Week 1: Essential Questions Discussion

Essential questions are designed to help you brainstorm prompt critical thinking as you begin working on your portfolio project.  Use the information you learned about essential questions in previous classes to help you respond to the following:

Select one:

  1. What is the purpose of accounting in business?
  2. Explain the inventory asset and cost flows of a merchandising company.
  3. Discuss the financial statements companies prepare, and include the purpose behind each statement.
  4. Explain the importance of utilizing appropriate technology in accounting.

Now you are to create at least 1 Essential Question you think will help you with the completion of your portfolio project. Briefly discuss how your questions will guide the development of your Portfolio Project.

Week 3: Journal Entries

Complete this assignment using the Excel workbook provided, and submit your work by the end of Week 3, 11:59pm EST.

To get you started in your new role, Mr. Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used.  Your journal entries should be written in proper format. Do not abbreviate account names.  Always indent the name of the accounts being credited.  Every entry must have a brief description.

Northridge LLC operates with monthly accounting periods. All of the company`s accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.



Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space and the balance to Rent Expense—Office Space.)



Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100).



Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.



Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29.



Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.



Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount.



Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.



Sold store supplies to the merchant next door at their cost of $350 cash.



 Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM.



 Received payment from Cole Company for the May 2 sale less the discount.



Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30.



Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10.



Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.



Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)






Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890).



Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60.



Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount.



Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.



Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount.



Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.



Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30.



Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230).



Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.



The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.



Received payment from Crane Services for the May 22 sale less the discount.



Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.



Cash sales for the last half of the month are $66,052 (cost is $42,500).




Week 5: Trial Balance, Adjustments, Closing Entries
submit your work by the end of Week 5, 11:59pm EST.

Using the information from the Excel workbook from Week 3’s submission, complete a worksheet using the following information for accounting adjustments. 

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

    1. Expired insurance, $553.
    1. Ending store supplies inventory, $2,632.
    1. Ending office supplies inventory, $504.
  1. Depreciation of store equipment, $567.
    1. Depreciation of office equipment, $329.

Week 6: Financial Statements

Complete this assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 6, 11:59pm EST.

Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners’ equity, and classified balance sheet. You should use the information completed in prior weeks.


Prepare the income statement, where net income will be carried through to the statement of owners’ equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners’ equity balance.

  • Prepare a May (xxxx) multiple-step income statement, a May (xxxx) statement of owner`s equity, and a May 31, (xxxx), classified balance sheet.
  • Prepare a post-closing trial balance.

Week 7: Portfolio Project Final Submission

This week, all of the preceding assignments will be resubmitted with updates to the original submissions based on the feedback you received from your instructor. Upload your final version to the appropriate program outcome in your ePortfolio.

Week 7.5 – PowerPoint with voiceover Presentation & Reflection

For the final piece of your Portfolio Project, you will reflect upon the course and how it directly relates to the Bryant & Stratton Workplace Capabilities.

Reflect on what you learned and how the knowledge helped you with the understanding of the course, program, and institutional outcomes. You will be creating a PowerPoint with voiceover addressing the following questions.

  • Provide an explanation of procedures followed in the completion of the tasks associated with the assignment. (which principles did you apply & follow)
  • The workplace capability specifically identified for this course is communication. Summarize how you feel communication was addressed in this course and why it was important for this project.
  • Select at least one other workplace capability (from the list below) that you felt applied to the completion of the project and explain how it was used.

Bryant & Stratton College Workplace Capabilities




Interpersonal Skills



Problem Solving




Informational Literacy

Technological Literacy


Financial Literacy


Upload and submit your final reflection in Blackboard.

Reflection Grading Criteria

Oral Presentation:

  • Student’s voice should be clear and easy to understand
  • Student should vary his/her tone of voice and use pauses effectively to place emphasis on important points
  • Student should not read verbatim from their notes.
  • Student should avoid non-words (“Um,” “Uh,” “You Know”) and practice using professional language

For specific grading information, please refer to the Portfolio Project Grading Rubric.

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