11/17/22, 5:08 PM Milestone Two Guidelines and Rubric – ACC-201-R2129 Financial Accounting 22EW2
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Milestone Two Guidelines and Rubric
Overview
In Milestone One, you completed the first part of your course project to demonstrate your ability to accurately record financial data.
In Milestone Two, you will use your trial balance results from Milestone One to create financial statements. These financial
statements will be part of the Summary Report that you will present to your employer in Module Seven.
Scenario
You were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation
for the business and your first task is to record business transactions for their first month using the source documents and
transaction data the owner will provide to you. Because this is a small business that does not use computerized accounting, you will
apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner.
Directions
Report Financial Results: Use the account balances from the Trial Balance generated through the recording process in Milestone
One to prepare the income statement, statement of owner’s equity, and balance sheet for the company. Then close temporary
account balances using closing entries in the final step. Be sure to revisit any feedback received from Milestone One and make
necessary corrections to ensure that statements are completed with accurate balance information. (You may refer to the blank
Company Accounting Workbook Template if necessary, but keep in mind that your work for this milestone should be added to the
work that was completed in your workbook for the previous milestone. You should also implement any feedback that was given
during Milestone One.)
Specifically, you must address the following rubric criteria:
Income Statement: Prepare the income statement using the adjusted trial balance
Statement of Owner’s Equity: Prepare the statement of owner’s equity using the adjusted trial balance.
Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.
Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance.
Closing Entries: Complete the “Closing Entries” tab of the company accounting workbook by closing all temporary income
statement amounts to create closing entries.
Guidelines for Submission
Build on your work from Milestone One to complete the “Income Statement,” “Statement of Stockholder’s Equity,” “Balance Sheet,”
and “Closing Entries” tabs in your company accounting workbook. This should be completed and submitted using Microsoft Excel.
Please refer to the video walkthrough linked below if you need more assistance with your submission.
Supporting Materials
The following resources support your work on the project:
Video: Milestone Two Walkthrough (13:28)
This video walkthrough is available if you need additional assistance completing this milestone. The video uses a sample data set for
illustrative purposes.
A video transcript is available: Transcript for ACC 201 Milestone Two Walkthrough
ACC-201-R2129 Financial Accounting 22EW2 LP
11/17/22, 5:08 PM Milestone Two Guidelines and Rubric – ACC-201-R2129 Financial Accounting 22EW2
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Milestone Two Rubric
Criteria Exemplary (100%) Proficient (85%) Needs Improvement
(55%) Not Evident (0%) Value
Income Statement Prepares the income
statement using the
adjusted trial
balance with no
errors
Prepares the income
statement using the
adjusted trial balance
with minimal errors
Prepares the income
statement using the
adjusted trial balance
with significant
errors
Does not attempt
criterion
20
Financial
Statements:
Statement of
Owner’s Equity
Prepares the
statement of
owner’s equity using
the adjusted trial
balance with no
errors
Prepares the
statement of owner’s
equity using the
adjusted trial balance
with minimal errors
Prepares the
statement of owner’s
equity using the
adjusted trial balance
with significant
errors
Does not attempt
criterion
20
Financial
Statements:
Balance Sheet
Assets
Prepares the balance
sheet assets using
the adjusted trial
balance with no
errors
Prepares the balance
sheet assets using
the adjusted trial
balance with minimal
errors
Prepares the balance
sheet assets using
the adjusted trial
balance with
significant errors
Does not attempt
criterion
20
Balance Sheet
Liabilities
Prepares the balance
sheet liabilities using
the adjusted trial
balance with no
errors
Prepares the balance
sheet liabilities using
the adjusted trial
balance with minimal
errors
Prepares the balance
sheet liabilities using
the adjusted trial
balance with
significant errors
Does not attempt
criterion
20
Closing Entries Completes closing
entries by closing all
temporary income
statement amounts
to create closing
entries with no
errors
Completes closing
entries by closing all
temporary income
statement amounts
to create closing
entries with minimal
errors
Completes closing
entries by closing all
temporary income
statement amounts
to create closing
entries, but there are
significant errors
Does not attempt
criterion
20
Total: 100%