Minor errors such as incorrect account names or credits listed prior to debits

Minor errors such as incorrect account names or

This preview shows page 15 - 18 out of 18 pages.

Minor errors such as incorrect account names or credits listed prior to debits. Errors in computations that resulted in incorrect amounts to be debited and credited. Step 2 Posted to the General Ledger (10 points) Posting is correct, leading to accurate account balances. Posting is mostly correct, but minor errors are evident. Posting has several errors that resulted in incorrect account balances. Step 3 Prepared a Trial Balance (10 points) Correct account names and balances so to arrive at a correct trial balance. Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps. Errors in computations that resulted in incorrect amounts to be debited and credited. Step 4 Prepared Adjusting Journal Entries (10 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only used somewhat correctly. Steps 5 and 6 Posted and Prepared an Unadjusted Trial Balance (10 points) Posting is correct, leading to an accurate trial balance. Posting is mostly correct, leading to a mostly correct trial balance. Posting has several errors, leading to a trial balance with several errors.
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20 points 16 points 12 points 10 points 8 points 6 points 10 points 8 points 6 points Step 7 Prepared Financial Statements (20 points) All three Financial Statements are prepared accurately and in an appropriate format. Two of the three financial Statements are prepared accurately, and mostly in an appropriate format. One statement has some errors. One of the three Financial Statements is prepared accurately and mostly in an appropriate format. Two statements have some errors. Step 8 Prepared Closing Journal Entries (10 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Steps 9 and 10 Posted and Prepared Post-Closing Trial Balance (10 points) Posting is correct, leading to an accurate trial balance. Posting is mostly correct, leading to a mostly correct trial balance. Posting has several errors, leading to a trial balance with several errors.
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but you can score anywhere between 0 ding on the accuracy and completeness Very Poor 8 points 4 points 4 points 4 points 4 points Points Awarded Evidence of an attempt to complete the journal entries.
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