Journal Entries for Current Assets and Liabilities – Milestone Preparation Guide
| This chart of accounts should help you identify the appropriate accounts to record as you are analyzing and journaling transactions for this workbook. There is nothing to complete on this page; this is simply a resource for you. | |||||
| Asset Accounts | Liability Accounts | Equity Accounts | |||
| Acct # | Acct # | Acct # | |||
| Cash | 101 | Accounts Payable | 201 | Owner’s Capital | 301 |
| Accounts Receivable | 102 | Wages Payable | 202 | ||
| Prepaid Rent | 103 | Interest Payable | 203 | ||
| Prepaid Insurance | 104 | Notes Payable | 204 | ||
| Merchandise Inventory (FIFO) | 105 | ||||
| Revenue Accounts | |||||
| Acct # | |||||
| Sales Revenue | 401 | ||||
| Expense Accounts | |||||
| Acct # | |||||
| Cost of Goods Sold | 500 | ||||
| Rent Expense | 501 | ||||
| Wages Expense | 502 | ||||
| Insurance Expense | 503 | ||||
| Interest Expense | 505 |
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Question 
Overview
The milestone for Project One involves applying accounting principles and methods to current assets and liabilities. You will also evaluate these financial statement components for adherence to accounting principles and methods. In this assignment, which directly supports Project One, you will analyze the scenario in Project One to calculate and record financial data accurately. You will have an opportunity to correct journal entries in Project One based on feedback from your instructor for this assignment. With any accounting, it is imperative to keep accurate and complete records.
Journal Entries for Current Assets and Liabilities – Milestone Preparation Guide
Directions
Using the scenario provided in the Project One Guidelines and Rubric linked from the Supporting Materials section, you will be preparing journal entries related to the current assets and liabilities in the Milestone Journal Entries and Milestone Inventory tabs of the Project One Workbook Template and based on the transactions listed in the Project One Appendix
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