Journal Entries for Current Assets and Liabilities – Milestone Preparation Guide

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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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.

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