ACCT

2101
COMPREHENSIVE ACCOUNTING PROBLEM
SPRING 2020

This assignment has two purposes:

1. It is designed to help you gain a “big picture” understanding of the concepts covered in the first
three chapters of the textbook so that you can become familiar with the accounting cycle.
2. It requires that you practice your Excel skills. One of the key competencies you need to develop
in the Terry College is the ability to use Excel.

This assignment will be divided into two parts.

GENERAL GUIDELINES:
 You have been assigned to a group of three or four students to complete this assignment. Group
assignments for each section will be posted on mBC. Part A is due on Thursday, 1/23/2020
at 11:59 PM via mBC. One person from your group will turn in the assignment for the
group.
 Collaboration across teams is NOT permitted. You may discuss your work on this problem only
with the other members of YOUR team. You may ask questions about the problem during class
and in the accounting lab prior to the due dates of each part of the problem. The instructor and
GAs will answer questions, but they will not give you answers or do the problem for you. Again,
YOU MAY NOT DISCUSS THE PROBLEM WITH PEOPLE IN OTHER GROUPS OR PEOPLE NOT
ASSOCIATED WITH OUR CLASS (i.e., CPAs, FRIENDS, RELATIVES, ETC.).
 While I do not believe assumptions are necessary for working the problem, if you believe
something is not clear and you must make an assumption, please annotate the assumption(s)
(and the section of the problem to which it applies). It will be considered during grading, and
(if it is a valid assumption) taken into account in your solution.
 You may use appropriate abbreviations for the spreadsheet, to prepare journal entries, and
identify t-accounts (i.e. A/R for Accounts Receivable). However, use complete account titles for
all financial statements. An example, an inappropriate abbreviation would be using “Supp.” for
Supplies Expense in your income statement.
 You should complete all work in the spreadsheet for each part of the assignment. All work will
be submitted electronically on or before the due date for that part of the assignment. ONLY
ONE ASSIGNMENT MAY BE SUBMITTED FOR THE GROUP! PLEASE COORDINATE AMONG
YOURSELVES SO THAT YOU KNOW WHO IS SUBMITTING FOR THE GROUP! SAVE THE FILE
AS: “GroupXX_PartA_Project1”. For example, Group 5 would name their file
“Group05_PartA_Project1”. Submit via MBC in the folder labeled “Comprehensive Group
Project A Submissions”.
 Your group’s solution will be graded based not only on accuracy but also how well you follow
directions. Assume this is a project that you are submitting to your immediate supervisor
during a paid internship.
 If necessary, round all calculations to the nearest dollar.
 Note that all cells highlighted in light blue must include either cell references or
formulas. You may not simply type numbers into these cells. You need to learn how to
harness the power of Excel! Thus, you will NOT get credit for numbers typed into these
blue cells. You will only receive credit if you use cell references or formulas to calculate
these numbers. I’ll provide information about Excel tutorials at the end of this document.


SPECIFIC REQUIREMENTS FOR EACH PART:
PART A:
 Your final solution to the problem must be completed in the Excel file. Part A is due on
Thursday, 1/23/2020 at 11:59 PM via mBC and will be submitted electronically.
 NOTE: Please enter all income statement items (revenues and expenses) directly in the
Retained Earnings column AND clearly label the account names in the yellow cells to the
right of the number.
 Your transaction worksheet solution will be useful for completing Part B of this problem. All of
the information that you need for Part B will be within your spreadsheets.

PART B:
 This portion of the problem will not be available until you have submitted Part A and we have
started Chapter 3. Part B is due on Thursday, 1/30/2020 at 11:59 PM via mBC.
 You will be required to make journal entries, post them to the General Ledger (T-accounts),
prepare financial statements, and then complete closing entries and a post-closing trial balance.
 Again, all cells highlighted in blue must use cell references or formulas.
 ONLY ONE ASSIGNMENT MAY BE SUBMITTED FOR THE GROUP! PLEASE COORDINATE
AMONG YOURSELVES SO THAT YOU KNOW WHO IS SUBMITTING FOR THE GROUP! SAVE
THE FILE AS: “GroupXX_PartB_Project1”. For example, Group 5 would name their file
“Group05_PartB_Project1”. Submit via MBC in the folder labeled “Comprehensive Group
Project B Submissions”.
 Helpful hints:
o Make journal entries for external and internal transactions in chronological order. A
complete journal entry includes the transaction #, accounts/amounts debited listed
first and accounts/amounts credited indented and listed last. Also include dates.
o T-accounts have already been created in the spreadsheet. Your task will be to post all
journal entries to these accounts and calculate the correct ending balance in each
account.
o Templates for the financial statements and post-closing trial balance are also provided
in the spreadsheet.

EXCEL TUTORIALS:
If you are not familiar with Excel, UGA provides free tutorial videos. If you would like to watch some of
the tutorial videos, follow these instructions:

 Go to the following website: www.Lynda.uga.edu

 Click on the link “Login to LinkedIn Learning” on the left-hand side.
 You will likely need to login using your UGA username and password. (In some cases, it may
also ask for your email address first.)
 Once you get to the LinkedIn Learning website, find and click the “Browse” dropdown at the
top of the page.
 Hover over the “Business” button and then, click on Excel.
 Finally, select the “Excel 2016 Essential Training (by Dennis Taylor)” course. You can watch the
introductory videos and then use the menu to watch any videos that will be helpful as you learn
about the skills needed for this project. “3. Creating Formulas and Functions” would be a good
section to review if you are new to Excel.

These tutorials can be valuable learning tools!