Accounting and Finance Foundations

Unit 6

Accounting and Finance Foundations Unit 6: Journalizing 508

Open-Response Unit Assessment S/T Guide

Skill Standards

Academic:

AB 4 Record information accurately and completely

AD 1 Perform basic and higher level math operations (e.g., addition, subtraction, multiplication,

division, decimals, fractions, units of conversion, averaging, percentage, proportion, ratios)

AD 4 Use tables, graphs, diagrams, and charts to obtain or convey information

AD 5 Use deductive reasoning and problem-solving in mathematics

Accounting:

OB 5 Analyze and record business transactions

OB 6 Explain and apply the accounting process including the accounting cycle, journalizing, accounting

records, posting, and adjustments

Administrative Support:

OA 3 Maintain accounting journal

Super Star Talent Services’ CHART OF ACCOUNTS

Assets (100)

110 Cash

120 Accounts Receiveable

130 Supplies

140 Prepaid Insurance

150 Office Equipment

160 Office Furniture

170 Store Equipment

Liabilities (200)

210 Accounts Payable

Owner’s Equity (300)

310 Maria’s Capital

320 Maria’s Drawing

330 Income Summary

Revenue (400)

410 Sales

Expenses (500)

510 Rent Expense

520 Utilities Expense

Scenario

Super Star Talent Services uses the following Chart of Accounts to record its business transactions. Maria

Gonzales, the owner of Super Star, has hired you to organize and enter the business transactions for the

current accounting period into the general journal and then post the general journal into the summarized

general ledger. After you complete these tasks, Maria also needs you to prepare the trial balance; record

depreciation expense; and prepare the updated trial balance.