Answer Happy

Rubric
Criteria Exemplary
Proficient
Basic
Unsatisfactory
(40 Points)
(30 Points)
(20 Points)
(10 Points)
#1: Accuracy of
Has an
Has a clear
Demonstrates
Lacks an
debits and credits
outstanding
understanding of
some
understanding of
understanding of
how to prove
understanding of
how to prove
how to prove
debits and credits
how to prove
debits and credits.
debits and credits
and the process
debits and credits.
and the process
necessary to
necessary to
complete the task.
complete the task.
#2: Accuracy of
85 - 100% of the
70-84% of the
50 - 69% of the
Calculations and
calculations and
calculations and
calculations and
applications were
Journalizing and
applications of the
applications of the
applications of the
mostly incorrect
Posting journal
respective
respective
respective
for more than
entries
accounting
accounting
accounting
50% of the
statements were
statements were
statements were
assignment.
correct.
correct.
correct.
#3: Preparing a
Has a
Has a clear
Demonstrates
Lacks an
Trial Balance
commendable
understanding of
some
understanding of
understanding of
what a trial
understanding of
what a trial
what a trial
balance is and
what a trial
balance is or how
balance is and
how to prepare
balance is and
to prepare one.
how to prepare
one. Limit of two
how to prepare
one. No mistakes.
mistakes.
one. Limit of three
mistakes.
2
Question 1 (100 marks)
You are to enter up the necessary accounts for the month
of May from the following information relating to a small
printing firm locates in North York. Then balance off the
accounts and extract a trial balance as at 31 May
2021.
2021
May 1 Started in business with capital in cash of $800
and $9,200 in the bank.
.. 5 Bought goods on credit from the following persons:
J Ward $610; P Green $214; M Taylor $174; S Gemmill
$345.
.. 7 Sold goods on credit to: J Sharpe $340; G Boycott
$720; F Titmus $1,152. .. 10 Paid rent by cash
$230.
.. 12 J Sharpe paid us his account by cheque
$340.
.. 18 F Titmus paid us $1,152 by
cheque.
.. 22 We paid the following by cheque: M Taylor $174; J
Ward $610; P Green $214. .. 26 Paid carriage by cash
$38.
.. 29 Cash sales $810.
.. 31 Paid rent by cheque $230.