Q ACC 307 Milestone One Guidelines and Rubric Overview: In your final project, you will assume the role of an accountant and complete the year-end adjustment process for your company using a provided workbook. This workbook is the first deliverable (Part I) of your final project. In Part II, you will analyze the provided financials of the same company and create a report documenting your findings. For your first milestone, you will complete certain portions of the final project workbook as described in the prompt below. You will complete the entire workbook for your next milestone, due in Module Five. Prompt: Specifically, the following critical elements must be addressed: I. Demonstrate the year-end adjustment process. A. Prepare the adjusting journal entries in the Adjusting Entries tab in the provided workbook. B. Transfer the values from the Adjusting Entries tab to the proper cells of the Adjusting Entries columns in the Worksheet tab. C. Create the adjusted trial balance by completing the Adjusted Trial Balance columns using the Worksheets tab. D. Close temporary accounts by completing the Closing Entries tab. II. Prepare an income statement for your company by completing the Income Statement tab in the provided workbook. Rubric Guidelines for Submission: Complete the workbook tabs and sections described in the prompt above. Critical Elements Proficient (100%) Needs Some Improvement (85%) Needs Major Improvement (55%) Not Evident (0%) Value Year-End Adjustment Accurately prepares all Prepares adjusting entries, but Prepares adjusting entries, but Does not prepare adjusting 20 Process: Adjusting adjusting entries there are up to four gaps or there are five or more gaps or entries Journal Entries inaccuracies inaccuracies Year-End Adjustment Transfers values from the Transfers values to the Adjusting Transfers values to the Adjusting Does not transfer values to 20 Process: Transfer Adjusting Entries tab to the Entries columns in the Worksheet Entries columns in the Worksheet the Adjusting Entries proper cells of the Adjusting tab, but there are up to four gaps tab, but there are five or more columns in the Worksheet Entries columns in the or inaccuracies gaps or inaccuracies tab Worksheet tab based on the values from the previous step Year-End Adjustment Accurately prepares the Prepares the adjusted trial Prepares the adjusted trial Does not prepare the 20 Process: Adjusted adjusted trial balance based on balance, but there are up to four balance, but there are five or more adjusted trial balance Trial Balance the values from the previous gaps or inaccuracies gaps or inaccuracies step Year-End Adjustment Accurately prepares all closing Prepares closing entries, but there Prepares closing entries, but there Does not prepare closing 20 Process: Closing entries based on the values are up to four gaps or inaccuracies are five or more gaps or entries Entries from the previous step inaccuracies Critical Elements Proficient (100%) Needs Some Improvement (85%) Needs Major Improvement (55%) Not Evident (0%) Value Income Statement Accurately prepares the income Prepares the income statement, Prepares the income statement, Does not prepare the 20 statement based on the values but there are up to four gaps or but there are five or more gaps or income statement from the previous step inaccuracies inaccuracies Total 100%