Southern New Hampshire University ACC 201 Milestone One: Video Walkthrough Transcript [00:00:05.55] INSTRUCTOR: The purpose of this video is to give you an introduction to the first project milestone that will be due in Module Three, and also provide or give you a demonstration of how to use the workbook that has been provided for this project to complete the required components of the task. [00:00:21.42] So where we want to start when we look at this first step in the final project is the Milestone One guidelines and guidelines and rubric document. So this document is going to tell you not only what you're completing for this week or for this first milestone submission, but it's also going to provide you with a copy of the grading rubric. [00:00:42.60] So the grading rubric for the assignments is always going to be a very important piece for you to visit as it will give you the details on exactly what is required for you to perform your best on each assignment. [00:00:56.97] So our guidelines tell us that you were recently hired as an entry-level bookkeeper for a service business that recently opened. This is the first month in operation for the business and your first task is to record business transactions for their first month using the source documents and transaction data the owner will provide to you. So this transaction data is going to be found in the accounting data appendix. [00:01:19.74] Because this is a small business that does not employ computerized accounting, you will apply the accounting cycle in Excel to record transactions and generate financial reporting results for the owner. So we have provided a workbook for you already formatted for Excel, so essentially you're going to be-you're not going to have to format a workbook, you're just going to be entering the data into the appropriate sections or tabs in the workbook provided. [00:01:46.96] So for this first submission, you are going to prepare journal entries that are accurate and fully reflect the appropriate information or effect of each transaction on specific accounts. Then you're going to transfer those entries and post them to the appropriate T accounts. And then use the T account balances to prepare the unadjusted trial balance. And those are the three steps required for this Milestone One submission deliverable. [00:02:15.82] So our next step is going to be taking a look at that accounting data index. So this accounting data index is going to give you all of the transactions for the month that you're required to record for this project. So as we look at the accounting workbook for the project, I want to encourage you to be sure you take a moment to review the chart of accounts. That's the first tab in your workbook. [00:02:41.58] This chart of accounts will be particularly useful for you as it's going to give you a listing of each account that you will use in recording transactions for the project.