Dated general journal entries with explanations, a posted ledger and an unadjusted trial balance make up the recording set modeled for AC298 in Unit 3, all for one December. Searches like "ac 298 unit 3 assignment example", "ac298 unit 3 sample" and "ac298 unit 3 example" land here.
What a finished AC298 Unit 3 transaction recording set looks like
A workbook, or a document that imitates one, in three tabs. The journal tab lists each transaction in date order with the date, accounts, debit and credit columns, a posting reference and a one-line explanation that states the source document, such as sales invoice 1142 or the contractor's check. Merchandise entries come in pairs under the perpetual system: the sale at retail and the cost of goods sold entry at cost, so inventory moves with every sale. The purchase paid within ten days records the discount as a reduction of inventory, not as revenue. The ledger tab shows running-balance accounts for every account touched, each posting cross-referenced to its journal line. The final tab is the unadjusted trial balance, accounts in statement order, with equal columns and a note that adjustments follow in the next stage.
How a AC298 Unit 3 example is structured
Order matters in a recording set because graders re-perform it. Entries run by date, and each carries its explanation beneath rather than in a separate list, so a reader never has to match line numbers across pages. Compound entries, such as payroll with its withholdings and employer taxes, appear as one entry with every line visible rather than netted. Posting references run both ways: the journal shows the ledger account number, and the ledger shows the journal page, which is how a grader traces a balance back to its source. Ledger accounts appear in chart-of-accounts order. The trial balance closes the set and lists only accounts with balances. A short control section at the end records the checks performed, total debits against total credits for the journal and the trial balance, and the ending cash balance compared with the December bank statement figure.
Source named on every line
Each explanation cites the invoice, check or remittance behind the entry. A capstone is graded partly on audit trail, and an entry with no source reads as invented.
Two entries per sale
Under the perpetual system each sale records revenue at retail and moves the same goods out of inventory at cost. Missing the second entry leaves inventory overstated all month.
Discounts and returns handled
The supplier discount reduces the cost of the paint bought, and a contractor's returned gallons reverse both the revenue and the cost entries, each at the right price.
Payroll shown gross
Wages, withholdings, employer payroll taxes and net pay appear line by line, so later accruals at year end can be computed from the same rates.
Controls recorded, not implied
The closing control section lists which totals were compared and what they showed, including cash against the bank statement, instead of leaving the grader to assume it.
Where marks go in AC298 Unit 3
Sales recorded without their cost entry lose the most in a perpetual system, because inventory and cost of goods sold stay wrong for the rest of the capstone and every later unit inherits the error. Purchase discounts recorded as income are the second familiar loss, alongside freight on purchases sent to an expense account when the problem treats it as part of inventory cost. Entries without explanations draw deductions in most sections, since the grader cannot tell which transaction a line records. Posting errors follow, especially a debit posted as a credit, which shows up as a trial balance difference equal to twice the amount. Netted payroll entries, a trial balance that includes accounts with zero balances, accounts out of order, and inconsistent dollar formatting take the smaller remaining share of points.
Get a AC298 Unit 3 example written to your instructions
Send the December transaction list or source documents your section released, the chart of accounts and the Unit 3 rubric. Within 24-48h a free first recording set comes back journalized, posted and trial-balanced on your data, in a workbook if that is how your section submits. Whichever period the problem covers, month or quarter, the entries follow it.
AC298 Unit 3 questions, answered
Does the recording set need explanations for every entry?
In most sections, yes, and graders read them. A one-line explanation naming the source document and the event lets a reader confirm the entry without guessing. It also protects the later units, because an adjustment in the next stage often depends on knowing exactly what an original entry recorded, such as whether insurance was paid for six months or twelve.
My trial balance does not balance. Where do errors usually hide?
Divide the difference by two and look for an amount of that size posted to the wrong side. If the difference divides evenly by nine, suspect a transposition such as 540 entered as 450. A slide, where a decimal point moved, also produces a difference divisible by nine. The sample's control section shows these checks being run on its own totals.
Should I use special journals or only the general journal?
Follow the problem. Some sections supply sales, purchases, cash receipts and cash payments journals and expect them used, while others ask for general journal entries throughout. When the choice is open, the general journal is easier for a grader to follow in a short period. The sample matches whichever format your instructions name, with posting references in both directions either way.