Devry ACCT 504 Week 3 Case Study-Latest 2016 November

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Devry ACCT 504 Week 3 Case Study-Latest 2016 November

Question

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE
Name: ___________________________________
This Case Study is worth 100 points, or 10% of your final course grade.
This Case Study relates to TCOs E and F, and Chapters 2 and 3.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 sheets in the Workbook, including this one.
All of the information that you need for the project is located in this Workbook.
Requirements	Sheet in Workbook
Requirement 1—Prepare the Journal Entries in the General Journal	Journal Entries
Requirement 2—Post Journal Entries to the General Ledger	General Ledger
Requirement 3—Prepare a Trial Balance	Trial Balance
Requirement 4—Prepare the Adjusting Entries	Adjusting Entries
Requirement 5—Post Adjusting Entries to the General Ledger	General Ledger
Requirement 6—Prepare an Adjusted Trial Balance	Adjusted Trial Balance
Requirement 7—Prepare the Financial Statements	Financial Statements
Requirement 8—Prepare the Closing Entries	Closing Entries
Requirement 9—Post Closing Entries to the General Ledger	General Ledger
Requirement 10—Prepare the Post Closing Trial Balance	Post-Closing Trial Balance
Hint for success: Review the Week 2 Lesson prior to starting this project.
There are also hints contained within certain cells on some of the Worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the hint.
Hints are provided for the following balances:
1) The debits for the journal entries are on the Journal Entries tab.
2) The credits for the journal entries are on the Journal Entries tab.
3) The cash balance is on the General Ledger tab.
4) The debits for the trial balance are on the Trial Balance tab.
5) The credits for the trial balance are on the Trial Balance tab.
6) The debits for the adjusted trial balance are on the Adjusted Trial Balance tab.
7) The credits for the adjusted trial balance are on the Adjusted Trial Balance tab.
8) Net income for the income statement is on the Financial Statements tab.
9) Retained earnings as of July 31 are on the Financial Statements tab.
10) Total assets for the balance sheet are on the Financial Statements tab.
11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.
12) The debits for the post-closing trial balance are on the Post-Closing Trial Balance tab.
13) The credits for the post-closing trial balance are on the Post-Closing Trial Balance tab.

Requirement #1:

During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing,

completed the following transactions.

July 1

Began business by making a deposit in a company bank account of $90,000, in exchange

for 9,000 shares of $10 par value common stock.

July 3

Paid the current month's rent, $5,500.

July 5

Paid the premium on a 1-year insurance policy, $4,800

July 7

Purchased supplies on account from Little Company, $900.

July 10

Paid employee salaries, $3,300

July 14

Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was

placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1.

Note: Use accounts payable for the balance due.

July 15

Received cash for plumbing revenue for the first half of July, $7,700

July 19

Made payment on account to Lake Company, $500.

July 31

Received cash for plumbing revenue for the last half of July, $8,505

July 31

Declared and paid cash dividends of $600

Prepare journal entries to record the July transactions in the General Journal below.

Use the following account names for journal entries.

General Journal

Chart of Accounts: Account Title (Normal Balance)

Date

Description(Account Name)

Debit

Credit

Assets

Cash (Debit)

Prepaid Insurance (Debit)

Supplies (Debit)

Equipment (Debit)

Accumulated Depreciation - Equipment (Credit)

Liabilities

Accounts Payable (Credit)

Income Tax Payable (Credit)

Stockholders' Equity

Common Stock (Credit)

Retained Earnings (Credit)

Dividends (Debit)

Revenue

Revenue (Credit)

Expenses

Rent Expense (Debit)

Salaries Expense (Debit)

Insurance Expense (Debit)

Supplies Expense (Debit)

Depreciation Expense (Debit)

Income Tax Expense (Debit)

0

0

Note: Remember that debits must equal credits—All of your journal entries should balance.

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