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Devry ACCT504 Week 3 Case Study Latest 2017 January

CASE STUDY – THE COMPLETE ACCOUNTING CYCLEName: ___________________________________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.RequirementsSheet in WorkbookRequirement 1—Prepare the Journal Entries in the General JournalJournal EntriesRequirement 2—Post Journal Entries to the General LedgerGeneral LedgerRequirement 3—Prepare a Trial BalanceTrial BalanceRequirement 4—Prepare the Adjusting EntriesAdjusting EntriesRequirement 5—Post Adjusting Entries to the General LedgerGeneral LedgerRequirement 6—Prepare an Adjusted Trial BalanceAdjusted Trial BalanceRequirement 7—Prepare the Financial StatementsFinancial StatementsRequirement 8—Prepare the Closing EntriesClosing EntriesRequirement 9—Post Closing Entries to the General LedgerGeneral LedgerRequirement 10—Prepare the Post Closing Trial BalancePost-Closing Trial BalanceHint 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 1Began business by making a deposit in a company bank account of $90,000, in exchangefor 9,000 shares of $10 par value common stock.July 3Paid the current month’s rent, $5,500.July 5Paid the premium on a 1-year insurance policy, $4,800July 7Purchased supplies on account from Little Company, $900.July 10Paid employee salaries, $3,300July 14Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance wasplaced 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 15Received cash for plumbing revenue for the first half of July, $7,700July 19Made payment on account to Lake Company, $500.July 31Received cash for plumbing revenue for the last half of July, $8,505July 31Declared and paid cash dividends of $600Prepare journal entries to record the July transactions in the General Journal below.Use the following account names for journal entries.General JournalChart of Accounts: Account Title (Normal Balance)DateDescription(Account Name)DebitCreditAssetsCash (Debit)Prepaid Insurance (Debit)Supplies (Debit)Equipment (Debit)Accumulated Depreciation – Equipment (Credit)LiabilitiesAccounts Payable (Credit)Income Tax Payable (Credit)Stockholders’ EquityCommon Stock (Credit)Retained Earnings (Credit)Dividends (Debit)RevenueRevenue (Credit)ExpensesRent Expense (Debit)Salaries Expense (Debit)Insurance Expense (Debit)Supplies Expense (Debit)Depreciation Expense (Debit)Income Tax Expense (Debit)00Note: Remember that debits must equal credits—All of your journal entries should balance.This Sheet will be used for Requirements 2, 5, and 9.Requirement #2:Post the July journal entries to the following T-accounts and compute ending balances.Cash (111)Revenue (411)Prepaid Insurance (117)Rent Expense (511)Supplies (119)Salaries Expense (512)Equipment (144)Insurance Expense (513)Accumulated Depreciation-Equipment (145)Supplies Expense (514)Accounts Payable (212)Depreciation Expense (515)Income Tax Payable (213)Income Tax Expense (516)Common Stock (311)Retained Earnings (312)Dividends (313Requirement #3:Prepare a trial balance for July in the space below.Melvin Plumbing CorporationTrial BalanceJuly 3100Requirement #4:Prepare adjusting entries using the following information in the General Journalbelow. Show your calculations!a) One month’s insurance has expired.b) The remaining inventory of supplies is $375.c) The estimated depreciation on equipment is $175.d) The estimated income taxes are $3,200.General JournalDateDescription (Account Name)DebitCreditRequirement #5:Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.Just add to the balances that are already listed.Requirement #6:Prepare an adjusted trial balance in the space below.Melvin Plumbing CorporationAdjusted Trial BalanceJuly 3100Requirement #7:Prepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the space below.You will only be preparing the income statement, statement of retained earnings, and the balance sheet.The statement of cash flows is a required financial statement, but is not required for this case study.Melvin Plumbing CorporationMelvin Plumbing CorporationMelvin Plumbing CorporationIncome StatementStatement of Retained EarningsBalance SheetFor the Month Ending July 31For the Month Ending July 31July 31Revenues:Retained Earnings, July 1Assets:RevenueAdd: Net IncomeCashSubtotalSuppliesExpenses:Less: DividendsPrepaid InsuranceRent ExpenseRetained Earnings, July 31EquipmentSalaries ExpenseLess: Accum. Depr.Insurance ExpenseTotal AssetsSupplies ExpenseDepreciation ExpenseLiabilities:Income Tax ExpenseAccounts PayableTotal ExpensesIncome Tax PayableTotal LiabilitiesNet IncomeStockholders’ Equity:Common StockRetained EarningsTotal Stockholders’ EquityTotal Liabilities andStockholders’ EquityRequirement #8:Prepare the closing entries at July 31 in the General Journal below.General JournalDateDescription (Account Name)DebitCreditRequirement #9:Post the closing entries to the General Ledger T-accounts and compute ending balances.Just add to the adjusted balances already listed.Requirement #10:Prepare a post-closing trial balance as of July 31 in the space below.Melvin Plumbing CorporationPost-Closing Trial BalanceJuly 3100

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