ACCT504 WEEK 3 Melvin plumbing case tutorial in excel

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ACCT504 WEEK 3 Elvin plumbing case

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE

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.

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

(cont...)

Requirement #2:

Post the July journal entries to the following T-accounts and compute ending balances.

 Cash (111)                   Revenue (411)

Requirement #3: 

Prepare a trial balance for July in the space below.   

Melvin Plumbing Corporation

Trial Balance

July 31

Requirement #4:

Prepare adjusting entries using the following information in the General Journal

below. Show your calculations!   

a) One month's insurance has expired.                                                           

 b) Supplies used during the period $375.                                                      

c) The estimated depreciation on equipment is $175. 

Requirement #6:

Prepare an adjusted trial balance in the space below.            

Melvin Plumbing Corporation

Adjusted Trial Balance

July 31

Requirement #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.        

Requirement #10: 

Prepare a post-closing trial balance as of July 31 in the space below.

Melvin Plumbing Corporation           

Post-Closing Trial Balance

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During its first month of operation, the Flower Landscaping Corporation, which specializes in residential

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ACCT504 CASE - Flower landscaping
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions:
March 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock.
March 1 Paid the current month's rent, $4,500.
March 1 Paid the premium on a one-year insurance policy, $3,300.
March 7 Purchased supplies on account from Parkview Company, $900.
March 10 Paid employee salaries, $2,200.
March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due.
March 15 Received cash for landscaping revenue for the first half of March, $4,896.
March 19 Made payment on account to Parkview Company, $450.
March 31 Received cash for landscaping revenue for the last half of March, $5,304.
March 31 Declared and paid cash dividend of $1,000.
All requirements included

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