517 72000 1000 1000 0 closingentry31march

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1,855 0 REQUIREMENT #3: Prepare a trial balance for March in the space below. Flower Landscaping Corporation Trial Balance March 31 Debit Cash Prepaid Insurance Supplies Equipment Accumulated Depreciation -Equipment Accounts Payable Income Tax Payable Common Stock Retained Earnings Dividends Landscaping Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Cash (Debit) Prepaid Insurance (Debit) Supplies (Debit) Equipment (Debit) Accumulated Depreciation -Equipment (Credit) Credit 69,250 3,300 900 9,000 Accounts Payable (Credit) Income Tax Payable (Credit) 7,950 72,000 Common Stock (Credit) Retained Earnings (Credit) 10,200 Dividends (Debit) 90,150 Landscaping Revenue (Credit) 1,000 4,500 2,200 . . . . 90,150 Rent Expense (Debit) Salaries Expense (Debit) Insurance Expense (Debit) Supplies Expense (Debit) Depreciation Expense (Debit) Income Tax Expense (Debit) Income Summary 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) The remaining inventory of supplies is $475. c) The estimated depreciation on equipment is $150. d) The estimated income taxes are $795. General Journal Description(Account Name) Date Insurance expense Debit Credit 275 Prepaid insurance Supplies expense 275 425 Supplies 425 Depreciation Expense (Debit) Accumulated Depreciation -Equipment (Credit) 150 Income Taxes expense 795 Income tax payable 150 795 Requirement #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. Flower Landscaping Corporation Adjusted Trial Balance March 31 Debit Cash Prepaid Supplies Equipment Accumulated Depreciation -Equipment Accounts Payable Income Tax Payable Common Stock Retained Earnings Dividends Landscaping Revenue Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Credit 69,250 3,025 475 9,000 0 0 0 0 0 1,000 0 4,500 2,200 275 425 150 795 91,095 0 150 7,950 795 72,000 0 10,200 91,095 Requirement #7: Prepare the financial statements for Flower Landscaping Corporation as of March 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...
View Full Document

This document was uploaded on 03/16/2014 for the course MBA acct504 at Keller Graduate School of Management.

Ask a homework question - tutors are online