Requirement 8 Prepare the closing entries at July 31 in the General Journal

Requirement 8 prepare the closing entries at july 31

  • DeVry University, Chicago
  • ACCT 504
  • Homework Help
  • reginabass53
  • 19
  • 94% (18) 17 out of 18 people found this document helpful

This preview shows page 14 - 18 out of 19 pages.

Requirement #8:Prepare the closing entries at July 31 in the General Journal below. General Journal Date Description (Account Name) Debit Credit 31-Jul Service Revenue 16205 Income Summary 16205 31-Jul Income Summary 12950 Rent Expenses 5500 Salaries Expenses 3300 Insurance Expenses 400 Supplies Expenses 375 Depreciation Expenses 175 Incone Tax Expenses 3200 31-Jul Income Summary 3255 Retained Earnings 3255 31-Jul Retained Earnings 600 Dividend 600 Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed.
Image of page 14
Requirement #10:Prepare a post-closing trial balance as of July 31 in the space below. Melvin Plumbing Corporation Post-Closing Trial Balance July 31 Accounts Debit Credit Cash 90,005 Prepaid Insurance 4,400 Supplies 525 Equipment 11,500 Accumulated Depriciation-Equipent 175 Accounts Payable 10,400 Income Tax Payable 3,200 Common Stock 90,000 Retained Earning 2,655 106,430 106,430
Image of page 15
Case Study 1 Rubric Please note that this rubric provides a general guideline, b and the maximum number of points for that step, depend of your work. Criteria Outstanding Good Poor 20 points 16 points 12 points 10 points 8 points 6 points 10 points 8 points 6 points 10 points 8 points 6 points 10 points 8 points 6 points Step 1 Prepared Journal Entries (20 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Minor errors such as incorrect account names or credits listed prior to debits. Errors in computations that resulted in incorrect amounts to be debited and credited. Step 2 Posted to the General Ledger (10 points) Posting is correct, leading to accurate account balances. Posting is mostly correct, but minor errors are evident. Posting has several errors that resulted in incorrect account balances. Step 3 Prepared a Trial Balance (10 points) Correct account names and balances so to arrive at a correct trial balance. Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps. Errors in computations that resulted in incorrect amounts to be debited and credited. Step 4 Prepared Adjusting Journal Entries (10 points) Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only used somewhat correctly. Steps 5 and 6 Posted and Prepared an Unadjusted Trial Balance (10 points) Posting is correct, leading to an accurate trial balance. Posting is mostly correct, leading to a mostly correct trial balance. Posting has several errors, leading to a trial balance with several errors.
Image of page 16
20 points 16 points 12 points 10 points 8 points 6 points 10 points 8 points 6 points Step 7 Prepared Financial Statements (20 points) All three Financial Statements are prepared accurately and in an appropriate format.
Image of page 17
Image of page 18

You've reached the end of your free preview.

Want to read all 19 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture