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

Requirement 8 prepare the closing entries at july 31

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Requirement #8:Prepare the closing entries at July 31 in the General Journal below. General Journal Date Description (Account Name) Debit Credit 31-Jul Revenue 16205 31-Jul Retained Earnings 16205 31-Jul Retained Earnings 13100 31-Jul Rent Expense 5500 31-Jul Salaries Expennse 3300 31-Jul Insurance Expense 400 31-Jul Supplies Expense 525 31-Jul Depreciation Expense 175 31-Jul Income Tax Expense 3200 31-Jul Retained Earnings 600 31-Jul Dividends 600 29905 29905 Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed.
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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 Account Name Debit Credit Cash 90,005 Prepaid Insurance 4,400 Supplies 375 Equipment 11,500 Acc. Depreciation-Equp 175 Accounts Payable 10,400 Income Tax Payable 3,200 Common Stock 90,000 Retained Earnings 2,505 106,280 106,280
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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.
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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. Two of the
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