Melvin Plumbing Corporation Adjusted Trial Balance July 31 Cash 90005 Revenue

Melvin plumbing corporation adjusted trial balance

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Melvin Plumbing Corporation Adjusted Trial Balance July 31 Cash 90005 Revenue 16205 Prepaid Insurance 4400 Rent Expense 5500 Supplies 375 Salaries Expense 3300 Equipment 11500 Insurance Expense 400 Accumulated Depreciation-Equipment 175 Supplies Expense 525 Accounts Payable 10400 Depreciation Expense 175 Income Tax Payable 3200 Income Tax Expense 3200 Common Stock 90000 Retained Earnings Dividends 600 119980 119980
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Requirement #7: Prepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the space You will only be preparing the income statement, statement of retained earnings, and the balan The statement of cash flows is a required financial statement, but is not required for this case s Melvin Plumbing Corporation Melvin Plumbing Corporation Income Statement Statement of Retained Earnings For the Month Ending July 31 For the Month Ending July 31 Revenues: Retained Earnings, July 1 Revenue 16,205 Add: Net Income 3,255 Subtotal Expenses: Less: Dividends 600 Rent Expense 5,500 Retained Earnings, July 31 $2,655 Salaries Expense 3,300 Insurance Expense 4,800 Supplies Expense 525 Depreciation Expense 175 Income Tax Expense 3,200 Total Expenses 12,950 Net Income $ 3,255
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e below. nce sheet. study. Melvin Plumbing Corporation Balance Sheet July 31 Assets: Cash $ 90,005 Supplies 525 Prepaid Insurance 4,400 Equipment 11,500 Less: Accum. Depr. 175 Total Assets 106,255 Liabilities: Accounts Payable 10,400 Income Tax Payable 3,200 Total Liabilities 13,600 Stockholders' Equity: Common Stock 90,000 Retained Earnings 2,655 Total Stockholders' Equity 92,655 Total Liabilities and 13,600 Stockholders' Equity $106,255
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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 Cash 90005 31-Jul Revenue 16205 31-Jul Prepaid Insurance 4400 31-Jul Rent Expense 5500 31-Jul Supplies 375 31-Jul Salaries Expense 3300 31-Jul Equipment 11500 31-Jul Insurance Expense 400 31-Jul Accumulate Depreciation-Equipment 175 31-Jul Supplies Expense 375 31-Jul Accounts Payable 10400 31-Jul Depreciation Expense 175 31-Jul Income Tax Payable 3200 31-Jul Income Tax Expense 3200 31-Jul Common Stock 90000 31-Jul Retained Earnings 2655 31-Jul Dividends 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.
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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 Cash 90,005 Prepaid Rent 4,400 Supplies 525 Equipment 11,500 Accumulated Depreciation 175 Accounts Payable 10,400 Salaries Payable 3,200 Common Stock 90,000 Retained Earnings 2,655 106,430 106,430
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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.
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