Melvin plumbing corporation adjusted trial balance

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

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

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

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.

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

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.