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 7/31/2016 Cash 90005 7/31/2016 Insurancr 4800 7/31/2016 Supplies 900 7/31/2016 Equipment 11500 7/31/2016 Accounts payable 10400 7/31/2016 Common stock 90000 7/31/2016 Plumbing revenue 16205 7/31/2016 Rent 5500 7/31/2016 Salaries 3300 7/31/2016 Dividend 600 7/31/2016 Income Tax 3200 3200 7/31/2016 Depreciation - Equipment 175 175 119980 119980 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.
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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 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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10 points 8 points 6 points 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 three financial Statements are prepared accurately, and mostly in an appropriate format. One statement has some errors. One of the three Financial Statements is
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