Just add to the balances that are already listed.
Requirement #6: Prepare an adjusted trial balance in the space below. Melvin Plumbing Corporation Adjusted Trial Balance July 31 Account Debit Credit Cash 90005 Revenue 16205 Rent Expense 5500 Supplies 375 Salaries Expense 3300 Equipment 11500 Insurance Expense 5325 Accumulated Depreciation-Equipment 175 Accounts Payable 10400 Depreciation Expense 175 Income Tax Payable 3200 Income Tax Expense 3200 Dividends 600 Common Stock 90000 119980 119980
Requirement #7: Prepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the spac 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 3,105 Subtotal Expenses: Less: Dividends 600 Rent Expense 5,500 Retained Earnings, July 31 $2,505 Salaries Expense 3,300 Insurance Expense 400 Supplies Expense 525 Depreciation Expense 175 Income Tax Expense 3,200 Total Expenses 13,100 Net Income $ 3,105
ce below. nce sheet. study. Melvin Plumbing Corporation Balance Sheet July 31 Assets: Cash 90,005 Supplies 375 Prepaid Insurance 4,400 Equipment 11,500 Less: Accum. Depr. 175 Total Assets 106,105 Liabilities: Accounts Payable 10,400 Income Tax Payable 3,200 Total Liabilities 13,600 Stockholders' Equity: Common Stock 90,000 Retained Earnings 2,505 Total Stockholders' Equity 92,505 Total Liabilities and Stockholders' Equity $106,105
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 Retained Earning 16205 31-Jul Retained Earning 13100 Salary Expense 3300 Rent Expense 5500 Suppies Expense 525 Depreciation Expense 175 Income Tax Expense 3200 Insurance Expense 400 Income Summary 3105 Retained Earning 3105 31-Jul Retained Earning 600 Dividends 600 Total 33010 33010 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 Insurance 4,400 Supplies 375 Equipment 11,500 Accumulated Depreciation 175 Accounts Payable 10,400 Income Tax Payable 3,200 Common Stock 90,000 Retained Earnings 2,505 106,280 106,280
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.
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