Just add to the balances that are already listed

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.