case study accounting cycle 491210

0 0 0 0 0 0 0 0 0 General Journal Date Debit Credit Cash (111) Prepaid Insurance (117) Accounts Payable (212) Common Stock (311) Retained Earnings (312) Dividends (313) Insurance Expense (513) Trial Balance a) One month’s insurance has expired. Description(Account Name) Requirement #4: Prepare adjusting entries using the following information in the General Journal Requirement #5: Requirement #6: Adjusted Trial Balance Requirement #7: Income Statement Statement of Retained Earnings Balance Sheet Requirement #8: Trial Balance for your closing entries. Description (Account Name) Requirement #9: Requirement #10: Post-Closing Trial Balance Posting is done poorly or not at all, leading to inaccurate or no trial balance. Posting has several errors leading to a trial balance with several errors. Posting is mostly correct leading to a mostly correct trial balance. Posting is correct leading to an accurate trial balance. One or fewer of four Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors. Very Poor Poor Good Criteria Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the balances that are already listed. Just add to the adjusted balances already listed. Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Requirements Sheet in Workbook General Ledger Adjusting Entries Financial Statements Closing Entries Post Closing TB Adjusted TB Revenues: Assets: Add: Net Income Cash Subtotal Prepaid Insurance Expenses: Less: Dividends Less: Accum. Depr. Insurance Expense Total Assets Liabilities: Accounts Payable Total Expenses Total Liabilities Net Income Stockholders’ Equity: Common Stock Retained Earnings Total Stockholders’ Equity Stockholders’ Equity Name: ___________________________________ MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. Assets Liabilities Revenue Expenses Use the following…