Acct504 week 3 case study 1 the complete accounting cycle Acct504 week 3 case study 1 the complete accounting cycle Document Transcript
1. ACCT504 Week 3 Case Study 1 THE COMPLETE ACCOUNTING CYCLE PLEASE DOWNLOAD HERE The Entire Case Study is due Sunday at Midnight Mountain time at the end of Week 3.This Case Study is worth 100 points or 10% of your final course grade. This Case Study relates to TCOs D and E and Chapters 3 and 4.MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. There are 10 Sheets in the Workbook including this one. All of the Information you need for the Project is located in this Workbook. Requirements Requirement 1 – Prepare the Journal Entries in the General Journal Requirement 2 – Post Journal Entries to the General Ledger Requirement 3 – Prepare a Trial Balance Requirement 4 – Prepare the Adjusting Entries Requirement 5 – Post Adjusting Entries to the General Ledger Requirement 6 – Prepare an Adjusted Trial Balance Requirement 7 – Prepare the Financial Statements Requirement 8 – Prepare the Closing Entries Requirement 9 – Post Closing Entries to the General Ledger Requirement 10 – Prepare the Post Closing Trial Balance Sheet in Workbook Journal Entries General Ledger Trial Balance Adjusting Entries General Ledger Adjusted TB Financial Statements Closing Entries General Ledger Post Closing TB Hint for success: review the Week 2 Lecture prior to starting this project. There are also hints contained within certain cells on some of the worksheet tabs .You can hover over the red pointer at the top right-hand corner of the cell to read the hint. Hints are provided for the following balances: 1) the debits for the journal entries on the Journal Entries tab
2. 2) The credits for the journal entries on the Journal Entries tab3) The cash balance on the General Ledger tab4) The debits for the trial balance on the Trial Balance tab5) The credits for the trial balance on the Trial Balance tab6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab7) The credits for the adjusted trial balance on the Adjusted Trial Balance
Note: Please use this if don’t find it the Attachments:
| Requirement #1: | ||||||||||
| During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, | ||||||||||
| Completed the following transactions. | ||||||||||
| March 1 | Began business by making a deposit in a company bank account of $72,000, in exchange | |||||||||
| for 7,200 shares of $10 par value common stock. | ||||||||||
| March 1 | Paid the current month’s rent, $4,500. | |||||||||
| March 1 | Paid the premium on a 1-year insurance policy, $3,300. | |||||||||
| March 7 | Purchased supplies on account from Parkview Company, $900. | |||||||||
| March 10 | Paid employee salaries, $2,200. | |||||||||
| March 14 | Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was | |||||||||
| placed on account. Payments will be $375.00 per month for 20 months. The first payment is due 4/1. | ||||||||||
| Note: Use accounts payable for the balance due. | ||||||||||
| March 15 | Received cash for landscaping revenue for the first half of March, $4,896. | |||||||||
| March 19 | Made payment on account to Parkview Company, $450. | |||||||||
| March 31 | Received cash for landscaping revenue for the last half of March, $5,304. | |||||||||
| March 31 | Declared and paid cash dividend of $1,000. | |||||||||
| Prepare journal entries to record the March transactions in the General Journal below. | ||||||||||
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