Criteria Step 1 Prepared Journal Entries 20 points Outstanding Journal entries use accurate accounts and amounts; and debits and credits are used correctly. The firstcolumn of this worksheet is simply a list of all general ledger accounts, starting with the balance sheet accounts and ending with the income statementaccounts. The journal entries reflecting these adjustments are as follows: No matter how diligent and efficient the accountants, adjustments will be needed tocorrect certain account balances. Melvin Plumbing Corporation Post-Closing Trial Balance July 31 0 0 Case Study 1 Rubric Please note that this rubric provides a general guideline, but you can score anywhere between 0 and the maximum number of points for that step, depending on the accuracy and completeness of your work. There are 10 sheets in the Workbook, including this one. Unadjusted Trial Balance 10 points 10 points 8 points 6 points Step 7 All three Two of the One of the three Financial three financial Financial Statements Statements are Statements is Prepared are prepared prepared prepared Financial accurately, and accurately and Statements accurately mostly in an mostly in an 20 points and in an appropriate appropriate appropriate format.
Don’t worry Ask Siri. The statement of cash flows is a required financial statement, but is not required for this case study. Just add to the balances that are already listed. Tags accounting cycle complete studythe ficase balance trial july points entries general journal plumbing anddebits financial adjusted requirement credits income statements cash melvin expense account pointsjournal case sheet useaccurateaccounts andamounts andcredits debits earnings errors paid postclosing. If a business maintains ending inventory, the balance recorded in the general ledger account must be reconciled with the actual physical count ofinventory on hand at the end of the period. Add Homework Help Answer.
These entries usually involve standard pairings of balance sheet and income statement accounts. Prepare a post-closing trial balance as of July 31 in the space below. Add Homework Help Answer. Dividends Retained Earnings, July 31 pace below. Robert On March 25, For example, it is customary to analyze accounts receivable to determine if individual outstanding accounts are fi504 case study 1 the complete accounting cycle collectable.
Generally, businesses want to track balances in these accounts for one year at a time. There are also hints contained within certain cells on some of the Worksheet tabs. One Two statements statement has have some errors. In analyzing the account balances for Joint Ventures at the end of the most recent accounting period, the bookkeeper has discovered that thefollowing accounts need adjustment: A sub-account of the equity category calledPrior Year Income or Retained Earnings is used to transfer all year end income and expense account balances.
So, at the beginning of each new accounting period, the income and expense balances should be zero.
ACCT Case Study 1 The Complete Accounting Cycle | Bahi Beshara – 01
Adjusting entries pattern Adjustments very often go in both directions. Review the Week 2 Lesson prior to starting this project.
Three or all statements have some errors. The entries themselves are first recorded in ageneral journal and then posted to the appropriate general ledger account. FI Complete Accounting Cycle. Don’t found the question that you searching? Prepare an adjusted trial balance in the space below. The final columns on the right of the trial balance are used fi504 case study 1 the complete accounting cycle construct the basic financial statements: Three or all statements have some errors.
Prepare a post-closing trial balance as of July 31 in the space below. Customer service is often the key link between logistics and Customer service is often the key link. Prepare the financial statements for the Melvin Plumbing Corporation as fi504 case study 1 the complete accounting cycle July 31 in the space below.
Periodically,accountants need to compile the information in the general ledger into the basic financial statements: The statement of cash flows is a required financial statement, but is not required for this case study.
Post the July journal entries to the following T-accounts and compute ending balances. Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Review the Week 2 Lesson prior to starting this project.
Prepare adjusting entries using the following information in the General Journal below.
You will get response with in few minutes. Just add to the balances that are already listed.
FI504 Complete Accounting Cycle
Just add to the adjusted balances already listed. Need Online Homework Help? Prepare an adjusted trial balance in the space below. There are also hints contained within certain cells on some of the Worksheet tabs.
Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing, completed the following transactions. In the adjustment process, it is not unusualfor the same account to require more than one adjustment, with the adjustments made in opposite directions.
It would not do for current year revenues and expensesto be aggregated with prior year amounts. Dividends Retained Earnings, July 31 pace below.