Beruflich Dokumente
Kultur Dokumente
Name: ___________________________________
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 1Prepare the Journal Entries in the General Journal
Requirement 2Post Journal Entries to the General Ledger
Requirement 3Prepare a Trial Balance
Requirement 4Prepare the Adjusting Entries
Requirement 5Post Adjusting Entries to the General Ledger
Requirement 6Prepare an Adjusted Trial Balance
Requirement 7Prepare the Financial Statements
Requirement 8Prepare the Closing Entries
Requirement 9Post Closing Entries to the General Ledger
Requirement 10Prepare 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
Hints are provided for the following balances:
1) The debits for the journal entries are on the Journal Entries tab.
2) The credits for the journal entries are on the Journal Entries tab.
3) The cash balance is on the General Ledger tab.
4) The debits for the trial balance are on the Trial Balance tab.
5) The credits for the trial balance are on the Trial Balance tab.
6) The debits for the adjusted trial balance are on the Adjusted Trial Balance tab.
7) The credits for the adjusted trial balance are on the Adjusted Trial Balance tab.
8) Net income for the income statement is on the Financial Statements tab.
9) Retained earnings as of March 31 are on the Financial Statements tab.
10) Total assets for the balance sheet are on the Financial Statements tab.
11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.
12) The debits for the post-closing trial balance are on the Post-Closing Trial Balance tab.
13) The credits for the post-closing trial balance are on the Post-Closing Trial Balance tab.
s project.
e worksheet tabs.
f the cell to read the hint.
ments tab.
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions.
March 1
March 1
March 1
March 7
Prepare journal entries to record the March transactions in the General Journal below.
Date
3/1/2014
3/1/2014
3/1/2014
3/7/2014
3/10/2014
3/14/2014
General Journal
Description(Account Name) Debit
Credit
cash
72,000
common stock
72,000
rent expense
cash
4,500
prepaid insurance
cash
3,300
supplies
accounts payable
900
4,500
3,300
900
salary expense
cash
2,200
Equipment
9,000
2,200
Cash (111)
72000
4896
5304
4500
3300
2200
1500
450
1000
4896
5304
$69,250
Prepaid Insurance (117)
3300
275
3025
Supplies (119)
900
4500
425
475
2200
Equipment (144)
9000
275
0
Accumulated Depreciation-Equipment (145)
150
425
900
7500
7950
150
0
Common Stock (311)
72000
10200
855
Dividends (313)
1000
1000
795
Requirement #3:
Prepare a trial balance for March in the space below.
cash
landscaping revenue
prepaid insurance
rent expense
supplies
salaries expense
equipments
accounts payable
common stock
dividends
69,250
10,200
3,300
4,500
900
2,200
9,000
7,950
72,000
1,000
90,150
90,150
Requirement #4:
Prepare adjusting entries using the following information in the General Journal
below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of supplies is $475.
c) The estimated depreciation on equipment is $150.
d) The estimated income tax is $795.
General Journal
Description(Account Name)
insurance expense
prepaid insurance
Date
3/31/2014
3/31/2014
3/31/2014
Debit
Credit
275
275
supplies expense
supplies
425
depreciation expense
accumulated depreciation -equipments
150
795
3/31/2014
425
150
795
1,645
1,645
Requirement #5:
Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Just add to the balances that are already listed.
Requirement #6:
Prepare an adjusted trial balance in the space below.
Flower Landscaping Corporation
Adjusted Trial Balance
March 31
cash
landscaping revenue
prepaid insurance
rent expense
supplies
salaries expense
equipments
accounts payable
common stock
dividends
Insurace expense
depreciation expense
accumulated depreciation-equipment
income tax expense
income tax payable
supplies expense
69,250
10,200
3,025
4,500
475
2,200
9,000
7,950
72,000
1,000
275
150
150
795
795
425
91095
91095
Requirement #7:
Prepare the financial statements for the Flower Landscaping Corporation as of March 31 in the space below.
You will only be preparing the income statement, statement of retained earnings, and the balance sheet.
The statement of cash flows is a required financial statement, but is not required for this project.
Flower Landscaping Corporation
Income Statement
For the Month Ending March 31
Revenues:
Landscaping Revenue
Expenses:
Rent Expense
Salaries Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Income Tax Expense
Total Expenses
Net Income
10,200
4,500
2,200
275
425
150
795
8,345
$ 1,855
1,855
1,000
$ 855
$ 69,250
3,025
475
9,000
-150
81,600
7,950
795
8,745
855
72,000
$ 81,600
Requirement #8:
Prepare the closing entries at March 31 in the General Journal below.
Hint: Use the balances for each account, which appear on the Adjusted
Trial Balance for your closing entries.
Date
3/31/2014
General Journal
Description (Account Name)
landscaping revenue
retained earnings
Debit
Credit
10200
10200
rent expense
salaries expense
insurance expense
depreciation expense
income tax expense
supplies expense
retained earnings
4500
2200
275
150
795
425
8345
dividends
retained eranings
1000
1000
19545
19545
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 March 31 in the space below.
69,200
3,025
475
9,000
150
7,950
72,000
855
795
81,700
81,750