ACCT503 Week 3 Case Study 2019

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ACCT503 Week 3 Case Study 2019

Question # 00604932
Course Code : ACCT503
Subject: Business
Due on: 09/23/2019

Posted On: 09/23/2019 06:18 AM
Tutorials: 1

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Question

CASE STUDY - THE COMPLETE ACCOUNTING CYCLE

Name: __________________________

This Case Study is worth 100 points, or 10% of your final course grade.

This Case Study relates to TCOs E and F, and Chapters 2 and 3.

MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.

There are 10 sheets in the Workbook, including this one.

All of the information that you need for the project is located in this Workbook.

Requirements Sheet in Workbook

Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries

Requirement 2—Post Journal Entries to the General Ledger General Ledger

Requirement 3—Prepare a Trial Balance Trial Balance

Requirement 4—Prepare the Adjusting Entries Adjusting Entries

Requirement 5—Post Adjusting Entries to the General Ledger General Ledger

Requirement 6—Prepare an Adjusted Trial Balance Adjusted Trial Balance

Requirement 7—Prepare the Financial Statements Financial Statements

Requirement 8—Prepare the Closing Entries Closing Entries

Requirement 9—Post Closing Entries to the General Ledger General Ledger

Requirement 10—Prepare the Post Closing Trial Balance Post-Closing Trial Balance

Hint for success: Review the Week 2 Lesson 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 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 July 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.

During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,
completed the following transactions.

July 1	Began business by making a deposit in a company bank account of $40,000, in exchange
	for 4,000 shares of $10 par value common stock.

July 3	Paid the current month's rent, $2,500

July 5	Paid the premium on a 1-year insurance policy, $3,600

July 7	Purchased supplies on account from Little Company, $700.

July 10	Paid employee salaries, $2,800

July 14	Purchased equipment from Lake Company, $9,500. Paid $1,500 down and the balance was
	placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1.
	Note: Use accounts payable for the balance due.

July 15	Received cash for preparing tax returns for the first half of July, $6,500

July 19	Made payment on account to Lake Company, $500.

July 31	Received cash for preparing tax returns for the last half of July, $8,250

July 31	Declared and paid cash dividends of $450.

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expertguy · Answer 1 · 09/23/2019 06:19 AM

ACCT503 Week 3 Case Study 2019

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ACCT503 Week 3 Case Study 2019

ACCT503 Week 3 Case Study 2019

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