CASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE
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 TCO's 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.
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…show more content…
Balance. (10 pts) 8 pts
Posting is mostly correct leading to a mostly correct trial balance.
Posting has several errors leading to a trial balance with several errors.
Posting is done poorly or not at all, leading to inaccurate or no trial balance. ^
Entries (20 pts) ^
-Posted to the General
Ledger. (10 pts) ^
Balance (10 pts) ^
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions:
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.
Paid the current month's rent, $4,500.
Paid the premium on a one-year insurance policy, $3,300.
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 twenty 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