ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation

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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.     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 TB 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 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) The credits for the journal entries on the Journal Entries tab   3) The cash balance on the General Ledger tab   4) The debits for the trial balance on the Trial Balance tab   5) The credits for the trial balance on the Trial Balance tab   6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab 7) The credits for the adjusted trial balance on the Adjusted Trial Balance tab 8) Net Income for the Income Statement on the Financial Statements tab 9) Retained earnings as of March 31 on the Financial Statements tab 10) Total assets for the Balance Sheet on the Financial Statements tab 11) Total liabilities and shareholders’ equity for the Balance Sheet on the Financial Statements tab 12) The debits for the post-closing trial balance on the Post-Closing Trial Balance tab 13) The credits for the post-closing trial balance on the Post-Closing Trial Balance tab 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 one-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 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 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.

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ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation,

JOURNAL Entries

 

July 19 Made payment on account to Lakeside Company, $400.
July 31 Received cash for landscaping revenue for the last half of July, $2,620.
July 31 Declared and paid cash dividend of $1,600.
Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries.
General Journal Chart of Accounts: Account Title (Normal Balance)
Date Description(Account Name) Debit Credit
1-Jul Assets
Cash 24,000 Cash (Debit)
Common Stock 24,000 Prepaid Insurance (Debit)
Landscaping Supplies (Debit)
1-Jul Prepaid Insurance 2,400 Landscaping Equipment (Debit)
Cash 2,400 Accum Depr -Equipment (Credit)
1-Jul Rent Expense 2,080 Liabilities
Cash 2,080 Accounts Payable (Credit)
Income Tax Payable (Credit)
3-Jul Landscaping Equipment 8,800
Cash 1,200 Stockholders Equity
Accounts Payable 7,600 Common Stock (Credit)
Retained Earnings (Credit)
8-Jul Landscaping Supplies 780 Dividends (Debit)
Accounts Payable 780
Revenue
12-Jul Utility Expense 308 Landscaping Revenue (Credit)
Cash 308
Expenses
16-Jul Cash 2,724 Rent Expense (Debit)
Landscaping Revenue 2,724 Utility Expense (Debit)
Insurance Expense (Debit)
19-Jul Accounts Payable 400 Supplies Expense (Debit)
Cash 400 Depreciation Expense (Debit)
Income Tax Expense (Debit)
31-Jul Cash 2,620
Landscaping Revenue 2,620
31-Jul Dividends 1,600
Cash 1,600
45712 45712
Note:  Remember that Debits must equal Credits – All of your Journal Entries should balance.  

 

 

 

July 19 Made payment on account to Lakeside Company, $400.
July 31 Received cash for landscaping revenue for the last half of July, $2,620.
July 31 Declared and paid cash dividend of $1,600.
Prepare journal entries to record the July transactions in the General Journal below. Use the following account names for journal entries.
General Journal Chart of Accounts: Account Title (Normal Balance)
Date Description(Account Name) Debit Credit
1-Jul Assets
Cash 24,000 Cash (Debit)
Common Stock 24,000 Prepaid Insurance (Debit)
Landscaping Supplies (Debit)
1-Jul Prepaid Insurance 2,400 Landscaping Equipment (Debit)
Cash 2,400 Accum Depr -Equipment (Credit)
1-Jul Rent Expense 2,080 Liabilities
Cash 2,080 Accounts Payable (Credit)
Income Tax Payable (Credit)
3-Jul Landscaping Equipment 8,800
Cash 1,200 Stockholders Equity
Accounts Payable 7,600 Common Stock (Credit)
Retained Earnings (Credit)
8-Jul Landscaping Supplies 780 Dividends (Debit)
Accounts Payable 780
Revenue
12-Jul Utility Expense 308 Landscaping Revenue (Credit)
Cash 308
Expenses
16-Jul Cash 2,724 Rent Expense (Debit)
Landscaping Revenue 2,724 Utility Expense (Debit)
Insurance Expense (Debit)
19-Jul Accounts Payable 400 Supplies Expense (Debit)
Cash 400 Depreciation Expense (Debit)
Income Tax Expense (Debit)
31-Jul Cash 2,620
Landscaping Revenue 2,620
31-Jul Dividends 1,600
Cash 1,600
45712 45712
Note:  Remember that Debits must equal Credits – All of your Journal Entries should balance.

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