Requirement #1:During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,Completed the following transactions. Please follow the Attached File to complete the case study 1 of week 3.

Acct504 week 3 case study 1 the complete accounting cycle Acct504 week 3 case study 1 the complete accounting cycle Document Transcript

1. ACCT504 Week 3 Case Study 1 THE COMPLETE ACCOUNTING CYCLE PLEASE DOWNLOAD HERE 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 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 General Ledger Requirement 6 – Prepare an Adjusted Trial Balance Requirement 7 – Prepare the Financial Statements Requirement 8 – Prepare the Closing Entries Requirement 9 – Post Closing Entries to the General Ledger Requirement 10 – Prepare 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 hint. Hints are provided for the following balances: 1) the debits for the journal entries on the Journal Entries tab

2. 2) The credits for the journal entries on the Journal Entries tab3) The cash balance on the General Ledger tab4) The debits for the trial balance on the Trial Balance tab5) The credits for the trial balance on the Trial Balance tab6) The debits for the adjusted trial balance on the Adjusted Trial Balance tab7) The credits for the adjusted trial balance on the Adjusted Trial Balance

Note: Please use this if don’t find it the Attachments:

March 1

March 31

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.
Paid the current month’s rent, $4,500.
Paid the premium on a 1-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 20 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.
Declared and paid cash dividend of $1,000.
Prepare journal entries to record the March transactions in the General Journal below.

Instructions

CASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE Name: ___________________________________ The entire Case Study is due Sunday at midnight mountain time at the end of Week 3. This Case Study is worth 1

0 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 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

Requirement 4—Prepare the

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

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 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.

Journal Entries

, which specializes in residential landscaping,

March 1

March 31

General Journal

(Debit)

(Credit)

(Debit)

Requirement #1:
During its first month of operation, the					Flower Landscaping Corporation
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.
Paid the current month’s rent, $4,500.
Paid the premium on a 1-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 20 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.
Received cash for landscaping revenue for the last half of March, $5,304.
Declared and paid cash dividend of $1,000.
Prepare journal entries to record the March transactions in the General Journal below.	Use the following account names for journal entries.
Chart of Accounts: Account Title (Normal Balance)
		Date		Description(Account Name)		Debit	Credit
Assets
	Cash
	Prepaid Insurance
	Supplies
	Equipment
Accumulated Depreciation -Equipment (Credit)
Liabilities
	Accounts Payable
	Income Tax Payable
Stockholders’ Equity
	Common Stock
	Retained Earnings
Dividends (Debit)
Revenue
	Landscaping Revenue
Expenses
	Rent Expense
	Salaries Expense
	Insurance Expense
	Supplies Expense
	Depreciation Expense
	Income Tax Expense
Clearing Account
Income Summary
0 DeVry: Debits equal $103,550	0 DeVry: Credits equal $103,550
Note: Remember that debits must equal credits—All of your journal entries should balance.

General Ledger

This Sheet will be used for Requirements 2, 5, and 9
Requirement #2:
Post the March journal entries to the following T-accounts and compute ending balances.
Cash (111) DeVry: The balance of the Cash account after posting all journal entries should be $69,250.	Landscaping Revenue (411)
Prepaid Insurance (117)	Rent Expense (511)
Supplies (119)	Salaries Expense (512)
Equipment (144)	Insurance Expense (513)
Accumulated Depreciation-Equipment (145)	Supplies Expense (514)
Accounts Payable (212)	Depreciation Expense (515)
Income Tax Payable (213)	Income Tax Expense (516)
Common Stock (311)
Income Summary (517)
Retained Earnings (312)
Dividends (313)

Trial Balance

Flower Landscaping Corporation

Trial Balance

March 31

Requirement #3:
Prepare a trial balance for March in the space below.
0 DeVry: Debits equal $90,150	0 DeVry: Credits equal $90,150

Adjusting Entries

General Journal

Date Description(Account Name) Debit Credit

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 taxes are $795.

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.

Adjusted TB

Flower Landscaping Corporation

Adjusted Trial Balance

March 31

Requirement #6:
Prepare an adjusted trial balance in the space below.
0 DeVry: Debits equal $91,095	0 DeVry: Credits equal $91,095

Financial Statements

Flower Landscaping Corporation Flower Landscaping Corporation Flower Landscaping Corporation

For the Month Ending March 31 March 31

Landscaping Revenue

Cash

Prepaid Insurance

Supplies

Rent Expense

Equipment

Salaries Expense

Insurance Expense

Supplies Expense
Depreciation Expense

Income Tax Expense Accounts Payable

Income Tax Payable

Net Income

Common Stock
Retained Earnings

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.
Income Statement	Statement of Retained Earnings	Balance Sheet
	For the Month Ending March 31
Revenues:	Retained Earnings, March 1	Assets:
Add:	Net Income
Subtotal
Expenses:	Less: Dividends
Retained Earnings, March 31	DeVry: Retained Earnings equals $855
Less: Accum. Depr.
Total Assets
Liabilities:
Total Expenses
Total Liabilities
Stockholders’ Equity:
Total Stockholders’ Equity
Total Liabilities and
Stockholders’ Equity
DeVry: Total Liabilities & Stockholders’ Equity equals $81,600	DeVry: Net Income equals $1,855	DeVry: Total assets equals $81,600

Closing Entries

General Journal

Date

Debit Credit

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.

Description (Account Name)

Requirement #9:

Post the closing entries to the General Ledger T-accounts and compute ending balances.

Just add to the adjusted balances already listed.

Post Closing TB

Flower Landscaping Corporation

Post-Closing Trial Balance

March 31

Requirement #10:
Prepare a post-closing trial balance as of March 31 in the space below.
0 DeVry: Debits equal $81,750	0 DeVry: Credits equal $81,750

Grading Rubric

)

20 points

8 points 6 points

Errors in computations that resulted in incorrect amounts to be debited and credited.

10 points 8 points 6 points 4 points

Journal entries use accurate accounts and amounts; and debits and credits are used correctly.

10 points 8 points 6 points 4 points

20 points

12 points 8 points

Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

10 points 8 points 6 points 4 points

Posting is correct leading to an accurate trial balance. 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.

10 points 8 points 6 points 4 points

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.

Criteria

Outstanding

Good

Poor

Very Poor

Points Awarded

Step 1 Prepared Journal Entries (

20 points

Journal entries use accurate accounts and amounts; and debits and credits are used correctly.

Minor errors such as incorrect account names or credits listed prior to debits.

Errors in computations that resulted in incorrect amounts to be debited and credited.

Evidence of an attempt to complete the journal entries.

6 points

12 points

8 points

Step 2 Posted to the General Ledger (10 pts)

Posting is correct leading to accurate account balances.

Posting is mostly correct but minor errors are evident.

Posting has several errors that resulted in incorrect account balances.

Posting is done poorly but does show evidence of an attempt to complete.

10 points

4 points

Step 3 Prepared a Trial Balance (10 points)

Correct account names and balances so to arrive at a correct trial balance.

Some minor errors such as incorrect account names or incorrect totals due to errors in prior steps.

Evidence of an attempt to complete the trial balance.

Step 4 Prepared Adjusting Journal Entries (10 points)

Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly.

Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly.

Steps 5 and 6 Posted and Prepared an Unadjusted Trial Balance (10 points)

Posting is correct leading to an accurate trial balance.

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.

Step 7 Prepared Financial Statements (20 points)

All three Financial Statements are prepared accurately and in an appropriate format.

Two of the three financial Statements are prepared accurately and mostly in an appropriate format, one statement has some errors.

One of the three Financial Statements are prepared accurately and mostly in an appropriate format, two statements have some errors.

One or fewer of four Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.

16 points

Step 8 Prepared Closing Journal Entries (10 points)

Steps 9 and 10 Posted and Prepared Post-Closing Trial Balance (10 points)

Total Points Earned Out of 100 Points

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