ACCT 503 Case Study 1 (Gordon Construction)

ACCT 503 Case Study 1 (Gordon Construction)

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Case Study 1 (Part A)

Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:

June

2

Gordon received $55,000 cash and issued common stock to the stockholders.

3 Purchased supplies, $3,000, and equipment, $5,200, on account.

4 Performed services for a client and received cash, $6,300.

7 Paid cash to acquire land, $37,000.

11 Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month.

16 Paid partial for the equipment purchased June 3 on account $2,800.

17 Paid the telephone bill, $230.

18 Received partial payment from customer on account, $700.

22 Paid the water and electricity bills, $400.

29 Received $5,000 cash for repairing the pipes of a customer.

30 Paid employee salary, $4,300.

30 Declared and paid dividends of $3,000.

▸Requirements

• 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.

• 2. Post the transactions to the T-accounts, using transaction dates as posting references.

• 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 2014.

• 4. The manager asks you how much in total resources the business has to work with and, how much it owes.

 

Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 2014

 

Month end accruals at June 30, 2014:

• a. Accrued advertising revenue at June 30, $3,100.

• b. Supplies used during June, $3,090.

• c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.

Requirement 2

Prepare adjusted trial balance for Gordon Construction at June 30, 2014.

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