ACCT 503 Week 3 Case Study 1 (Melvin Plumbing Corporation) **New**

ACCT 503 Week 3 Case Study 1 (Melvin Plumbing Corporation) **New**

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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.

 

Requirement #1:

 

During its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing,           

 

completed the following transactions.

 

July 1   Began business by making a deposit in a company bank account of $90,000, in exchange for 9,000 shares of $10 par value common stock.                                                          

 

July 3   Paid the current month's rent, $5,500.

 

July 5   Paid the premium on a 1-year insurance policy, $4,800

 

July 7   Purchased supplies on account from Little Company, $900.                                                           

 

July 10 Paid employee salaries, $3,300

 

Requirement #2:

 

Post the July journal entries to the following T-accounts and compute ending balances.

 

 Cash (111)                   Revenue (411)

 

Requirement #3:

 

Prepare a trial balance for July in the space below.  

 

Melvin Plumbing Corporation

 

Trial Balance

 

July 31

 

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) Supplies used during the period $375.                                                     

 

c) The estimated depreciation on equipment is $175.

 

Requirement #6:

 

Prepare an adjusted trial balance in the space below.           

 

Melvin Plumbing Corporation

 

Adjusted Trial Balance

 

July 31

 

Requirement #7:

 

Prepare the financial statements for the Melvin Plumbing Corporation as of July 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 case study.        

 

Requirement #10:

 

Prepare a post-closing trial balance as of July 31 in the space below.

 

Melvin Plumbing Corporation          

 

Post-Closing Trial Balance   

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