1 2 Name: B C D CASE STUDY - THE COMPLETE ACCOUNTING CYCLE Name: This Case Study is worth 100 points, or 10% of your final course grade. This Case Study relates to TCOs E and F, and Chapters 3 and 4. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. 11 12 There are 10 sheets in the Workbook, including this one. 13 All of the information that you need for the project is located in this Workbook. 14 15 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 18 Requirement 3-Prepare a Trial Balance Trial Balance 19 Requirement 4-Prepare the Adjusting Entries Adjusting Entries Requirement 5-Post Adjusting Entries to the General Ledger General Ledger 21 Requirement 6-Prepare an Adjusted Trial Balance Adjusted Trial Balance 22 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 Trial Balance Hint for success: Review the Week 2 and 3 Activities prior to starting this project. 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 July 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. Prep This Sheet will be used for Requirements 2,5 , and 9. Requirement \#2: Post the July journal entries to the following T-accounts and compute ending balances. Service Revenue Accounts Receivable Rent Expense Supplies Wages Expense Prepaid Rent Repairs \& Maintenance Expense Equipment Accumulated Depreciation-Equipment Accounts Payable Income Tax Payable Depreciation Expense Supplies Expense \begin{tabular}{|} \hline Depreciation Expense \\ Income Tax Expense \\ \hline \end{tabular} 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 \begin{tabular}{c|c} \hline \multicolumn{2}{c|}{ Supolies Expense } \\ \hline Depreciation Expense \\ \hline Income Tax Expense \\ \hline & \\ \hline Retained Earnings \\ \hline Income Summary \\ \hline & \\ \hline \end{tabular} Common Stock Income Summar Dividends Grading Rubric Prepare a trial balance for July in the space below. Requirement \#4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's rent has expired b) The remaining inventory of supplies is $600. c) The estimated depreciation on equipment is $100. d) The estimated income taxes are $1,200. General Journal Date Description (Account Name) \begin{tabular}{|l|l|} \hline Debit & Credit \\ \hline & \\ & \\ & \\ & \\ & \end{tabular} 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. Requirement \#6: A B C D G K Prepare an adjusted trial balance in the space below. True Consulting Corporation Adjusted Trial Balance July 31 Prepare the financial statements for True Consulting 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. True Consulting Corporation Income Statement For the Month Ending July 31 Revenues: Service Revenue Expenses: Rent Expense Wages Expense Repairs \& Maintenance Expense Supplies Expense Depreciation Expense Income Tax Expense Total Expenses Net Income True Consulting Corporation Statement of Retained Earnings For the Month Ending July 31 Retained Earnings, July 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, July 31 True Consulting Corporation Balance Sheet July 31 Assets: Cash Accounts Receivable Supplies Prepaid Rent Equipment Less: Accum. Depr. Total Assets Liabilities: Accounts Payable Income Tax Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Requirement \#8: B C D G H M N L Prepare the closing entries at July 31 in the General Journal below. General Journal Date Description (Account Name) Debit Credit 1 11 12 13 14 15 16 17 18 19 20 13 14 15 16 17 18 19 20 21 22 24 2625 Requirement \#9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Instructions Journal Entries General Ledger Trial Balance Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries Post-Closing Trial Balance Grading Rubric Requirement \#10: A B C D M N Prepare a post-closing trial balance as of July 31 in the space below. True Consulting Corporation Post-Closing Trial Balance July 31