B11 X fx B 1 Requirement #3: 2 3 Prepare a trial balance for July in the space below. 4 5 6 Quick Tax Corporation 7 Trial Balance July 31 9 10 11 Cash 12 Common Stock 13 Rent Expense 14 Insurance Expense 15 Prepaid Insurance 16 Supplies 17 Salaries Expense 18 Equipment 19 Accounts Payable 20 Tax Preperation Revenue 21 Dividens 22 23 24 25 26 Total 0 27 28 0 29 30 31 32 33 Instructions Journal Entries General Ledger Trial Balan Salad dortiration CS ENTER Deste J G B16 H B E C D Credit 15 Date Description (Account Name) Debit 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Requirement #5: 31 32 Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. 33 Just add to the balances that are already listed. 34 35 D July 31 A10 B 1 Requirement #6: 2 3 Prepare an adjusted trial balance in the space below. 4 5 Quick Tax Corporation 6 Adjusted Trial Balance 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 0 26 27 28 29 B D E F G H K Requirement 37 3. Prepare the financial statements for the Quick Tax 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. 5 7 Quick Tax Corporation Quick Tax Corporation Quick Tax Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending/uly 31 For the Month Ending July 31 July 31 0 1 Revenues Retained Earnings, July 1 Assets 2 Revenue Add: Not Income Cash 3 Subtotal Supplies 14 Expenses Less Dividends Prepaid Insurance 15 Rent Expenso Retained Earings, July 31 Equipment 16 Salaries Expense Less Accum Depr 17 Insurance Expense Total Assets 18 Supplies Expense 19 Depreciation Expense Liabilities 20 Income Tax Expense Accounts Payable 21 Total Expenses Income Tax Payable 2 Total Liabilities 23 Not Income Stockholders' Equity 34 Common Stock Rotained Earnings 20 Total Stockholders' Equity 27 Total Liabilities and 28 Stockholders' Equity 29 30 31 32 33 Instructions Journal Entries General Ledger Til Balance Adiusting in 5 6 3 Prepare the closing entries at July 31 in the General Journal below. 4 5 6 7. General Journal 8 Date Description (Account Name) Debit Credit 9 31 Jul Services 17000 10 To income summary 11 (Closing Revenue Accounts) 12 31-Jul Income Summary 7350 13 To salaries Expense 14 To rent Expense 15 To Insurance Espence 16 (Closing of revenue Accounts) 17 31-Jul Income Summary 18 To retained earnings 19 sing income summamry to retained earnin 9650 20 21 22 23 24 Total 25 26 Requirement #9: 27 28 Post the closing entries to the General Ledger T-accounts and compute ending balances. 29 Just add to the adjusted balances already listed. 30 Requirement #10 Prepare a post-closing trial balance as of July 31 in the space below. Quick Tax Corporation Post-Closing Trial Balance 3 July 31 9 0 1 Cash 62,800 2 Supplies 1,000 13 Prepaid Insurance 3,850 74 Equipment 10,000 75 Accounts Payable 16 Common Stock 17 Retained Earnings 18 19 20 77,650 21 22 8,000 60,000 9,650 77,650 23 24 25 26 27 B11 X fx B 1 Requirement #3: 2 3 Prepare a trial balance for July in the space below. 4 5 6 Quick Tax Corporation 7 Trial Balance July 31 9 10 11 Cash 12 Common Stock 13 Rent Expense 14 Insurance Expense 15 Prepaid Insurance 16 Supplies 17 Salaries Expense 18 Equipment 19 Accounts Payable 20 Tax Preperation Revenue 21 Dividens 22 23 24 25 26 Total 0 27 28 0 29 30 31 32 33 Instructions Journal Entries General Ledger Trial Balan Salad dortiration CS ENTER Deste J G B16 H B E C D Credit 15 Date Description (Account Name) Debit 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Requirement #5: 31 32 Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. 33 Just add to the balances that are already listed. 34 35 D July 31 A10 B 1 Requirement #6: 2 3 Prepare an adjusted trial balance in the space below. 4 5 Quick Tax Corporation 6 Adjusted Trial Balance 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 0 26 27 28 29 B D E F G H K Requirement 37 3. Prepare the financial statements for the Quick Tax 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. 5 7 Quick Tax Corporation Quick Tax Corporation Quick Tax Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending/uly 31 For the Month Ending July 31 July 31 0 1 Revenues Retained Earnings, July 1 Assets 2 Revenue Add: Not Income Cash 3 Subtotal Supplies 14 Expenses Less Dividends Prepaid Insurance 15 Rent Expenso Retained Earings, July 31 Equipment 16 Salaries Expense Less Accum Depr 17 Insurance Expense Total Assets 18 Supplies Expense 19 Depreciation Expense Liabilities 20 Income Tax Expense Accounts Payable 21 Total Expenses Income Tax Payable 2 Total Liabilities 23 Not Income Stockholders' Equity 34 Common Stock Rotained Earnings 20 Total Stockholders' Equity 27 Total Liabilities and 28 Stockholders' Equity 29 30 31 32 33 Instructions Journal Entries General Ledger Til Balance Adiusting in 5 6 3 Prepare the closing entries at July 31 in the General Journal below. 4 5 6 7. General Journal 8 Date Description (Account Name) Debit Credit 9 31 Jul Services 17000 10 To income summary 11 (Closing Revenue Accounts) 12 31-Jul Income Summary 7350 13 To salaries Expense 14 To rent Expense 15 To Insurance Espence 16 (Closing of revenue Accounts) 17 31-Jul Income Summary 18 To retained earnings 19 sing income summamry to retained earnin 9650 20 21 22 23 24 Total 25 26 Requirement #9: 27 28 Post the closing entries to the General Ledger T-accounts and compute ending balances. 29 Just add to the adjusted balances already listed. 30 Requirement #10 Prepare a post-closing trial balance as of July 31 in the space below. Quick Tax Corporation Post-Closing Trial Balance 3 July 31 9 0 1 Cash 62,800 2 Supplies 1,000 13 Prepaid Insurance 3,850 74 Equipment 10,000 75 Accounts Payable 16 Common Stock 17 Retained Earnings 18 19 20 77,650 21 22 8,000 60,000 9,650 77,650 23 24 25 26 27