I have completed some part, I need help with others part and explaination on #14. Thanks

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 2 and 3. 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. Requirements Requirement 1Prepare the Journal Entries in the General Journal Requirement 2Post Journal Entries to the General Ledger Requirement 3Prepare a Trial Balance Requirement 4Prepare the Adjusting Entries Requirement 5Post Adjusting Entries to the General Ledger Requirement 6Prepare an Adjusted Trial Balance Requirement 7Prepare the Financial Statements Requirement 8Prepare the Closing Entries Requirement 9Post Closing Entries to the General Ledger Requirement 10Prepare the Post Closing Trial Balance Sheet in Workbook Journal Entries General Ledger Trial Balance Adjusting Entries General Ledger Adjusted Trial Balance Financial Statements Closing Entries General Ledger Post-Closing Trial Balance Hint for success: Review the Week 2 Lesson 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 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. project. e Worksheet tabs. f the cell to read the hint. ements tab. 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 July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the balance was placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for plumbing revenue for the first half of July, $7,700 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for plumbing revenue for the last half of July, $8,505 July 31 Declared and paid cash dividends of $600 Prepare journal entries to record the July transactions in the General Journal below. Date July 1 July 3 General Journal Description(Account Name) Debit Cash $90,000 Common Stock Credit $90,000 $5,500 $5,500 July 5 $4,800 $4,800 July 7 $900 $900 July 10 $3,300 $3,300 July 14 $ 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. Cash (111) 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) Retained Earnings (312) Dividends (313 ng balances. Revenue (411) Rent Expense (511) Salaries Expense (512) nsurance Expense (513) Supplies Expense (514) epreciation Expense (515) come Tax Expense (516) Retained Earnings (312) Requirement #3: Prepare a trial balance for July in the space below. Melvin Plumbing Corporation Trial Balance July 31 0 0 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 $375. c) The estimated depreciation on equipment is $175. d) The estimated income taxes are $3,200. Date General Journal Description (Account Name) Debit Credit 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: Prepare an adjusted trial balance in the space below. Melvin Plumbing Corporation Adjusted Trial Balance July 31 0 0 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. Melvin Plumbing Corporation Income Statement For the Month Ending July 31 Revenues: Revenue Expenses: Rent Expense Salaries Expense Insurance Expense Supplies Expense Depreciation Expense Income Tax Expense Total Expenses Net Income Melvin Plumbing 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 31 in the space below. and the balance sheet. for this case study. Melvin Plumbing Corporation Balance Sheet July 31 Assets: Cash Supplies Prepaid Insurance 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: Prepare the closing entries at July 31 in the General Journal below. Date General Journal Description (Account Name) Debit Credit Requirement #9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Requirement #10: Prepare a post-closing trial balance as of July 31 in the space below. Melvin Plumbing Corporation Post-Closing Trial Balance July 31 0 0 Case Study 1 Rubric Please note that this rubric provides a general guideline, but you can score anywhere between and the maximum number of points for that step, depending on the accuracy and completenes of your work. Criteria Step 1 Prepared Journal Entries (20 points) Outstanding Journal entries use accurate accounts and amounts; and debits and credits are used correctly. Good Poor Minor errors Errors in such as computations that incorrect resulted in account names incorrect amounts or credits listed to be debited and prior to debits. credited. 20 points Step 2 Posting is correct, leading to Posted to the General accurate Ledger (10 account balances. points) 16 points Posting is mostly correct, but minor errors are evident. 10 points Correct account Prepared a names and Trial Balance balances so (10 points) to arrive at a correct trial balance. 8 points 6 points Some minor Errors in errors such as computations that incorrect resulted in account names incorrect amounts or incorrect to be debited and totals due to credited. errors in prior steps. Step 3 Step 4 Prepared Adjusting Journal Entries (10 points) 10 points Journal entries use accurate accounts and amounts; and debits and credits are used correctly. 10 points 8 points Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 8 points Posting is mostly correct, Posted leading to an leading to a accurate trial mostly correct and trial balance. Prepared an balance. Unadjusted Trial Balance (10 points) 10 points 8 points Steps 5 and Posting is 6 correct, 12 points Posting has several errors that resulted in incorrect account balances. 6 points Journal entries have some errors in use of accounts and amounts; and debits and credits are only used somewhat correctly. 6 points Posting has several errors, leading to a trial balance with several errors. 6 points Step 7 Prepared Financial Statements (20 points) Step 8 Prepared Closing Journal Entries (10 points) All three Financial Statements are prepared accurately and in an appropriate format. Two of the One of the three three financial Financial Statements are Statements is prepared prepared accurately, and accurately and mostly in an mostly in an appropriate appropriate format. format. One Two statements statement has have some errors. some errors. 20 points Journal entries use accurate accounts and amounts; and debits and credits are used correctly. 16 points Journal entries mostly use accurate accounts and amounts; and debits and credits are used correctly. 10 points 8 points Posting is mostly correct, Posted leading to an leading to a accurate trial mostly correct and balance. trial balance. Prepared Post-Closing Trial Balance (10 points) Steps 9 and Posting is 10 correct, 10 points 8 points 12 points Journal entries have some errors in use of accounts and amounts; and debits and credits are only somewhat used correctly. 6 points Posting has several errors, leading to a trial balance with several errors. 6 points ideline, but you can score anywhere between 0 p, depending on the accuracy and completeness Very Poor Evidence of an attempt to complete the journal entries. 8 points Posting is done poorly, but does show evidence of an attempt to complete. 4 points Evidence of an attempt to complete the trial balance. 4 points Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 4 points Posting is done poorly or not at all, leading to inaccurate or no trial balance. 4 points Points Awarded One or fewer of four Financial Statements are prepared accurately and mostly in an appropriate format. Three or all statements have some errors. 8 points Journal entries have some errors in use of accounts and amounts; and debits and credits are not used correctly. 4 points Posting is done poorly or not at all, leading to inaccurate or no trial balance. 4 points 0 Total Points Earned Out of 100 Points