is 100 points, or 10% This Case Study relates to TCOs E and F, and Chapters 2 and 3. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW including this one All of the information that you need for the project is located in this Workbook. Requirements Sheet in Workbook epare the Journal Entries in the General Journal Journal Entries General Ledger rement1 Requirement 2-Post Journal Entries to the General Ledger Requirement 4-Prepare the Adjusting Entries Requirement 5-Post Adjusting Entries to the General Ledger Requirement 6-Prepare an Adjusted Trial Balance Requirement 7-Prepare the Financial Statements Requirement 8-Prepare the Closing Entries Requirement 9-Post Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries General Ledger Post-Closing Trial Balance 10-Prepare the 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 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. Instructions Journal Entries General Ledger Trial BalanceAdjusting EntriesAdjusted Tial Balance Type here to search ncc aal FBB al la eas te S ep LU oen er orqbb al n yeh Jaa 0ah hgta its its ne ea set bil its its eeetto o 891111 012346678 9 0 1 2 86 Fi During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation completed the following transactions July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on a 1-year insurance policy, $3,600 7 Purchased supplies on account from Little Company, $700 July 10 Paid employee salaries, $2.800 July 14 Purchased equipment from Lake Company, S9,500. 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 Received cash for preparing tax returns for the first half of July, S6.500 July 15 Made payment on account to Lake Company, $500 July 19 July 31 Received cash for preparing tax returns for the last half of July $8,250 July 31 Declared and paid cash dividends of $450 Supplies (Debit) Income Tax Payable Retained Earmings e (Debit) e (Debit) Adjusting Entries Adjusted Trial O Type here to search File Home Insert Page taybu PROTECTED VIEW Be careful- files f from the Internet can contain viuses. Unless you need to edit, it's safer to stay in Cash (111) As Requirement 12 Post the July journal entries to the following T accounts and compute ending balances. Tax Preparation Revenue Cash (111) Prepaid Insurance (117) Rent Expense (511) Salaries Expense (512) instructions Journal Entries General Ledger Trial Balance Adjusting Entries O Type here to search ile PROTECTED VIEW Be careful -files from the Internet can contain viruses. Unles Cash (111) ,G | X Insurance Expense (513) Equipment (144 Supplies Expense (514) Accumulated Depreciation-Equipment (145) Accounts Depreciation Expense (515) Income Tax Payable (213) Income Tax Expense (516) Common Stock 13111 Instructions Journal Entries General Ledgeril Trial Balance Adjusting Entries O Type here to search e Home Insert Page Layout FSPMO PROTECTED VIEW Be caretul-files from the Internet can contain vinses. Unless you need to edit it's safer to st Cash (111) Common Stock (311 Retained Eanings (312) Dividends (313 instructions Journal Entries General Ledger Trial Balance Adjusting Entries Type here to search File Home InsertPage Lay80 PROTECTED VIEW Be careful -files from the Internet can contain viruses. Unless you need to e C26 Requirement #3: Prepare a trial balance for July in the space below. Quick Tax Corporation Trial Balance July 31 3 5 6 nstructionsJournal Entries General Ledger Trial Balance type here to searc Requirement #4: 3 Prepare adjusting entries using the following information in the General Journal 4 below. Show your calculations! 5 6 a) One month's insurance has expired 8 b) The remaining inventory of supplies is $300 10 c) The estimated depreciation on equipment is $125 12 d) The estimated income taxes are $2700 13 General Joumal Descnption (Account Name) Debit Credit 14 15 Date 16 17 18 19 20 23 24 25 27 28 29 30 Requirement #5: 31 instructions Journal Entries General LedgerTrial Balance Ad O Type here to search 1 Requirement #6: 3 Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial Balance July 31 12 18 0 ctions Journal EntriesG General LedgerTrial Balance pe here to search The 31 31 Total Assets Tax P Common Stock Stockholders' Equity f, Requirement #8: | A1 EFG- | 1 Requirement #8: 3 Prepare the closing entries at July 31 in the General Journal below. General Jourma Description (Account Name) Debit Credit 8 Date 10 12 13 14 15 16 17 18 19 20 21 23 24 25 26 Requirement #9: 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 31 instructions :Journal Entries General Ledger Trial Balance Adjusting Entr Type here to search 1 Requirement #10: 3 Prepare a post closing trial balance as of July 31 in the space below. Quick Tax Corporation Post-Closing Trial Balance July 31 10 12 13 14 16 17 18 19 21 24 25 27 Journal Entries General Ledger Trial Balance Adjusting E Type here to search is 100 points, or 10% This Case Study relates to TCOs E and F, and Chapters 2 and 3. MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW including this one All of the information that you need for the project is located in this Workbook. Requirements Sheet in Workbook epare the Journal Entries in the General Journal Journal Entries General Ledger rement1 Requirement 2-Post Journal Entries to the General Ledger Requirement 4-Prepare the Adjusting Entries Requirement 5-Post Adjusting Entries to the General Ledger Requirement 6-Prepare an Adjusted Trial Balance Requirement 7-Prepare the Financial Statements Requirement 8-Prepare the Closing Entries Requirement 9-Post Adjusting Entries Adjusted Trial Balance Financial Statements Closing Entries General Ledger Post-Closing Trial Balance 10-Prepare the 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 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. Instructions Journal Entries General Ledger Trial BalanceAdjusting EntriesAdjusted Tial Balance Type here to search ncc aal FBB al la eas te S ep LU oen er orqbb al n yeh Jaa 0ah hgta its its ne ea set bil its its eeetto o 891111 012346678 9 0 1 2 86 Fi During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation completed the following transactions July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on a 1-year insurance policy, $3,600 7 Purchased supplies on account from Little Company, $700 July 10 Paid employee salaries, $2.800 July 14 Purchased equipment from Lake Company, S9,500. 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 Received cash for preparing tax returns for the first half of July, S6.500 July 15 Made payment on account to Lake Company, $500 July 19 July 31 Received cash for preparing tax returns for the last half of July $8,250 July 31 Declared and paid cash dividends of $450 Supplies (Debit) Income Tax Payable Retained Earmings e (Debit) e (Debit) Adjusting Entries Adjusted Trial O Type here to search File Home Insert Page taybu PROTECTED VIEW Be careful- files f from the Internet can contain viuses. Unless you need to edit, it's safer to stay in Cash (111) As Requirement 12 Post the July journal entries to the following T accounts and compute ending balances. Tax Preparation Revenue Cash (111) Prepaid Insurance (117) Rent Expense (511) Salaries Expense (512) instructions Journal Entries General Ledger Trial Balance Adjusting Entries O Type here to search ile PROTECTED VIEW Be careful -files from the Internet can contain viruses. Unles Cash (111) ,G | X Insurance Expense (513) Equipment (144 Supplies Expense (514) Accumulated Depreciation-Equipment (145) Accounts Depreciation Expense (515) Income Tax Payable (213) Income Tax Expense (516) Common Stock 13111 Instructions Journal Entries General Ledgeril Trial Balance Adjusting Entries O Type here to search e Home Insert Page Layout FSPMO PROTECTED VIEW Be caretul-files from the Internet can contain vinses. Unless you need to edit it's safer to st Cash (111) Common Stock (311 Retained Eanings (312) Dividends (313 instructions Journal Entries General Ledger Trial Balance Adjusting Entries Type here to search File Home InsertPage Lay80 PROTECTED VIEW Be careful -files from the Internet can contain viruses. Unless you need to e C26 Requirement #3: Prepare a trial balance for July in the space below. Quick Tax Corporation Trial Balance July 31 3 5 6 nstructionsJournal Entries General Ledger Trial Balance type here to searc Requirement #4: 3 Prepare adjusting entries using the following information in the General Journal 4 below. Show your calculations! 5 6 a) One month's insurance has expired 8 b) The remaining inventory of supplies is $300 10 c) The estimated depreciation on equipment is $125 12 d) The estimated income taxes are $2700 13 General Joumal Descnption (Account Name) Debit Credit 14 15 Date 16 17 18 19 20 23 24 25 27 28 29 30 Requirement #5: 31 instructions Journal Entries General LedgerTrial Balance Ad O Type here to search 1 Requirement #6: 3 Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial Balance July 31 12 18 0 ctions Journal EntriesG General LedgerTrial Balance pe here to search The 31 31 Total Assets Tax P Common Stock Stockholders' Equity f, Requirement #8: | A1 EFG- | 1 Requirement #8: 3 Prepare the closing entries at July 31 in the General Journal below. General Jourma Description (Account Name) Debit Credit 8 Date 10 12 13 14 15 16 17 18 19 20 21 23 24 25 26 Requirement #9: 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 31 instructions :Journal Entries General Ledger Trial Balance Adjusting Entr Type here to search 1 Requirement #10: 3 Prepare a post closing trial balance as of July 31 in the space below. Quick Tax Corporation Post-Closing Trial Balance July 31 10 12 13 14 16 17 18 19 21 24 25 27 Journal Entries General Ledger Trial Balance Adjusting E Type here to search