Trial Balance for July				Adjusting Hournal Entries
Account Titles	Debit	Credit		Sr.No.	Account Titles	Debit	Credit
Cash	$91,205			a	Insurance expense	$400
Comon stock		$90,000			Prepaid Insurance		$400
Rent Expense	$5,500
Prepaid Insurance	$4,800			b	Supplies expense	$525
Supplies	$900				Supplies		$525
Accounts Payable		$10,400
Salaries Expense	$3,300			c	Depreciation	$175
Equipment	$11,500				Accumulated depreciation		$175
Revenue		$16,205
Dividends		$600		d	Income Tax	$3,200
Total	$117,205	$117,205			Income Tax Payable		$3,200
Adjusted Trial Balance for July
Account Titles	Debit	Credit
Cash	$91,205
Comon stock		$90,000
Rent Expense	$5,500
Insurance expense	$400
Prepaid Insurance	$4,400
Supplies Expense	$525
Supplies	$375
Accounts Payable		$10,400
Depreciation	$175
Accumulated depreciation		$175
Salaries Expense	$3,300
Equipment	$11,500
Income Tax	$3,200
Income Tax Payable		$3,200
Revenue		$16,205
Dividends		$600
Total	$119,980	$119,980

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				Melvin Plumbing Corporation			Melvin Plumbing Corporation
Income Statement				Statement of Retained Earnings			Balance Sheet
For the Month Ending July 31				For the Month Ending July 31			July 31
Revenues:				Retained Earnings, July 1			Assets:
Revenue				Add: Net Income			Cash
				Subtotal			Supplies
Expenses:				Less: Dividends			Prepaid Insurance
Rent Expense				Retained Earnings, July 31			Equipment
Salaries Expense							Less: Accum. Depr.
Insurance Expense							Total Assets
Supplies Expense
Depreciation Expense							Liabilities:
Income Tax Expense							Accounts Payable
Total Expenses							Income Tax Payable
							Total Liabilities
Net Income							Stockholders' Equity:
							Common Stock
							Retained Earnings
							Total Stockholders' Equity
							Total Liabilities and
							Stockholders' Equity

Prepare the closing entries at July 31 in the General Journal below.

		General Journal
Date	Description (Account Name)			Debit	Credit

Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.

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