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This Case Study is worth 100 points or 10% of your final course grade.
This Case Study relates to TCOs D and E and Chapters 3 and 4.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 sheets in the Workbook including this one.
All of the Information 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 TB
Financial Statements
Closing Entries
General Ledger
Post Closing TB
Hint for success: Review the Week 2 Lecture 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 March 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.
s project.
e worksheet tabs.
f the cell to read the hint.
ments tab.
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions.
March 1
March 1
March 1
March 7
Prepare journal entries to record the March transactions in the General Journal below.
General Journal
Date
Description(Account Name) Debit
Credit
1-Mar cash
72,000
common stock
72,000
(Issued stocks for cash)
rent expense
4,500
cash
4,500
(Paid the month rent with cash)
prepaid insurance
3,300
cash
3,300
(Paid a one year insurance in dvance)
7-Mar
supplies
900
Accounts payable
900
(purchased supplies on account)
10-Mar
salaries expense
2,200
cash
2,200
(Paid employees' salaries)
14-Mar
equipment
9,000
beginning
March 15
march 31
March 1
Cash (111)
72000
4896
5304
4500
3300
2200
1500
450
1000
March 1
March 7
3025
Supplies (119)
900
0
425
March 14
475
Equipment (144)
9000
0
Insurance Expense (513)
275
275
0
Accumulated Depreciation-Equipment (145)
150
0
Accounts Payable (212)
900
March 7
7500
March 14
March 19
450
0
Income Tax Payable (213)
795
0
Income Summary (517)
10200
8345
1855
March 31
Dividends (313)
1000
1000
Requirement #3:
Prepare a trial balance for March in the space below.
Cash
Prepaid insurance
Supplies
Equipments
accounts payable
Common Stock
Landscaping revenue
Rent expense
Salaries expense
Dividends
69,250
3,300
900
9,000
7,950
72,000
10,200
4,500
2,200
1,000
90,150
90,150
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 $475.
c) The estimated depreciation on equipment is $150.
d) The estimated income taxes are $795.
Date
General Journal
Description(Account Name)
Insurance expense
Prepaid insurance
Debit
Credit
275
275
supplies expense
supplies
425
depreciation expense
Accumlated depreciation
150
795
425
150
795
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.
Flower Landscaping Corporation
Adjusted Trial Balance
March 31
cash
prepaid insurance
supplies
equipment
Accumlated depreciation on equipment
accounts payable
Income tax payable
common stock
landscaping revenue
rent expense
salary expense
Income tax expense
insurance expense
supplies expense
depreciation expense
dividends
69250
3025
475
9000
150
7950
795
72000
10200
4500
2200
795
275
425
150
1000
91095
91095
Requirement #7:
Prepare the financial statements for the Flower Landscaping Corporation as of March 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 project.
Flower Landscaping Corporation
Income Statement
For the Month Ending March 31
Revenues:
Landscaping Revenue
Expenses:
Rent Expense
Salaries Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Income Tax Expense
Total Expenses
Net Income
$ 10,200
4,500
2,200
275
425
150
795
8,345
$ 1,855
1,855
1,000
$ 855
e space below.
$ 69,250
3,025
475
9,000
150
81,600
7,950
795
8,745
72,000
855
72,855
$ 81,600
Requirement #8:
Prepare the closing entries at March 31 in the General Journal below.
Hint: Use the balances for each account which appear on the Adjusted
Trial Balance for your closing entries.
General Journal
Date
Description (Account Name)
Debit
Credit
2014
service revenue
10200
31-Mar
income summary
10200
(to close revenue account)
income summary
8345
rent expense
4500
salary expense
2200
income tax expense
795
Insurance expense
275
supplies expense
425
depreciation expense
150
(to close expense account)
income summary
1855
retained earnings
1855
(to close income to retained earnings)
retained earnings
1000
dividends
1000
to close dividends to retained earnings
Requirement #9:
19545
19545
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 March 31 in the space below.
69,250
3,025
475
9,000
150
7,950
795
72,000
855
81,750
81,750
Step 1
Prepared
Journal
Entries (20
points)
Outstanding
Journal
entries use
accurate
accounts and
amounts; and
debits and
credits are
used
correctly.
Good
Poor
Very Poor
Minor errors
Errors in
Evidence of an attempt to complete
such as
computations that the journal entries.
incorrect
resulted in
account names incorrect amounts
or credits listed to be debited and
prior to debits. credited.
20 points
Posting is
Step 2
correct
leading to
Posted to
the General accurate
Ledger (10 account
balances.
pts)
16 points
Posting is
mostly correct
but minor
errors are
evident.
10 points
Correct
Step 3
account
Prepared a names and
Trial Balance balances so
(10 points) to arrive at a
correct trial
balance.
8 points
6 points
4 points
Some minor
Errors in
Evidence of an attempt to complete
errors such as computations that the trial balance.
incorrect
resulted in
account names incorrect amounts
or incorrect
to be debited and
totals due to
credited.
errors in prior
steps.
Step 4
Prepared
Adjusting
Journal
Entries (10
points)
12 points
8 points
Posting has
Posting is done poorly but does show
several errors that evidence of an attempt to complete.
resulted in
incorrect account
balances.
10 points
Journal
entries use
accurate
accounts and
amounts; and
debits and
credits are
used
correctly.
8 points
Journal entries
mostly use
accurate
accounts and
amounts; and
debits and
credits are
used correctly.
6 points
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
10 points
8 points
6 points
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
correct
leading to an
Posted and accurate trial
Prepared an balance.
Unadjusted
Trial Balance
(10 points)
10 points
All
three
Step 7
Financial
Statements
Prepared
are prepared
Financial
Statements accurately
(20 points) and in an
appropriate
format.
Steps 5
and 6
Step 8
Prepared
Closing
Journal
Entries (10
points)
Steps 9
and 10
Posted and
Prepared
Post-Closing
Trial Balance
(10 points)
Posting is
mostly correct
leading to a
mostly correct
trial balance.
Posting has
several errors
leading to a trial
balance with
several errors.
8 points
6 points
Two of the
One of the three
three financial Financial
Statements are Statements are
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.
4 points
One or fewer of four Financial
Statements are prepared accurately
and mostly in an appropriate format,
three or all statements have 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.
12 points
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
8 points
Journal entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
10 points
Posting is
correct
leading to an
accurate trial
balance.
8 points
Posting is
mostly correct
leading to a
mostly correct
trial balance.
6 points
Posting has
several errors
leading to a trial
balance with
several errors.
4 points
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
10 points
8 points
6 points
4 points