MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.\t \ufffd \ufffd\u00a0\tThere are 10 sheets in the Workbook, including this one. \ufffd\tAll of the information that you need for the project is located in this Workbook.\tRequirement #1:\tDuring its first month of operation, the Melvin Plumbing Corporation, which specializes in residential plumbing, \ufffd \ufffd\u00a0\tcompleted the following transactions.\tJuly 1\u00a0\u00a0 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. \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0\tJuly 3\u00a0\u00a0 Paid the current month’s rent, $5,500.\tJuly 5\u00a0\u00a0 Paid the premium on a 1-year insurance policy, $4,800\u00a0\tJuly 7\u00a0\u00a0 Purchased supplies on account from Little Company, $900. \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\tJuly 10 Paid employee salaries, $3,300\tRequirement #2:\tPost the July journal entries to the following T-accounts and compute ending balances.\t\u00a0Cash (111) \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0 Revenue (411)\tRequirement #3:\u00a0 \tPrepare a trial balance for July in the space below.\u00a0\u00a0\u00a0\tMelvin Plumbing Corporation\tTrial Balance\tJuly 31\tRequirement #4:\tPrepare adjusting entries using the following information in the General Journal\tbelow. Show your calculations!\u00a0\u00a0\u00a0\ta) One month’s insurance has expired. \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0\t\u00a0b) Supplies used during the period $375. \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd \ufffd\u00a0\u00a0\u00a0\u00a0\tc) The estimated depreciation on equipment is $175.\u00a0\tRequirement #6: \tPrepare an adjusted trial balance in the space below. \ufffd \ufffd\u00a0\u00a0\tMelvin Plumbing Corporation\tAdjusted Trial Balance\tJuly 31\tRequirement #7:\tPrepare the financial statements for the Melvin Plumbing Corporation as of July 31 in the space below.\tYou will only be preparing the income statement, statement of retained earnings, and the balance sheet.\tThe statement of cash flows is a required financial statement, but is not required for this case study. \ufffd\u00a0\u00a0\u00a0\tRequirement #10:\u00a0 \tPrepare a post-closing trial balance as of July 31 in the space below.\tMelvin Plumbing Corporation \ufffd \ufffd\u00a0\tPost-Closing Trial Balance<\/p>\n","protected":false},"excerpt":{"rendered":"
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW. \ufffd \ufffd\u00a0 There are 10 sheets in the Workbook, including this one. \ufffd All of the information that you need for the project is located in this Workbook. Requirement #1: Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201270","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201270"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201270\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}