CASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE
Name: ___________________________________
this project.the worksheet tabs. of the cell to read the hint.
Prepare journal entries to record the March transactions in the General Journal below.
Use the following account names for journal entries.
General Journal
Chart of Accounts: Account Title (Normal Balance)
Date
Debit
Credit
1-Mar
72,000
Assets
72,000
Cash (Debit)
Prepaid Insurance (Debit)
1-Mar
4,500
Supplies (Debit)
4,500
Equipment (Debit)
Accumulated Depreciation -Equipment (Credit)
1-Mar
3,300
3,300
Liabilities
Accounts Payable (Credit)
Income Tax Payable (Credit)
7-Mar
900
900
Stockholders Equity
Common Stock (Credit)
10-Mar
2,200
Retained Earnings (Credit)
2,200
Dividends (Debit)
14-Mar
9,000
Revenue
1,500
Landscaping Revenue (Credit)
7,500
Expenses
Rent Expense (Debit)
15-Mar
4,896
Salaries Expense (Debit)
4,896
Insurance Expense (Debit)
Supplies Expense (Debit)
19-Mar
450
Depreciation Expense (Debit)
450
Income Tax Expense (Debit)
31-Mar
5,304
Clearing Account
5,304
Income Summary
31-Mar
1,000
1,000
103,550
103,550
Prepaid for 1 year
Description(Account Name)
Cash
Common stock (7,200 @$10)
Rent expense
Cash
Cash (paid to date)
Equipment
Cash (down payment)
Accts. Payable (Hammond Co.)
$375/month for 12months
Prepaid Insurance
Cash
Supplies
Accts. Payable (Parkview Co.)
Salaries Expense
Landscapping Revenue
Dividends
Cash
Declared and Paid cash dividends
Cash
Landscapping Revenue
Accts. Payable (Parkview Co.)
Cash
Cash
1-Mar 72,000
1-Mar 4,500
31-Mar 10,200
15-Mar 4,896
15-Mar 4,896
1-Mar 3,300
31-Mar 5,304
31-Mar 5,304
10-Mar 2,200
Bal. 10,200
14-Mar 1,500
Bal. -
19-Mar 450
31-Mar 1,000
Bal. 69,250
1-Mar 3,300
31-Mar 275
1-Mar 4,500
31-Mar 4,500
Bal. 3,300
Bal. 4,500
Bal. 3,025 (31-Mar)
Bal. -
7-Mar 900
31-Mar 425
10-Mar 2,200
31-Mar 2,200
Bal. 900
Bal. 2,200
Bal. 475 (31-Mar)
Bal. -...