Acct504 Case Study 1

332 words - 2 pages

Case Study 1 (Part A)

(Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions:
June2 | Gordon received $55,000 cash and issued common stock to the stockholders. |
3 | Purchased supplies, $3,000, and equipment, $5,200, on account. |
4 | Performed services for a client and received cash, $6,300. |
7 | Paid ...view middle of the document...

|
22 | Paid the water and electricity bills, $400. |
29 | Received $5,000 cash for repairing the pipes of a customer. |
30 | Paid employee salary, $4,300. |
30 | Declared and paid dividends of $3,000. |
▸Requirements
* 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
* 2. Post the transactions to the T-accounts, using transaction dates as posting references.
* 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 2014.
* 4. The manager asks you how much in total resources the business has to work with and, how much it owes.

Case Study 1 (Part B)

Requirement 1
(Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 2014

Month end accruals at June 30, 2014:
* a. Accrued advertising revenue at June 30, $3,100.
* b. Supplies used during June, $2,300.
* c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday.
Requirement 2
Prepare adjusted trial balance for Gordon Construction at June 30, 2014.

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