Acct504 (FI504) Case Study 1 - Parkview Landscaping Corporation

Acct504 (FI504) CASE STUDY 1 -THE COMPLETE ACCOUNTING CYCLE
Parkview Landscaping Corporation
Requirements Sheet in Workbook
Requirement 1 - Prepare the Journal Entries in the General Journal Journal Entries
Requirement 2 - Post Journal Entries to the General Ledger General Ledger
Requirement 3 - Prepare a Trial Balance Trial Balance
Requirement 4 - Prepare the Adjusting Entries Adjusting Entries
Requirement 5 - Post Adjusting Entries to the General Ledger General Ledger
Requirement 6 - Prepare an Adjusted Trial Balance Adjusted TB
Requirement 7 - Prepare the Financial Statements Financial Statements
Requirement 8 - Prepare the Closing Entries Closing Entries
Requirement 9 - Post Closing Entries to the General Ledger General Ledger
Requirement 10 - Prepare the Post Closing Trial Balance Post Closing TB
Case Study 1:
During its first month of operation, the Parkview Landscaping Corporation, which specializes in residential landscaping, completed the following transactions:
July 1 Began business by making a deposit in a company bank account of $24,000, in exchange for 4,800 shares of $5 par value common stock.
July 1 Paid the premium on a one-year insurance policy, $2,400.
July 1 Paid the current month's rent, $2,080.
July 3 Purchased landscaping equipment from Brookwood Company, $8,800. Paid $1,200 down and the balance was placed on account. Payments will be $400.00 per month for nineteen months. The first payment is due 8/1.
Note: Use Accounts Payable for the Balance Due.
July 8 Purchased landscaping supplies from Lakeside Company on credit, $780.
July 12 Paid utility bill for July, $308.
July 16 Cash landscaping revenue for the first half of July, $2,724.
July 19 Made payment on account to Lakeside Company, $400.
July 31 Cash landscaping revenue for the last half of July, $2,620.
July 31 Declared and paid cash dividend of $1,600.
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