ACCOUNTING-How much is the total resources

ACCT504 – Case 1- Part A

Gordon
Contruction, Inc.

Trial
Balance

June 30,
2014

Account titles

Debit
Credit

Cash

19,270

Accounts receivable

500

Supplies

3,000

Equipment

5,200

Land

37,000

`

Accounts payable

5,400

Common Stock

55,000

Dividends

3,000

Service revenue

12,500

Salary expense

4,300

Utilities expense

630

Total

72,900
72,900

Please answer the 3
questions for Requirement 4 below.

Q1
How much is the total
resources?

67,500

Q2
How much does the
business owe?

5,400

Q3
Was June profitable and
by how much?

yes
7,570

ACCT504 – Case 1 – Part B

Month
End Adjusting Entries

Date
Account Titles
Debit
Credit

Jun 30
account receivable
3,100

service revenue

3,100

Jun 30
supplies expenses
2,300

supplies

2,300

June
30
salary expeses
6,100

salary payable

6,100

ACCT504 – Case 1- Part B

Key each adjusting entry
by letter in column i.

Gordon
Construction, Inc.

When you plug in your
adjustments below into columns j and k, the adjusted trial balance will
change automatically.

Trial
Balance Work Sheet

June 30,
2014

Adjusted

Trial Balance

Adjustments
Trial Balance

Account titles

Debit
Credit

Debit
Credit
Debit
Credit

Cash

19,270

19,270

Accounts receivable

500

3,100

3,600

Supplies

3,000

2,300
700

Equipment

5,200

5,200

Land

37,000

37,000

Accounts payable

5,400

5,400

Salary
payable

0

6,100

6,100

Common Stock

55,000

55,000

Divdends

3,000

3,000
0

Service
Revenue

12,500

3,100

15,600

Salary
Expense

4,300

6,100

10,400

Utilities
Expense

630

630

Supplies
Expense

0

2,300

2,300

Total

72,900
72,900

11,500
11,500
82,100
82,100

Case Study 1 Grading Rubric – Students

Criteria

Parts
Requirement
Points

Part A
Requirement 1
Record
the Journal Entries
30

Part A
Requirement 2
Post
transactions to the General Ledger T-accounts
15

Part A
Requirement 3
Prepare
the Trial Balance
15

Part A
Requirement 4
Answer
the 3 questions
10

Part B
Requirement 1
Record
Adjusting Journal Entries
15

Part B
Requirement 2
Prepare
Adjusted Trial Balance
15

Total Points
100

Please
note: Your work will be graded based on accuracy but there is always the
opportunity for partial credit for attempted work.

 

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