The entire Case Study is due Sunday at midnight mountain time at the end of Week 3.

This Case Study is worth 100 points or 10% of your final course grade.
This Case Study relates to TCOs D and E and Chapters 3 and 4.
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 sheets in the Workbook including this one.
All of the Information you need for the project is located in this Workbook.
Requirements Sheet in Workbook
Requirement 1Prepare the Journal Entries in the General Journal Journal Entries
Requirement 2Post Journal Entries to the General Ledger General Ledger
Requirement 3Prepare a Trial Balance Trial Balance
Requirement 4Prepare the Adjusting Entries Adjusting Entries
Requirement 5Post Adjusting Entries to the General Ledger General Ledger
Requirement 6Prepare an Adjusted Trial Balance Adjusted TB
Requirement 7Prepare the Financial Statements Financial Statements
Requirement 8Prepare the Closing Entries Closing Entries
Requirement 9Post Closing Entries to the General Ledger General Ledger
Requirement 10Prepare the Post Closing Trial Balance Post Closing TB
Hint for success: Review the Week 2 Lecture prior to starting this project.
There are also hints contained within certain cells on some of the worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the hint.
Hints are provided for the following balances:
1) The debits for the journal entries are on the Journal Entries tab.
2) The credits for the journal entries are on the Journal Entries tab.
3) The cash balance is on the General Ledger tab.
4) The debits for the trial balance are on the Trial Balance tab.
5) The credits for the trial balance are on the Trial Balance tab.
6) The debits for the adjusted trial balance are on the Adjusted Trial Balance tab.
7) The credits for the adjusted trial balance are on the Adjusted Trial Balance tab.
8) Net income for the income statement is on the Financial Statements tab.
9) Retained earnings as of March 31 are on the Financial Statements tab.
10) Total assets for the balance sheet are on the Financial Statements tab.
11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.
12) The debits for the post-closing trial balance are on the Post-Closing Trial Balance tab.
13) The credits for the post-closing trial balance are on the Post-Closing Trial Balance tab.
CASE STUDY 1THE COMPLETE ACCOUNTING CYCLE
Name: ___________________________________
Hint for success: Review the Week 2 Lecture prior to starting this project.
There are also hints contained within certain cells on some of the worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the hint.
11) Total liabilities and shareholders' equity for the balance sheet are on the Financial Statements tab.
During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,
completed the following transactions.
March 1 Began business by making a deposit in a company bank account of $72,000, in exchange
for 7,200 shares of $10 par value common stock.
March 1 Paid the current month's rent, $4,500.
March 1 Paid the premium on a 1-year insurance policy, $3,300.
March 7 Purchased supplies on account from Parkview Company, $900.
March 10 Paid employee salaries, $2,200.
March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was
placed on account. Payments will be $375.00 per month for 20 months. The first payment is due 4/1.
Note: Use accounts payable for the balance due.
March 15 Received cash for landscaping revenue for the first half of March, $4,896.
March 19 Made payment on account to Parkview Company, $450.
March 31 Received cash for landscaping revenue for the last half of March, $5,304.
March 31 Declared and paid cash dividend of $1,000.
Prepare journal entries to record the March transactions in the General Journal below.
General Journal
Date Debit Credit Description(Account Name)
This Sheet will be used for Requirements 2, 5, and 9
Requirement #2:
Post the March journal entries to the following T-accounts and compute ending balances.
Cash (111) Landscaping Revenue (411)
Prepaid Insurance (117) Rent Expense (511)
Supplies (119) Salaries Expense (512)
Equipment (144) Insurance Expense (513)
Accumulated Depreciation-Equipment (145) Supplies Expense (514)
Accounts Payable (212) Depreciation Expense (515)
Income Tax Payable (213) Income Tax Expense (516)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
Requirement #3:
Prepare a trial balance for March in the space below.
0 0
Flower Landscaping Corporation
Trial Balance
March 31
Requirement #4:
Prepare adjusting entries using the following information in the General Journal
below. Show your calculations!
a) One month's insurance has expired.
b) The remaining inventory of supplies is $475.
c) The estimated depreciation on equipment is $150.
d) The estimated income tax is $795.
General Journal
Date Debit Credit
Requirement #5:
Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Just add to the balances that are already listed.
Description(Account Name)
Requirement #6:
Prepare an adjusted trial balance in the space below.
0 0
Flower Landscaping Corporation
Adjusted Trial Balance
March 31
Requirement #7:
Prepare the financial statements for the Flower Landscaping Corporation as of March 31 in the space below.
You will only be preparing the income statement, statement of retained earnings, and the balance sheet.
The statement of cash flows is a required financial statement, but is not required for this project.
Revenues: Retained Earnings, March 1
Landscaping Revenue Add: Net Income
Subtotal
Expenses: Less: Dividends
Rent Expense Retained Earnings, March 31
Salaries Expense
Insurance Expense
Supplies Expense
Depreciation Expense
Income Tax Expense
Total Expenses
Net Income
Flower Landscaping Corporation
Income Statement
For the Month Ending March 31
Flower Landscaping Corporation
Statement of Retained Earnings
For the Month Ending March 31
Prepare the financial statements for the Flower Landscaping Corporation as of March 31 in the space below.
You will only be preparing the income statement, statement of retained earnings, and the balance sheet.
Assets:
Cash
Prepaid Insurance
Supplies
Equipment
Less: Accum. Depr.
Total Assets
Liabilities:
Accounts Payable
Income Tax Payable
Total Liabilities
Stockholders' Equity:
Common Stock
Retained Earnings
Total Stockholders' Equity
Total Liabilities and
Stockholders' Equity
Flower Landscaping Corporation
Balance Sheet
March 31
Requirement #8:
Prepare the closing entries at March 31 in the General Journal below.
Hint: Use the balances for each account, which appear on the Adjusted
Trial Balance for your closing entries.
General Journal
Date Debit Credit
Requirement #9:
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.
Description (Account Name)
Requirement #10:
Prepare a post-closing trial balance as of March 31 in the space below.
0 0
Flower Landscaping Corporation
Post-Closing Trial Balance
March 31
Please note that this rubric provides a general guideline but you can score anywhere between 0
and the maximum number of points for that step depending on the accuracy and completeness
of your work.
Outstanding Good Poor Very Poor
Journal
entries use
accurate
accounts and
amounts; and
debits and
credits are
used
correctly.
Minor errors
such as
incorrect
account
names or
credits listed
prior to debits.
Errors in
computations that
resulted in
incorrect amounts
to be debited and
credited.
Evidence of an attempt to complete
the journal entries.
20 points 16 points 12 points 8 points
Posting is
correct,
leading to
accurate
account
balances.
Posting is
mostly correct
but minor
errors are
evident.
Posting has
several errors that
resulted in
incorrect account
balances.
Posting is done poorly but does show
evidence of an attempt to complete.
10 points 8 points 6 points 4 points
Correct
account
names and
balances that
arrive at a
correct trial
balance.
Some minor
errors such as
incorrect
account
names or
incorrect totals
due to errors
in prior steps.
Errors in
computations that
resulted in
incorrect amounts
to be debited and
credited.
Evidence of an attempt to complete
the trial balance.
10 points 8 points 6 points 4 points
Journal
entries use
accurate
accounts and
amounts; and
debits and
credits are
used
correctly.
Journal entries
mostly use
accurate
accounts; and
amounts and
debits and
credits are
used correctly.
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
Journal entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
10 points 8 points 6 points 4 points
Posting is
correct,
leading to an
accurate trial
balance.
Posting is
mostly correct,
leading to a
mostly correct
trial balance.
Posting has
several errors,
leading to a trial
balance with
several errors.
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
Case Study 1 Rubric
Criteria
Step 1
Prepared
Journal
Entries (20
points)
Step 2
Posted to
the General
Ledger (10
points)
Step 4
Prepared
Adjusting
Journal
Entries (10
points)
Steps 5 & 6
Posted and
Prepared an
Unadjusted
Trial
Balance (10
points)
Step 3
Prepared a
Trial
Balance (10
points)
10 points 8 points 6 points 4 points
All three
Financial
Statements
are prepared
accurately
and in an
appropriate
format.
Two of the
three Financial
Statements
are prepared
accurately and
mostly in an
appropriate
format, one
statement has
some errors.
One of the three
Financial
Statements is
prepared
accurately and
mostly in an
appropriate format;
two statements
have some errors.
One or fewer of four Financial
Statements are prepared accurately
and mostly in an appropriate format;
three or all statements have some
errors.
20 points 16 points 12 points 8 points
Journal
entries use
accurate
accounts and
amounts; and
debits and
credits are
used
correctly.
Journal entries
mostly use
accurate
accounts and
amounts; and
debits and
credits are
used correctly.
Journal entries
have some errors
in use of accounts
and amounts; and
debits and credits
are only somewhat
used correctly.
Journal entries have some errors in
use of accounts and amounts; and
debits and credits are not used
correctly.
10 points 8 points 6 points 4 points
Posting is
correct,
leading to an
accurate trial
balance.
Posting is
mostly correct,
leading to a
mostly correct
trial balance.
Posting has
several errors,
leading to a trial
balance with
several errors.
Posting is done poorly or not at all,
leading to inaccurate or no trial
balance.
10 points 8 points 6 points 4 points
Total Points Earned Out of 100
Points
Step 8
Prepared
Closing
Journal
Entries (10
points)
Steps 9 & 10
Posted and
Prepared
Post-Closing
Trial
Balance (10
points)
Steps 5 & 6
Posted and
Prepared an
Unadjusted
Trial
Balance (10
points)
Step 7
Prepared
Financial
Statements
(20 points)
Please note that this rubric provides a general guideline but you can score anywhere between 0
and the maximum number of points for that step depending on the accuracy and completeness
Points
Awarded
0