devry ACCT504 Case 1 Part A and B

Case Study 1 (Part A)P2-69B(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 operations,
Johnson Plumbing, Inc., completed the following transactions:Mar 2Johnson received $35,000 cash and issued common stock to the stockholders.3Purchased supplies, $200, and equipment, $3,200, on account.4Performed services for a client and received cash, $1,400.7Paid cash to acquire land, $24,000.11Performed services for a customer and billed the customer, $800. Johnson expects to collect within one month.16Paid for the equipment purchased March 3 on account.17Paid the telephone bill, $150.18Received partial payment from customer on account, $400.22Paid the water and electricity bills, $170.29Received $1,500 cash for repairing the pipes of a customer.31Paid employee salary, $1,800.31Declared and paid dividends of $2,100.?Requirements (60 points)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 Johnson Plumbing, Inc., at March 31 of the current year.4.
The manager asks you how much in total resources the business has to
work with, how much it owes, and whether March was profitable (and by
how much).Case Study 1 (Part B)P3-77B(Learning
Objectives 3, 4: Adjust the accounts; construct the financial
statements) Consider the unadjusted trial balance of Princess, Inc., at
August 31, 2012, and the related month-end adjustment data.Adjustment data at August 31, 2012, include the following:a. Accrued advertising revenue at August 31, $2,100.b.
Prepaid rent expired during the month. The unadjusted prepaid balance
of $2,100 relates to the period August 2012 through October 2012.c. Supplies used during August, $2,090.d. Depreciation on furniture for the month. The furniture’s expected useful life is three years.e.
Accrued salary expense at August 31 for Monday, Tuesday, and Wednesday.
The five-day weekly payroll is $5,100 and will be paid on Friday.? Requirements (40 points)1. Using.vitalsource.com/books/9781269196536/content/id/ch03ex9″>Exhibit 3-9 as an example, prepare the adjusted trial balance of Princess, Inc., at August 31, 2012. Key each adjusting entry by letter..