ACC 231 AT Still University Chapter 6 Accounting Cycle & Trial Balance Paper …………………………………………………………………………………………………………………… ACC 231
Mid-Term Project: CH 6 Case Study
CS-1 on workbook pp 259-266
Review of the Accounting Cycle:
Step 1 – Analyze transactions
Step 2 – Journalize transactions
Step 3 – Post to ledger accounts
Step 4 – Prepare the unadjusted trial balance
Step 5 – Journalize and post adjusting entries
Step 6 – Prepare the adjusted trial balance
Step 7 – Prepare the financial statements
Step 8 – Journalize and post closing entries
Step 9 – Prepare the post-closing trial balance
ACC 231
Mid-Term Project: CH 6 Case Study
CS-1 on workbook pp 259-266
NAME
Step 1 – Analyze transactions
Step 2 – Journalize transactions
Step 5 – Journalize and post adjusting entries
Step 8 – Journalize and post closing entries
Date
Jul
1
Dec
2
Dec
3
Dec
4
Dec
8
Dec
14
Dec
15
Dec
17
Dec
20
Dec
23
Dec
24
Dec
25
Dec
26
Dec
27
Account Title and Explanation
PR
Cash
Capital, Stone
101
300
Page 1
Credit
Debit
$
8,000
$
8,000
Dec
28
Dec
29
Dec
30
Dec
31
Part e – Prepare all 5 adjusting journal entries for July 31
Date
Account Title and Explanation
PR
Debit
Page 2
Credit
PR
Debit
Page 2
Credit
Part f – Prepare the 4 closing entries for July 31
Date
Account Title and Explanation
ACC 231
Mid-Term Project: CH 6 Case Study
CS-1 on workbook pp 259-266
Part a – start with the beginning balances
Part b – post July journal entries from Part b
Part e – post adjusting journal entries from Part e
Part f – post closing entries from Part f
Account:
Date
Beginning
7/1/18
Cash
Account:
Date
Accounts Receivable
Description
PR
DR
CR
GL No:
105
Balance
Account:
Date
Prepaid Insurance
Description
PR
DR
CR
GL No:
110
Balance
Account:
Date
Equipment
PR
DR
CR
GL No:
120
Balance
Description
PR
J1
Description
DR
$
CR
8,000
GL No:
101
Balance
$
7,580 DB
$
15,580 DB
Account:
Date
Accumulated Depreciation, Equipment
Description
PR
DR
CR
GL No:
125
Balance
Account:
Date
Accounts Payable
Description
PR
DR
CR
GL No:
200
Balance
Account:
Date
Interest Payable
Description
PR
DR
CR
GL No:
205
Balance
Account:
Date
Salaries Payable
Description
CR
GL No:
210
Balance
Account:
Date
Unearned Revenue
Description
CR
GL No:
215
Balance
Account:
Date
Bank Loan (Payable)
Description
CR
GL No:
220
Balance
PR
PR
PR
DR
DR
DR
Account:
Date
Stone, Capital
Description
PR
DR
CR
GL No:
300
Balance
Account:
Date
Stone, Drawing
Description
PR
DR
CR
GL No:
310
Balance
Account:
Date
Income Summary
Description
PR
DR
CR
GL No:
315
Balance
Account:
Date
Service Revenue
Description
CR
GL No:
400
Balance
Account:
Date
Advertising Expense
Description
CR
GL No:
500
Balance
Account:
Date
Depreciation Expense
Description
CR
GL No:
510
Balance
PR
PR
PR
DR
DR
DR
Account:
Date
Insurance Expense
Description
PR
DR
CR
GL No:
515
Balance
Account:
Date
Interest Expense
Description
PR
DR
CR
GL No:
520
Balance
Account:
Date
Salaries Expense
Description
PR
DR
CR
GL No:
545
Balance
Account:
Date
Telephone Expense
Description
CR
GL No:
550
Balance
PR
DR
Hint: don’t forget the beginning balances!
Hint: some people like to print off the journal entries
on paper and check off each item as you post it in
here to the ledger accounts. Printing helps!
ACC 231
Mid-Term Project: CH 6 Case Study
CS-1 on workbook pp 259-266
Part c – complete the Worksheet
Part g – create the Post-closing Trial Balance
Grindstone Paving
Worksheet
July 31, 2018
Unadjusted Trial Balance
Account Titles
Cash
Accounts Receivable
DR
Grindstone Paving
Post-Closing Trial Balance
July 31, 2008
Adjusted Trial Balance
Adjustments
CR
DR
CR
DR
Account Titles
DR
CR
CR
Cash
Accounts Receivable
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Salaries Payable
Unearned Revenue
Bank Loan (Payable)
Stone, Capital
Stone, Drawing
Income Summary
Service Revenue
Advertising Expense
Prepaid Insurance
Equipment
Accumulated Depreciation
Accounts Payable
Interest Payable
Salaries Payable
Unearned Revenue
Bank Loan (Payable)
Stone, Capital
Total
$
–
$
–
Depreciation Expense
Insurance Expense
Interest Expense
Salaries Expense
Telephone Expense
TOTAL
$
Hint #1
–
$
–
$
Hint #2
–
$
–
$
Hint #3
Hint #1 – The Unadjusted Trial Balance comes after your journal entries from Part b are completed and
–
$
Hint #4
Hint #4 – The Post-closing Trial Balance comes after your closing entries from
posted to the ledger accounts. After those entries and posting, total your accounts for account balances
here in the Unadjusted Trial Balance. The total here is between 82500 and 83000.
Hint #2 – The amounts here for the Adjustments column come from your adjusting entries in Part e.
The total here is between 1740 and 1760.
Hint #3 – The Adjusted Trial Balance comes after your adjusting entries from Part e are completed and
posted to the ledger accounts. Find new account balances after those adjusting entries and show
here in the Adjusted Trial Balance. The total here is between 83500 and 84000.
posted to the ledger accounts. The total here is between 77000 and 77400.
ur closing entries from Part f are completed and
ACC 231
Mid-Term Project: CH 6 Case Study
CS-1 on workbook pp 259-266
Part d – Prepare the financial statements
Grindstone Paving
Income Statement
For the month ended 7/31/2018
Grindstone Paving
Statement of Owner’s Equity
For the month ended 7/31/2018
Grindstone Paving
Balance Sheet
7/31/2018
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