Complete Accounting Cycle Exercise

May 1, 2017 | Author: Brian Dillard | Category: N/A
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4.1 Jan Jansen opened Jan's Window Wasing on July 1, 2002. During July the following transactions were completed. July

1 Invested $8,000 cash in business. 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account.  3 Purchased cleaning supplies for $900 on account.  5 Paid $1,200 cash on one‐year insurance plicy effective March 1. 12 Billed customers $2,500 for cleaning servies. 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,200 cash for employee salaries. 21 Collected $1,400 cash from customers billed on July 12. 25 Billed customers $3,000 for cleaning services. 31 Paid gas and oil for month on truck $200. 31 Withdrew $600 cash for personal use.  The chart of accounts for Jan's Window Washing contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157  Equipment, No. 158 Accumulated depreciation‐Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 Jan Jansen, Capital, No. 306 Jan Jansen, Drawing, No. 350 Income Summary,  No. 400 Fees Earned, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No.722 Insurance Expense, No. 726 Salaries Expense.

Instructions: a.

Journalize and post the July transactions. Use J1 for the Journal and the three column form of account.

b.

Prepare a trial balance at July 31 on a work sheet.

c.

Enter the following adjustments on the work sheet and complete the work sheet. 1 Earned but unbilled fees at July 31 was $1,100. 2 Depreciatoin on equipment for the month was $200. 3 One‐twelfth of the insurance expired. 4 An inventory count shows $600 of cleaning supplies on hand at July 31.  5 Accured but unpaid employee salaries were $500.

d.

Prepare the Income Statement and Owner's Equity Statement for July and a Classisfied  Balance Sheet at July 31.

e.

Journalize and post adjusting entries. Use page J2 for the Journal.

f.

Journalize and post closing entries and completed closing process. Use page J3 for the Journal.

g.

Prepare a Post‐Closing Trial Balance at July 31.

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.1

a

General Journal Date  July 1

Account Title and Explantion Cash Jan Jansen, Capital

J1 Ref.

Debit

101 301

8,000

157 101 201

6,000

128 201

900

130 101

1,200

112 400

2,500

201 101

1,500

736 101

1,200

101 112

1,400

112 400

3,000

633 101

200

306 101

600

Credit

8,000

(Invested cash in the business) 1

Equipment  Cash Accounts Payable 

3,000 3,000

(Purchased use truck paid half of amount) 3

Cleaning Supplies  Accounts Payable 

900

(Purchased cleaning supplies on account) 5

Prepaid Insurance  Cash 

1,200

(Paid cash for one‐year insurance policy) 12

Accounts Receivable Fees Earned 

2,500

(Billed customer for cleaing services) 18

Accounts Payable  Cash

1,500

(Paid cash amount owed on truck and supplies) 20

Salaries Expense  Cash

1,200

(Paid salries for employee) 21

Cash Accounts Receivable 

1,400

(Collected cash from customer bill on July 12) 25

Accounts Receivable  Fees Earned 

3,000

(Billed customeer for cleaning services) 31

Gas & Oil Expense  Cash 

200

(Paid cash for gas and oil bill) 31

Jan Jansen, Drawing Cash

600

(Owner withdrew for personal use)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.1 a

Page 1 of 2

General Ledger Cash Date July, 1 1 5 18 20 21 31 31

Explanation

Ref.

Invested Cash in business Purchased truck paid half of amount Paid cash for one‐year insurance policy Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 8,000

Credit 3,000 1,200 1,500 1,200

1,400 200 600

Accounts Receivable Date July, 12 21 25

Explanation

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services 

J1 J1 J1

Debit 2,500

Credit 1,400

3,000

Cleaning Supplies  Date July, 3

Explanation

Ref.

Purchased cleaning supplies on credit

July, 5

Explanation

No. 128 Balance 900

Debit 1,200

Credit

No. 130 Balance 1,200

Debit 6,000

Credit

No. 157 Balance 6,000

900

J1

Ref.

Paid cash for one‐year insurance policy

J1

Equipment Date July, 1

Explanation Purchase use truck

Ref. J1

Accumulated Depreciation‐Equipment Date

Explanation

Date

Explanation

Ref.

Debit

Credit

Debit

Credit 3,000 900

Accounts Payable  July, 1 3 28

Purchased use truck paid half of amount Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

1,500

Salaries Payble Date

4.1 a

Explanation

Ref.

No. 112 Balance 2,500 1,100 4,100

Credit

Debit

Prepaid Insurance  Date

No. 101 Balance 8,000 5,000 3,800 2,300 1,100 2,500 2,300 1,700

Debit

Credit

No. 158 Balance

No. 201 Balance 3,000 3,900 2,400

No. 212 Balance

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

Jan Jansen, Capital Date July, 1

Explanation

Ref.

Invested cash in the business

Debit

Credit 8,000

J1

Jan Jansen, Drawing Date July, 31

Explanation

Ref.

Owner withdrew for personal use

Debit

Credit 600

J1

Income Summary Date

Explanation

Ref.

Date

Explanation

Ref.

Billed customer for cleaing services Billed customer for cleaing services

Credit

Debit

Credit 2,500 3,000

No. 400 Balance 2,500 5,500

Debit

Credit

Debit

J1 J1

Gas and Oil Expense  Date July, 31

Explanation

Ref.

Paid cash for gas and oil on truck

200

J1

Cleaning Supplies Expense  Date

Explanation

Date

Explanation

Date

Explanation

Date

Explanation

Ref.

Credit

No. 634 Balance

Debit

Credit

No. 711 Balance

Debit

Credit

No. 722 Balance

Debit 1,200

Credit

Insurance Expense  Ref.

Salaries Expense  July, 20

4.1 a

Paid cash for employee salries 

Ref. J1

No. 633 Balance 200

Debit

Depreciation Expense  Ref.

No. 306 Balance 600

No. 350 Balance

Fees Earned  July, 12 25

No. 301 Balance 8,000

No. 726 Balance 1,200

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Jan's Window Washing  Work Sheet For the month ended July, 31 Account Title  Cash Accounts Receivable Cleaning Supplies Prepaid Insurance  Equipment 

Trial Balance  Dr. 1,700 4,100 900 1,200 6,000

H. Kohl, Capital

Salaries Expense  Total

Cr.

(1) 1,100 (4) 300 (3) 100

600 5,500

Fees Earned  Gas and Oil Expense

Dr.

2,400 8,000

Accounts Payable  H. Kohl, Drawing

Cr.

Adjustment

200 1,200 15,900

(1) 1,100 (5) 400

Insurance Expense  Cleaning Supplies Expense  Salaries Payable Total Net Income  Total

4.1 b and c

Balance Sheet Dr. 1,700 5,200 600 1,100 6,000

Cr.

2,400 8,000 600

15,900 (2) 200

Accumulated depre. Equip. Depreciation Expense 

Adjusted Trial  Income Statement Balance  Dr. Cr. Dr. Cr. 1,700 5,200 600 1,100 6,000 2,400 8,000 600 6,600 6,600 200 200 1,600 1,600

(2) 200 (3) 100 (4) 300

200 200 100 300

2,100

(5) 400 2,100

17,600

200 200 100 300

400 17,600

2,400 4,200 6,600

6,600

15,200

6,600

15,200

400 11,000 4,200 15,200

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 1 of 2

Jan's Window Washing Income Statemet For the month ended July, 31 Revenues $     6,600

Fees Earned 

Expenses  Gas & Oil Expense Salaries Expense Depreciation Expense Insurance Expense Cleaning Supplies Expense

$     200 $  1,600 $     200 $     100 $     300

Total Expenses

$     2,400

Net Income

$     4,200

Jan's Window Washing Statement of Owner's Equity For the month ended July, 31

4.1 d

Jan Jansen, Capital July 1 Add: Investments Net Revenue 

$             ‐ $     8,000 $     4,200 $  12,200

Less: Drawings

$        600

Jan Jansen, Capital July 31

$  11,600

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

Jan's Window Washing Balance Sheet For the month ended July, 31 Assets Current Assets Cash Accounts Receivable Cleaning Supplies Prepaid Insurance  Total Current Assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation‐equipment

$     1,700 $     5,200 $        600 $     1,100 $     8,600 $  6,000 $     200

Total Assets

$     5,800 $  14,400

Liabilities and Owner's Equipty Current Liablities  Accounts Payable Salaries Payable  Total Current Liablities 

$     2,800

Total Liablities 

$     2,800

Owner's Equity Jan Jansen, Capital

Total Liabilities and Owner's Equity

4.1 d

$     2,400 $        400

$  11,600 $  14,400

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.1 e

General Journal Date  July, 31 1

Account Title and Explantion Adjusting Entry Accounts Receivable Fees Earned 

J2 Ref.

Debit

112 400

1,100

711 158

200

722 130

100

634 128

300

726 212

400

Credit

1,100

(To record accrued reveneu) 2

Depreciation Expense  Accumulated depre. Equipment

200

(To record monthly depreciation on equipment) 3

Insurance Expense  Prepaid Insurance 

100

(To record insurance expired) 4

Cleaning Supplies Expense  Cleaning Supplies 

300

(To record Supplies used) 5

Salaries Expense  Salaries Payable 

400

(To record accued salaries)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.1

Page 1 of 2

General Ledger Cash Explanation

Date July, 1 1 5 18 20 21 31 31

Ref.

Invested Cash in business Purchased truck paid half of amount Paid cash for one‐year insurance policy Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 8,000

Credit 3,000 1,200 1,500 1,200

1,400 200 600

Accounts Receivable Explanation

Date July, 12 21 25 31

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services  Adj. Entry

J1 J1 J1 J2

Debit 2,500

Credit 1,400

3000 1,100

Cleaning Supplies  Explanation

Date July, 3 31

Ref.

Purchased cleaning supplies on credit Adj. Entry

Debit

300

100

No. 130 Balance 1,200 1,100

Credit

Prepaid Insurance  Explanation

Date July, 5 31

Ref.

Paid cash for one‐year insurance policy Adj. Entry

J1 J2

Debit 1,200

Credit

Equipment Explanation

Date July, 1

Purchase use truck

Ref. J1

Debit 6,000

Credit

No. 157 Balance 6,000

Credit

No. 158 Balance 200

Accumulated Depreciation‐Equipment Explanation

Date July, 31

Adj. Entry

Ref.

Debit

200

J2

Accounts Payable  Explanation

Date July, 1 3 28

Purchased use truck paid half of amount Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

Debit

Credit 3,000 900

No. 201 Balance 3,000 3,900 2,400

Credit

No. 212 Balance 400

1,500

Salaries Payble Explanation

Date July, 31

4.1 e

Adj. Entry

Ref. J2

Debit

No. 112 Balance 2,500 1,100 4,100 5,200 No. 128 Balance 900 600

900

J1 J2

No. 101 Balance 8,000 5,000 3,800 2,300 1,100 2,500 2,300 1,700

400

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

Jan Jansen, Capital Explanation

Date July, 1

Ref.

Invested cash in the business

Debit

Credit 8,000

J1

Jan Jansen, Drawing Explanation

Date July, 31

Ref.

Owner withdrew for personal use

Debit

Credit 600

J1

Income Summary Explanation

Date

Ref.

July, 12 25 31

Explanation

Ref.

Billed customer for cleaing services Billed customer for cleaing services Adj. Entry

Credit

Debit

Credit 2,500 3,000 1,100

No. 400 Balance 2,500 5,500 6,600

Debit

Credit

No. 633 Balance 200

Credit

No. 634 Balance 300

Credit

No. 711 Balance 200

Credit

No. 722 Balance 100

Debit

J1 J1 J2

Gas and Oil Expense  Explanation

Date July, 31

Ref.

Paid cash for gas and oil on truck

200

J1

Cleaning Supplies Expense  Explanation

Date July, 31

Ref.

Adj. Entry

Debit 300

J2

Depreciation Expense  Explanation

Date July, 31

Ref.

Adj. Entry

Debit 200

J2

Insurance Expense  Explanation

Date July, 31

Ref.

Adj. Entry

J2

Debit 100

Salaries Expense  Date July, 20 31

4.1 e

Explanation Paid cash for employee salries  Adj. Entry

Ref. J1 J2

No. 306 Balance 600

No. 350 Balance

Fees Earned  Date

No. 301 Balance 8,000

Debit 1,200 400

Credit

No. 726 Balance 1,200 1,600

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.1 f

General Journal Date  July, 31 31

Account Title and Explantion Closing Entry (1) Fees Earned  Income Summary

J3 Ref.

Debit

400 350

6,600

350 633 634 711 722 726

2,400

350 301

4,200

301 306

600

Credit

6,600

(To closing Revenue account)

(2) 31

Income Summary Gas & Oil Expense  Cleaning Supplies Expense  Depreciation Expense  Insurance Expense  Salaries Expense 

200 300 200 100 1,600

(To close Expenses account)

(3) 31

Income Summary Jan Jansen, Capital

4,200

(To close net income to capital)

(4) 31

Jan Jansen, Capital Jan Jansen, Drwaing

600

(To close drawing to capital)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.1 f

Page 1 of 2

General Ledger Cash Explanation

Date July, 1 1 5 18 20 21 31 31

Ref.

Invested Cash in business Purchased truck paid half of amount Paid cash for one‐year insurance policy Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 8,000

Credit 3,000 1,200 1,500 1,200

1,400 200 600

Accounts Receivable Explanation

Date July, 12 21 25 31

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services  Adj. Entry

J1 J1 J1 J2

Debit 2,500

Credit 1,400

3000 1,100

Cleaning Supplies  Explanation

Date July, 3 31

Ref.

Purchased cleaning supplies on credit Adj. Entry

Debit

300

100

No. 130 Balance 1,200 1,100

Credit

Prepaid Insurance  Explanation

Date July, 5 31

Ref.

Paid cash for one‐year insurance policy Adj. Entry

J1 J2

Debit 1,200

Credit

Equipment Explanation

Date July, 1

Ref.

Purchase use truck

J1

Debit 6,000

Credit

No. 157 Balance 6,000

Credit

No. 158 Balance 200

Accumulated Depreciation‐Equipment Explanation

Date July, 31

Ref.

Adj. Entry

Debit

200

J2

Accounts Payable  Explanation

Date July, 1 3 28

Purchased use truck paid half of amount Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

Debit

Credit 3,000 900

No. 201 Balance 3,000 3,900 2,400

Credit

No. 212 Balance 400

1,500

Salaries Payble Explanation

Date July, 31

4.1 f

Adj. Entry

Ref. J2

Debit

No. 112 Balance 2,500 1,100 4,100 5,200 No. 128 Balance 900 600

900

J1 J2

No. 101 Balance 8,000 5,000 3,800 2,300 1,100 2,500 2,300 1,700

400

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

Jan Jansen, Capital Explanation

Date July, 1 31 31

Ref.

Invested cash in the business Closing Entry (3) Closing Entry (4)

Debit

J1 J3 J3

Credit 8,000 4,200 600

Jan Jansen, Drawing Explanation

Date July, 31 31

Ref.

Owner withdrew for personal use Closing Entry (4)

Debit

Credit 600

J1 J3

600

Income Summary Explanation

Date July, 31 31 31

Ref.

Closing Entry (1) Closing Entry (2) Closeing Entry (3)

J3 J3 J3

Debit

Credit 6,600

2,400 4,200

Fees Earned  Explanation

Date July, 12 25 31 31

Ref.

Billed customer for cleaing services Billed customer for cleaing services Adj. Entry Closing Entry

J1 J1 J2 J3

Debit

Credit 2,500 3,000 1,100

6,600

Gas and Oil Expense  Explanation

Date July, 31 31

Ref.

Paid cash for gas and oil on truck Closing Entry

Debit

July, 31 31

Explanation

Ref.

Adj. Entry Closing Entry

Debit

300

200

No. 711 Balance 200 0

100

No. 722 Balance 100 0

1,600

No. 726 Balance 1,200 1,600 0

Credit

Depreciation Expense  Explanation

Date July, 31 31

Ref.

Adj. Entry Closing Entry

Debit

Credit 200

J2 J3

Insurance Expense  Explanation

Date July, 31 31

Ref.

Adj. Entry Closing Entry

J2 J3

Debit

Credit 100

Salaries Expense  Date July, 20 31 31

4.1 f

Explanation Paid cash for employee salries  Adj. Entry Closing Entry

Ref. J1 J2 J3

Debit 1,200 400

No. 400 Balance 2,500 5,500 6,600 0

No. 634 Balance 300 0

300

J2 J3

No. 350 Balance 6,600 4,200 0

200

Credit

Cleaning Supplies Expense  Date

No. 306 Balance 600 0

No. 633 Balance 200 0

200

J1 J3

No. 301 Balance 8,000 12,200 11,600

Credit

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.1 g

Jan's Window Washing Post‐Closing Trial Balance For the month ended July, 31 Debit Cash

$        1,700

Accounts Receivable

$        5,200

Cleaning Supplies 

$            600

Prepaid Insurance 

$        1,100

Equipment

$        6,000

Credit

Accumulated depreciation‐equipment

$            200

Accounts Payable 

$        2,400

Salaries Payable 

$            400

Jan Jansen, Capital

$      11,600 $      14,600

$      14,600

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.2 Helga Hohl opened Helga's Carpet Cleaners on March 1. During, the following transactions were completed. March 

1 Invested $10,000 cash in business. 1 Purchased used truck for $6,000, paying $4,000 cash and the balance on account.  3 Purchased cleaning supplies for $1,200 on account.  5 Paid $1,800 cash on one‐year insurance plicy effective March 1. 14 Billed customers $2,800 for cleaning servies. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,500 cash for employee salaries. 21 Collected $1,600 cash from customers billed on March 14. 28 Billed customers $3,200 for cleaning services. 31 Paid gas and oil for month on truck $200. 31 Withdrew $900 cash for personal use.  The chart of accounts for Helga's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157  Equipment, No. 158 Accumulated depreciation‐Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 H. Kohl, Capital, No. 306 H. Kohl, Drawing, No. 350 Income Summary,  No. 400 Fees Earned, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No.722 Insurance Expense, No. 726 Salaries Expense.

Instructions: a.

Journalize and post the March transactions. Use J1 for the Journal and the three column form of account.

b.

Prepare a trial balance at March 31 on a work sheet.

c.

Enter the following adjustments on the work sheet and complete the work sheet. 1 Earned but unbilled fees at March 31 was $600. 2 Depreciatoin on equipment for the month was $250. 3 One‐twelfth of the insurance expired. 4 An inventory count shows $400 of cleaning supplies on hand at March 31.  5 Accured but unpaid employee salaries were $500.

d.

Prepare the Income Statement and Owner's Equity Statement for March and a Classisfied  Balance Sheet at March 31.

e.

Journalize and post adjusting entries. Use page J2 for the Journal.

f.

Journalize and post closing entries and completed closing process. Use page J3 for the Journal.

g.

Prepare a Post‐Closing Trial Balance at March 31.

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.2

a

General Journal Date  March 1

Account Title and Explantion Cash H. Kohl, Capital

J1 Ref.

Debit

101 301

10,000

157 101 201

6,000

128 201

1,200

130 101

1,800

112 400

2,800

201 101

2,000

726 101

1,500

101 112

1,600

112 400

3,200

633 101

200

306 101

900

Credit 10,000

(Invested cash in the business) 1

Equipment Cash  Accounts Payable 

4,000 2,000

(Purchase use truck) 3

Cleaning Supplies  Accounts Payable 

1,200

(Purchased Cleaning Supplies on credit) 5

Prepaid Insurance  Cash

1,800

(Paid cash for one‐year insurance policy) 14

Accounts Receivable Fees Earned 

2,800

(Billed customer for cleaing services) 18

Accounts Payable  Cash

2,000

(Paid amount owed on truck and supplies) 20

Salaries Expense  Cash

1,500

(Paid cash for employee salaries) 21

Cash Accounts Receivable

1,600

(Collected cash from customer billed on March 14)

28

Accounts Receivable Fees Earned 

3,200

(Billed customer for cleaning services) 31

Gas & Oil Expense  Cash

200

(Paid cash for gas and oil on truck) 31

H. Hohl, Drawing  Cash

900

(Owner's withdrew for personal use)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.2

Page 1 of 2

General Ledger Cash Date March, 1 1 5 18 20 21 31 31

Explanation

Ref.

Invested Cash in business Purchased truck Paid cash for one‐year insurance  Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 10,000

Credit 4,000 1,800 2,000 1,500

1,600 200 900

Accounts Receivable Date March, 14 21 28

Explanation

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services 

J1 J1 J1

Debit 2,800

Credit 1,600

3,200

Cleaning Supplies  Date March, 3

Explanation

Ref.

Purchased cleaning supplies on credit

J1

March, 5

Explanation

Ref.

Paid cash for one‐year insurance policy

J1

Credit

No. 128 Balance 1,200

Debit 1,800

Credit

No. 130 Balance 1,800

Debit 6,000

Credit

No. 157 Balance 6,000

Equipment Date March, 1

Explanation Purchase use truck

Ref. J1

Accumulated Depreciation‐Equipment Date

Explanation

Date

Explanation

Ref.

Debit

Credit

Debit

Credit 2,000 1,200

Accounts Payable  March, 1 3 28

Purchased use truck Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

2,000

Salaries Payble Date

4.2 a

Explanation

Ref.

No. 112 Balance 2,800 1,200 4,400

Debit 1,200

Prepaid Insurance  Date

No. 101 Balance 10,000 6,000 4,200 2,200 700 2,300 2,100 1,200

Debit

Credit

No. 158 Balance

No. 201 Balance 2,000 3,200 1,200

No. 212 Balance

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

H. Kohl, Capital Date March, 1

Explanation

Ref.

Invested cash in the business

Debit

Credit 10,000

J1

H. Kohl, Drawing Date March, 31

Explanation

Ref.

Owner withdrew for personal use

Debit

Credit 900

J1

Income Summary Date

Explanation

Ref.

Date

Explanation

Ref.

Billed customer for cleaing services Billed customer for cleaing services

Credit

Debit

Credit 2,800 3,200

No. 400 Balance 2,800 6,000

Debit

Credit

Debit

J1 J1

Gas and Oil Expense  Date March, 31

Explanation

Ref.

Paid cash for gas and oil on truck

200

J1

Cleaning Supplies Expense  Date

Explanation

Date

Explanation

Date

Explanation

Date

Explanation

Ref.

Credit

No. 634 Balance

Debit

Credit

No. 711 Balance

Debit

Credit

No. 722 Balance

Debit 1,500

Credit

Insurance Expense  Ref.

Salaries Expense  March, 20

4.2 a

Paid cash for employee salries 

Ref. J1

No. 633 Balance 200

Debit

Depreciation Expense  Ref.

No. 306 Balance 900

No. 350 Balance

Fees Earned  March, 14 28

No. 301 Balance 10,000

No. 726 Balance 1,500

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Helga's Carpet Cleaners  Work Sheet For the month ended March, 31 Account Title  Cash Accounts Receivable Cleaning Supplies Prepaid Insurance  Equipment 

Trial Balance  Dr. 1,200 4,400 1,200 1,800 6,000

H. Kohl, Capital

Salaries Expense  Total

Cr.

(1) 600 (4) 800 (3) 150

900 6,000

Fees Earned  Gas and Oil Expense

Dr.

1,200 10,000

Accounts Payable  H. Kohl, Drawing

Cr.

Adjustment

200 1,500 17,200

(1) 600 (5) 500

Insurance Expense  Cleaning Supplies Expense  Salaries Payable Total Net Income  Total

4.2 b and c

Balance Sheet Dr. 1,200 5,000 400 1,650 6,000

Cr.

1,200 10,000 900

17,200 (2) 250

Accumulated depre. Equip. Depreciation Expense 

Adjusted Trial  Income Statement Balance  Dr. Cr. Dr. Cr. 1,200 5,000 400 1,650 6,000 1,200 10,000 900 6,600 6,600 200 200 2,000 2,000

(2) 250 (3) 150 (4) 800

250 250 150 800

2,300

(5) 500 2,300

18,550

250 250 150 800

500 18,550

3,400 3,200 6,600

6,600

15,150

6,600

15,150

500 11,950 3,200 15,150

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 1 of 2

Helga's Carpet Cleaners  Income Statemet For the month ended March, 31 Revenues $     6,600

Fees Earned 

Expenses  Gas & Oil Expense Salaries Expense Depreciation Expense Insurance Expense Cleaning Supplies Expense

$     200 $  2,000 $     250 $     150 $     800

Total Expenses

$     3,400

Net Income

$     3,200

Helga's Carpet Cleaners  Statement of Owner's Equity For the month ended March, 31

4.2 d

H. Kohl, Capital March 1 Add: Investments Net Revenue 

$             ‐ $  10,000 $     3,200 $  13,200

Less: Drawings

$        900

H.Kohl, Capital March 31

$  12,300

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

Helga's Carpet Cleaners  Balance Sheet For the month ended March, 31 Assets Current Assets

$     1,200 $     5,000 $        400 $     1,650 $     8,250

Cash Accounts Receivable Cleaning Supplies Prepaid Insurance  Total Current Assets

Property, Plant, and Equipment Equipment Less: Accumulated depreciation‐equipment

$  6,000 $     250

Total Assets

$     5,750 $  14,000

Liabilities and Owner's Equipty Current Liablities  Accounts Payable Salaries Payable 

$     1,200 $        500

Total Current Liablities 

$     1,700

Total Liablities 

$     1,700

Owner's Equity

4.2 d

H. Kohl, Capital

$  12,300

Total Liabilities and Owner's Equity

$  14,000

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.2 e

General Journal Date  March, 31 1

Account Title and Explantion Adjusting Entry Accounts Receivable Fees Earned 

J2 Ref.

Debit

112 400

600

711 158

250

722 130

150

634 128

800

726 212

500

Credit

600

(To record accrued reveneu) 2

Depreciation Expense  Accumulated depre. Equipment

250

(To record monthly depreciation on equipment) 3

Insurance Expense  Prepaid Insurance 

150

(To record insurance expired) 4

Cleaning Supplies Expense  Cleaning Supplies 

800

(To record Supplies used) 5

Salaries Expense  Salaries Payable 

500

(To record accued salaries)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.2

Page 1 of 2

General Ledger Cash Explanation

Date March, 1 1 5 18 20 21 31 31

Ref.

Invested Cash in business Purchased truck Paid cash for one‐year insurance  Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 10,000

Credit 4,000 1,800 2,000 1,500

1,600 200 900

Accounts Receivable Explanation

Date March, 14 21 28 31

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services  Adj.Entry

J1 J1 J1 J2

Debit 2,800

Credit 1,600

3,200 600

Cleaning Supplies  Explanation

Date March, 28 31

Ref.

Purchased cleaning supplies on credit Adj.Entry

J1 J2

Debit 1,200

Date March, 5 31

Ref.

Paid cash for one‐year insurance policy Adj.Entry

J1 J2

Debit 1,800

800

150

No. 130 Balance 1,800 1,650

Credit

Credit

Equipment Explanation

Date March, 3

Purchase use truck

Ref. J1

Debit 6,000

Credit

No. 157 Balance 6,000

Credit

No. 158 Balance 250

Accumulated Depreciation‐Equipment Explanation

Date March, 31

Adj.Entry

Ref.

Debit

250

J2

Accounts Payable  Explanation

Date March, 1 3 28

Purchased use truck Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

Debit

Credit 2,000 1,200

No. 201 Balance 2,000 3,200 1,200

Credit

No. 212 Balance 500

2,000

Salaries Payble Explanation

Date March, 31

4.2 e

Adj. Entry

Ref. J2

Debit

No. 112 Balance 2,800 1,200 4,400 5,000 No. 128 Balance 1,200 400

Prepaid Insurance  Explanation

No. 101 Balance 10,000 6,000 4,200 2,200 700 2,300 2,100 1,200

500

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

H. Kohl, Capital Explanation

Date March, 1

Ref.

Invested cash in the business

Debit

Credit 10,000

J1

H. Kohl, Drawing Explanation

Date March, 31

Ref.

Owner withdrew for personal use

Debit

Credit 900

J1

Income Summary Explanation

Date

Ref.

Explanation

Date

Ref.

Billed customer for cleaing services Billed customer for cleaing services Adj. Entry

Credit

Debit

Credit 2,800 3,200 600

No. 400 Balance 2,800 6,000 6,600

Debit

Credit

No. 633 Balance 200

Credit

No. 634 Balance 800

Credit

No. 711 Balance 250

Credit

No. 722 Balance 150

Debit

J1 J1 J2

Gas and Oil Expense  Explanation

Date March, 31

Ref.

Paid cash for gas and oil on truck

200

J1

Cleaning Supplies Expense  Explanation

Date March, 31

Ref.

Adj. Entry

Debit 800

J2

Depreciation Expense  Explanation

Date March, 31

Ref.

Adj. Entry

Debit 250

J2

Insurance Expense  Explanation

Date March, 31

Ref.

Adj. Entry

J2

Debit 150

Salaries Expense  Date March, 20 31

4.2 e

Explanation Paid cash for employee salries  Adj. Entry

Ref. J1 J2

No. 306 Balance 900

No. 350 Balance

Fees Earned  March, 14 28 31

No. 301 Balance 10,000

Debit 1,500 500

Credit

No. 726 Balance 1,500 2,000

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.2 f

General Journal Date  March, 31 31

Account Title and Explantion Closing Entry (1) Fees Earned  Income Summary

J3 Ref.

Debit

400 350

6,600

350 633 634 711 722 726

3,400

350 301

3,200

301 306

900

Credit

6,600

(To closing Revenue account)

(2) 31

Income Summary Gas & Oil Expense  Cleaning Supplies Expense  Depreciation Expense  Insurance Expense  Salaries Expense 

200 800 250 150 2,000

(To close Expenses account)

(3) 31

Income Summary H. Kohl, Capital

3,200

(To close net income to capital)

(4) 31

H. Kohl, Capital H. Kohl, Drwaing

900

(To close drawing to capital)

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

4.2

Page 1 of 2

General Ledger Cash Explanation

Date March, 1 1 5 18 20 21 31 31

Ref.

Invested Cash in business Purchased truck Paid cash for one‐year insurance  Paid account owed on truck and supplies Paid cash for employee salaries  Collected cash from customer billed  Paid cash for gas and oil on truck Owner's withdrew for personal use

J1 J1 J1 J1 J1 J1 J1 J1

Debit 10,000

Credit 4,000 1,800 2,000 1,500

1,600 200 900

Accounts Receivable Explanation

Date March, 14 21 28 31

Ref.

Billed customer for cleaning services  Collected cash from customer bill  Billed customer for cleaning services  Adj.Entry

J1 J1 J1 J2

Debit 2,800

Credit 1,600

3,200 600

Cleaning Supplies  Explanation

Date March, 28 31

Ref.

Purchased cleaning supplies on credit Adj.Entry

J1 J2

Debit 1,200

Date March, 5 31

Ref.

Paid cash for one‐year insurance policy Adj.Entry

J1 J2

Debit 1,800

800

150

No. 130 Balance 1,800 1,650

Credit

Credit

Equipment Explanation

Date March, 3

Purchase use truck

Ref. J1

Debit 6,000

Credit

No. 157 Balance 6,000

Credit

No. 158 Balance 250

Accumulated Depreciation‐Equipment Explanation

Date March, 31

Adj.Entry

Ref.

Debit

250

J2

Accounts Payable  Explanation

Date March, 1 3 28

Purchased use truck Purchased cleaning supplies on credit Paid amount owed on truck and supplies

Ref. J1 J1 J1

Debit

Credit 2,000 1,200

No. 201 Balance 2,000 3,200 1,200

Credit

No. 212 Balance 500

2,000

Salaries Payble Explanation

Date March, 31

4.2 f

Adj. Entry

Ref. J2

Debit

No. 112 Balance 2,800 1,200 4,400 5,000 No. 128 Balance 1,200 400

Prepaid Insurance  Explanation

No. 101 Balance 10,000 6,000 4,200 2,200 700 2,300 2,100 1,200

500

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

Page 2 of 2

H. Kohl, Capital Date March, 1 31 31

Explanation

Ref.

Invested cash in the business Closing Entry (3) Closing Entry (4)

Debit

J1 J3 J3

Credit 10,000 3,200 900

H. Kohl, Drawing Date March, 31 31

Explanation

Ref.

Owner withdrew for personal use Closing Entry (4)

Debit

Credit 900

J1 J3

900

Income Summary Date March, 31 31 31

Explanation

Ref.

Closing Entry (1) Closing Entry (2) Closing Entry (3)

J3 J3 J3

Debit

Credit 6,600

3,400 3,200

Fees Earned  Date March, 14 28 31 31

Explanation

Ref.

Billed customer for cleaing services Billed customer for cleaing services Adj. Entry Closing Entry

J1 J1 J2 J3

Debit

Credit 2,800 3,200 600

6,600

Gas and Oil Expense  Date March, 31 31

Explanation

Ref.

Paid cash for gas and oil on truck Closing Entry (2)

Debit

Date

Explanation

Ref.

Adj. Entry Closing Entry (2)

Debit

800

250

No. 711 Balance 250 0

150

No. 722 Balance 150 0

2,000

No. 726 Balance 1,500 2,000 0

Credit

Depreciation Expense  Date March, 31 31

Explanation

Ref.

Adj. Entry Closing Entry (2)

Debit

Credit 250

J2 J3

Insurance Expense  Date March, 31 31

Explanation

Ref.

Adj. Entry Closing Entry (2)

J2 J3

Debit

Credit 150

Salaries Expense  Date March, 20 31 31

4.2 f

Explanation Paid cash for employee salries  Adj. Entry Closing Entry (2)

Ref. J1 J2 J3

Debit 1,500 500

No. 400 Balance 2,800 6,000 6,600 0

No. 634 Balance 800 0

800

J2 J3

No. 350 Balance 6,600 3,200 0

200

Credit

Cleaning Supplies Expense  March, 31 31

No. 306 Balance 900 0

No. 633 Balance 200 0

200

J1 J3

No. 301 Balance 10,000 13,200 12,300

Credit

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107     Mr. Proeun That  Tel: 089 92 57 82

4.2 g

Helga's Carpet Cleaners  Post‐Closing Trial Balance For the month ended March, 31 Debit Cash

$        1,200

Accounts Receivable

$        5,000

Cleaning Supplies 

$            400

Prepaid Insurance 

$        1,650

Equipment

$        6,000

Credit

Accumulated depreciation‐equipment

$            250

Accounts Payable 

$        1,200

Salaries Payable 

$            500

H. Kohl, Capital

$      12,300 $      14,250

$      14,250

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107    Mr. Proeun That  Tel: 089 92 57 82

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