comprehensive accounting cycle review problem

Comprehensive Accounting Cycle Review Problem Student Name Travis Cross Complete the Comprehensive Problem, beginning on page 2, on the included work papers Submit the assignment to your instructor AN! upload it to your ePort"olio#

$ Sub Submit mit to to your your instruc instructor tor by %uly %uly $, $, 2&$' 2&$' ()& poin point* t* 2 +plo +pload ad to your your ePort"oli ePort"olio o by %uly $', 2&$' 2&$' and submit submit url on Canvas Canvas (2& points* points* ou o u can complete -$ and skip -2 but you will lose the 2& points (ou can get help setting up an ePort"olio in the library on the Redwood campus* $./nstructions on how to submit the assignment to your instructor ()& points*# Complete the problem by hand and scan Submit via a link on the Canvas home page 0ake a digital copy o" your completed problem o 1og into your Canvas account home page "or this course o Click on the Submit 0y Comprehensive Problem link on the bottom o" the home page o Click on submit my assignment link in the upper right hand corner  o +se the browse button to select the "ile and submit o e sure and put your name on the assignment and keep a copy cop y •

2./nstructions on how to submit your assignment via your ePort"olio (2& points*# +pload the completed assignment to your ePort"olio Coursework page (copy the page url* 1og into your Canvas account home page "or this course Click on the Submit 0y ePort"olio link on the bottom o" the home page Click on submit my assignment link in the upper right hand corner  Paste the url page into the bo3 provided and submit 2& points are awarded "or submitting your assignment via your ePort"olio according to these instructions • • • • • •

Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters !" to continue on and have a successful e#perience. $lease give it your best shot%

 A solution solution to this problem is not available "or your re"erence, by design /t is time "or you to to complete a problem on on your own The "ollowing check "igures are provided# +nad4usted Trial alance  Ad4usted Trial Trial alance Net /ncome Total Assets Post.Closing Trial alance

5$&$,62& 5$&2,$7' 5$8,9)' 562,2)& 562,99&

1

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Comprehensive Accounting Cycle Review Problem :n !ecember $st Curt ;illiamson began an auto repair shop, ;illiamsons && "or advertising e3penses

2) 2> 8$

Paid 5$ 5$,,&&& on account The business received a bill "or utilities to be paid in %anuary, %anuar y, 52>& Revenues earned during the month included 5$7 5$7,,'&& cash and 52 52,,7&& on account

8$

Paid employees@ salaries 58,)&& and building rent 57&& Record as a compound entry

8$

The business received 5$ 5$,,99& "or auto screening services to be per"ormed ne3t month

8$

;illiamson withdrew cash o" 58,&&& 

 Accounts Cash  Accounts Receivable A :""ice SuppliesA Prepaid /nsuranceA B?uipmentA Accumulated Cash 1and  Accounts PayableA +tilities Payable Payable  /nterest Payable +nearned Revenue Notes Payable Payable !epreciation.B?uipmentA 1and ;illiamson, Capital Capital ;illiamson ;illiamson,, ;ithdrawals Service Revenue Revenue Salaries B3pense B3pense Rent B3pense pense +tilities B3 B 3pense pense  Advertising B3penseA Supplies B3 B3pense pense /nsurance B3 B3pense pense /nterest B3pense B3pense and !epreciation B3pense.B?uipment  Ad4ustment !ata a :""ice Supplies used during the month, month , $600. month , $180.  b. !epreciation "or the month, c.

:ne month insurance has e3pired

d.  Accrued /nterest B3pense, B3pense, $75.

&e'uirements: Complete the following on the attached work papers

s $ Prepare the 4ournal entries and post to the T.account T.accounts 2. Prepare an unad4usted trial balance 3.

Prepare the ad4usting entries and post to the T.accounts

4

Prepare an ad4usted trial balance

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GENE GE NERA RAL L JOUR JOURNA NAL L DATE 12/1

ACCOUNT TITLES AND EXPLANATION Cash

DEBIT 50000

Williamson, capital Owner contribution for capital 12/1

12/1

12/"

12/10

12/1"

12/22

12/2-

12/%1

CREDIT 50000

Equipment Cash Pai cash for equipment

10800

Prepai insurance Cash Pai for " months insurance

!500

#an Cash Pai cash for lan

18000

O$ce supplies &ccounts pa'able O$ce supplies pai on account

%000

Cash (otes Pa'able #oan from a ban) for business use

28000

&*ertisin+ epense Cash Pai cash for a*ertisin+

800

&ccounts pa'able Cash Pa'in+ cash on account

1000

Cash &ccounts recei*able er*ice re*enues ecor ser*ice re*enues for ecember

1.500 2.00

10800

!500

18000

%000

28000

800

1000

20200

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GENERAL JOURNAL DATE 12/%1

12/%1

12/%1

12/%1

1%/%1

12/%1

12/%1

12/%1

12/%1

ACCOUNT TITLES AND EXPLANATION alaries epense ent epense Cash  o  o recor recor epenses

DEBIT %-00 .00

Cash 3nearne re*enue  o  o recor recor cash recei*e recei*e for ser*ices ser*ices net month month

1!!0

Williamson, withrawals Cash  o  o recorer recorer owners withrawals withrawals

%000

upplies epense O$ce supplies  o  o recor recor o$ce supplies supplies use epreciation epense equipment &ccumulate epreciation equipment  o  o recor recor epreciation epreciation on equipment equipment 4nsurance epense Prepai insurance  o  o recor recor insurance epense 4nterest epense 4nterest pa'able  o  o accrue interest interest epense epense er*ice re*enue 4ncome statement  o  o close ser*ice ser*ice re*enue 4ncome summar' alaries epense rent &*ertisin+ supplies insurance interest epreciation equipment/to close rent e penses

-00

CREDIT

!%00

1!!0

%000

-00 180 180 500 500 .5 .5 20200 20200 -!55 %-00 .00 800 -00 500 .5 180

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GENERAL LEDGER 

Cash 5000 50000 0

1080 10800 0

28000

! 50 0

1.50 1.500 0

1800 18000 0

1 ! !0

80 0

Accts. Rec 2.00

Office Supplies %000

-0 0

Pepaid !"sua"ce !500

500

  1000 !%00   %000

#$uip%e"t

Accu%. &epec. ' #$uip.

10800

(a"d 18000

Acc)u"ts Pa*able 1000

%000

180

+tilities Pa*able

!"teest Pa*able .5

Capital/illia%s)" %000 50000 1%.!5

/ithda0als %000 %000

+"ea"ed Re,e"ue 1!!0

Se,ice Re,e"ue 20200 20 20200

-)tes Pa*able/illia%s)" 28000

Salaies #1pe"se %-00 %-00

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Re"t #1pe"se .00

.00

!"sua"ce #1pe"se 500

+tilities #1pe"se

500

Ad,etisi" #1pe"se 800

!"teest #1pe"se .5

.5

8 00

&epeciati)" #1p. #$uip. 180

180

Supplies #1pe"se -00

-00

!"c)%e Su%%a* -!55 20200 1%.!5

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Unadjusted Trial Balance

Cash &ccounts ecei*able O$ce supplies Prepai insurance Equipment #an &ccounts pa'able 3nearne re*enue (otes Pa'able  Williamson Capital  Williamson Withrawals 6 Williamson er*ice e*enue alaries epense ent Epense &*ertisin+ epense  otals  otals

Debits 5!5!0 2.00 %000 !500 10800 18000

Credits

2000 1!!0 28000 50000 %000 20200 %-00 .00 800 101-!0

101-!0

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Adjusted Trial Balance

Cash &ccounts recei*able O$ce supplies Prepai insurance Equipment &ccumulate epreciation equipment #an &ccounts pa'able 4nterest pa'able 3nearne re*enues (otes pa'able Williamson Capital Williamson Withrawals Williamson er*ice e*enues alaries epense ent epense &*ertisin+ epense upplies epense 4nsurance epense 4nterest epense epreciation epense equipment total

Debits 5!5!0 2.00 2!00 !000 10800

Credits

180 18000 2000 .5 1!!0 28000 50000 %000 20200 %-00 .00 800 -00 500 .5 180 1018"5 1018"5

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Inc!e State!ent

e*enues er*ice re*enues Epenses

20200

alaries ent &*ertisin+ supplies 4nsurance 4nterest epreciation  otal  otal epenses epenses (et income

%-00 .00 800 -00 500 .5 180 -!55 1%.!5

State!ent " C#an$es in O%ner&s E'uit(

Williamson capital ec 1 2015 Owner contributions (et income for the mont

0 50000 1%.!5

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Balance S#eet

&ssets

#iabilities

Cash 5!5!0 &ccounts recei*able 2.00 O$ce supplies 2!00 Prepai insurance !000 Equipment 10800 &ccumul &ccumulate ate epreciat epreciation ion equipment equipment 7180 7180 #an 18000

&ccounts pa'able 4nterest pa'able 3nearne re*enue (otes pa'able williamson

2000 .5 1!!0 28000

Owner9s Equit' Williamson capital -0.!5  otal  otal &ssets

"22-0

otal liabilities liabilities an owners owners equit'

"22-0

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Pst)Clsin$ Trial Balance

Cash &ccounts recie*able O$ce supplies Prepai insurance Equipment &ccumulate epreciation equipment #an &ccounts pa'able 4nterest pa'able 3nearne re*enue (otes pa'able Williamson Williamson capital  otal  otal

Debits 5!5!0 2.00 2!00 !000 10800

Credits

180 18000 2000 .5 1!!0 28000 -0.!5 "22-0

"22-0