5-11
PROBLEM 5A-1
Balance Sheet
9,500
14,000
34,500
700
58,700
18,100
76,800
11,000
800
800
14,000
200
76,800
76,800
Income Statement
23,800
23,800
23,800
DREW’S DANCE STUDIO
WORKSHEET
FOR THE MONTH ENDED NOVEMBER 30, 201X
2,000
400
700
400
700
1,500
5,700
18,100
23,800
9,500
14,000
34,500
23,800
700
82,500
11,000
800
800
14,000
(C) 1,500
200
2,000
400
700
400
700
1,500
82,500
Adjustments
(A) 400
(B) 700
(D)700
3,300
(D)700
(A)400
(B)700
(C)1,500
3,300
Trial Balance
8,000
14,000
34,500
23,800
80,300 80,300
11,000
1,200
1,500
14,000
200
1,300
400
700
Acct. Receivable
Acct. Receivable
Prepaid Insurance
Dance Supplies
Dance Equipment
Acc. Dep., D. Eq.
Accounts Payable
D. Desmond, Cap.
D. Desmond, With.
Dance Fees Earn.
Salaries Exp.
Telephone Exp.
Advertising Exp.
Insurance Exp.
D. Supplies Exp.
Dep. Exp., D. Eq.
Salaries Payable
Net Income
50,000
50,000
Cash 50,000
PROBLEM 5A-1 (CONCLUDED)
(2)
DREW’S DANCE STUDIO
GENERAL JOURNAL PAGE 3
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Adjusting Entries
Nov
30
Insurance Expense
4
0
0
00
Prepaid Insurance
4
0
0
00
30
Dance Supplies Expense
7
0
0
00
Dance Supplies
7
0
0
00
30
Depreciation Expense, Dance Equipment
1
5
0
0
00
Accumulated Depreciation, Dance Eq.
1
5
0
0
00
30
Salaries Expense
7
0
0
00
Salaries Payable
7
0
0
00
Closing Entries
30
Dance Fees Earned
23
8
0
0
00
Income Summary
23
8
0
0
00
30
Income Summary
5
7
0
0
00
Salaries Expense
2
0
0
0
00
Telephone Expense
4
0
0
00
Advertising Expense
7
0
0
00
Insurance Expense
4
0
0
00
Dance Supplies Expense
7
0
0
00
Depr. Expense, Dance Equipment
1
5
0
0
00
30
Income Summary
18
1
0
0
00
D. Desmond, Capital
18
1
0
0
00
30
D. Desmond, Capital
2
0
0
00
D. Desmond, Withdrawals
2
0
0
00
PROBLEM 5A-2
(1)
PARKHOUSE’S CLEANING SERVICE
GENERAL JOURNAL
PAGE
2
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Adjusting Entries
Dec
31
Insurance Expense
517
3
9
0
00
Prepaid Insurance
114
3
9
0
00
31
Cleaning Supplies Expense
518
3
9
0
00
Cleaning Supplies
115
3
9
0
00
31
Depreciation Expense, Auto
519
4
5
0
00
Accumulated Depreciation, Auto
122
4
5
0
00
31
Salaries Expense
513
3
6
0
00
Salaries Payable
213
3
6
0
00
Closing Entries
31
Cleaning Fees
412
6
9
0
0
00
Income Summary
314
6
9
0
0
00
31
Income Summary
314
3
2
9
5
00
Salaries Expense
513
1
4
1
0
00
Telephone Expense
514
2
3
5
00
Advertising Expense
515
2
6
0
00
Gas Expense
516
1
6
0
00
Insurance Expense
517
3
9
0
00
Cleaning Supplies Expense
518
3
9
0
00
Depreciation Expense, Auto
519
4
5
0
00
31
Income Summary
314
3
6
0
5
00
B. Parkhouse, Capital
312
3
6
0
5
00
31
B. Parkhouse, Capital
312
1
1
5
0
00
B. Parkhouse, Withdrawals
313
1
1
5
0
00
PROBLEM 5A-2 (CONTINUED)
CASH
ACCOUNT NO. 112
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
4
0
0
00
PREPAID INSURANCE ACCOUNT NO. 114
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
1
4
5
0
00
31
Adjusting
GJ2
3
9
0
00
1
0
6
0
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
4
6
6
00
31
Adjusting
GJ2
3
9
0
00
7
6
00
ACCOUNT NO. 121
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
3
0
4
0
00
201X
Explanation
Ref.
Debit
Credit
Debit
Credit
Dec.
31
Balance
√
5
4
0
31
Adjusting
GJ2
4
5
0
00
9
9
0
PROBLEM 5A-2 (CONTINUED)
ACCOUNTS PAYABLE
ACCOUNT NO. 212
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
5
9
0
00
SALARIES PAYABLE
ACCOUNT NO. 213
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Adjusting
GJ2
3
6
0
00
3
6
0
00
ACCOUNT NO. 312
Post
Ref.
Debit
Credit
Dec.
31
Balance
√
1
8
1
00
31
Closing
GJ2
1
1
5
0
00
2
6
3
6
00
ACCOUNT NO. 313
Post
Ref.
Debit
Credit
Dec.
31
Balance
√
1
1
5
0
31
Closing
GJ2
1
5
0
00
ACCOUNT NO. 314
Post
Ref.
Credit
Dec.
31
Closing
GJ2
9
0
0
00
6
9
0
0
00
31
Closing
GJ2
3
2
9
5
00
3
6
0
5
00
31
Closing
GJ2
3
6
0
5
00
PROBLEM 5A-2 (CONTINUED)
CLEANING FEES
ACCOUNT NO. 412
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Balance
√
6
9
0
0
00
31
Closing
GJ2
6
9
0
0
00
Date
201X
Explanation
Post
Ref.
Credit
Dec.
31
Balance
√
0
0
31
Adjusting
GJ2
3
6
0
4
0
31
Closing
GJ2
4
1
ACCOUNT NO. 514
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Dec.
31
Balance
√
2
5
31
Closing
GJ2
2
3
Date
201X
Explanation
Post
Ref.
Debit
Credit
Credit
Dec.
31
Balance
√
2
0
ACCOUNT NO. 516
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Credit
Dec.
31
Balance
√
1
0
31
Closing
GJ2
1
6
PROBLEM 5A-2 (CONCLUDED)
INSURANCE EXPENSE
ACCOUNT NO. 517
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Dec.
31
Adjusting
GJ2
3
9
0
00
3
9
0
00
31
Closing
GJ2
3
9
0
00
Explanation
Post
Ref.
Debit
Debit
Credit
Dec.
Adjusting
GJ2
3
9
0
00
3
9
0
00
Closing
GJ2
3
9
0
00
Explanation
Post
Ref.
Debit
Balance
Debit
Credit
Dec.
Adjusting
GJ2
4
5
0
00
4
5
0
00
Closing
GJ2
4
5
0
00
Cash
00
Prepaid Insurance
00
Cleaning Supplies
00
Accumulated Depreciation, Auto
0
00
Accounts Payable
0
00
Salaries Payable
0
00
B. Parkhouse, Capital
2
6
00
00
4
6
00
PROBLEM 5A-3
PAT‘S PLOWING
GENERAL JOURNAL
PAGE 1
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Jan.
1
Cash
111
16,000
00
Snow Equipment
123
10,200
00
P. Munro, Capital
311
26,200
00
Owner Investment
1
Prepaid Rent
114
2,400
00
Cash
111
2,400
00
Rent Paid in Advance
4
Office Equipment
121
12,000
00
Accounts Payable
211
12,000
00
Bought Equipment on Account
6
Snow Supplies
115
300
00
Cash
111
300
00
Cash Purchases of Supplies
8
Cash
111
8,000
00
Plowing Fees
411
8,000
00
Cash Fees Earned
12
P. Munro, Withdrawals
312
8,000
00
Cash
111
8,000
00
Owner Withdrawal
20
Accounts Receivable
112
5,000
00
Plowing Fees
411
5,000
00
Fees Earned on Account
26
Salaries Expense
511
2,200
00
Cash
111
2,200
00
Paid Salaries
PROBLEM 5A-3 (CONTINUED)
PAT’S PLOWING
GENERAL JOURNAL
PAGE 2
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Jan.
28
Accounts Payable
211
6,000
00
Cash
111
6,000
00
Paid On Account
29
Advertising Expense
512
800
00
Accounts Payable
211
800
00
Advertising Bill Received
30
Telephone Expense
513
140
00
Cash
111
140
00
Paid Telephone Bill
Adjusting Entries
31
Snow Supplies Expense
515
200
00
Snow Supplies
115
200
00
31
Rent Expense
514
400
00
Prepaid Rent
114
400
00
31
Depreciation Expense, Office Equip.
516
200
00
Accumulated Depreciation, Office Eq
122
200
00
31
Depreciation Expense, Snow Equip.
517
170
00
Accumulated Depreciation, Snow Eq
124
170
00
31
Salaries Expense
511
150
00
Salaries Payable
212
150
00
Closing Entries
31
Plowing Fees
411
13,000
00
Income Summary
313
13,000
00
PROBLEM 5A-3 (CONTINUED)
PAT‘S PLOWING
GENERAL JOURNAL
PAGE 3
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Jan.
31
Income Summary
313
4,260
00
Salaries Expense
511
2,350
00
Advertising Expense
512
800
00
Telephone Expense
513
140
00
Snow Supplies Expense
515
200
00
Rent Expense
514
400
00
Depreciation Expense, Office Eq.
516
200
00
Depreciation Expense, Snow Eq.
517
170
00
31
Income Summary
313
8,740
00
P. Munro, Capital
311
8,740
00
31
P. Munro, Capital
311
8,000
00
P. Munro, Withdrawals
312
8,000
00