PROBLEM 5B-3 (CONTINUED)
LIABILITIES AND OWNER’S EQUITY
PALMER’S PLOWING
BALANCE SHEET
JAN. 31, 201X
Liabilities
ASSETS
00
0
2
3
$
Cash
PROBLEM 5B-3 (CONTINUED)
PALMER’S PLOWING
POST-CLOSING TRIAL BALANCE
JANUARY 31, 201X
Dr
Cr.
Cash
3
2
0
00
Accounts Receivable
8
0
0
0
00
Prepaid Rent
3
2
0
0
00
Snow Supplies
1
0
0
00
Office Equipment
9
6
0
0
00
Accumulated Depreciation, Office Equipment
1
6
0
00
Snow Equipment
9
0
0
0
00
Accumulated Depreciation, Snow Equipment
1
5
0
00
Accounts Payable
5
1
0
0
00
Salaries Payable
3
4
0
00
P. Mao, Capital
24
4
7
0
00
Totals
30
2
2
0
00
30
2
2
0
00
FINANCIAL REPORT PROBLEM SOLUTION—2013 Kellogg’s Annual Report
Note 1
Fiscal year ends on Saturday closest to December 31. Fiscal year is 52 weeks. 2013:
Fiscal year ended on December 28, 2013.
ON THE JOB: SMITH COMPUTER CENTER SOLUTION
SMITH COMPUTER CENTER
GENERAL JOURNAL
PAGE 2
Date
201X
Account Titles and Description
PR
Dr.
Cr.
Sept
30
Adjusting Entries
30
Supplies Expense
5050
3
0
8
00
Supplies
1030
3
0
8
00
30
Depr. Exp. C.S. Equipment
5080
1
5
0
00
Accum. Depr. C.S. Equip.
1081
1
5
0
00
30
Depr. Exp. Office Equip.
5090
1
1
0
00
Accum. Depr. Office Equip.
1091
1
1
0
00
30
Rent Expense
5020
1
0
0
0
00
Prepaid Rent
1025
1
0
0
0
00
Closing Entries
30
Service Revenue
4000
10
2
2
0
00
Income Summary
3020
10
2
2
0
00
30
Income Summary
3020
3
7
6
3
00
Advertising Expense
5010
9
0
0
00
Rent Expense
5020
1
5
0
0
00
Utilities Expense
5030
1
6
0
00
Phone Expense
5040
1
1
5
00
Insurance Expense
5060
4
5
0
00
Postage Expense
5070
7
0
00
Supplies Expense
5050
3
0
8
00
Depr. Exp. C.S. Equip.
5080
1
5
0
00
Depr. Exp. Office Equip.
5090
1
1
0
00
30
Income Summary
3020
6
4
5
7
00
T. Feldman, Capital
3000
6
4
5
7
00
30
T. Feldman, Capital
3000
1
7
5
00
T. Feldman, Withdrawals
3010
1
7
5
00
CASH
ACCOUNT NO. 1000
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
2
1
2
0
00
ACCOUNTS RECEIVABLE
ACCOUNT NO. 1020
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
2
7
0
0
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Debit
Sept.
30
Balance forward
√
1
5
0
0
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Sept.
30
Balance forward
√
5
0
0
00
30
Adjusting
3
8
1
9
00
COMPUTER SHOP EQUIPMENT
ACCOUNT NO. 1080
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
3
9
0
0
00
ACCUMULATED DEPRECIATION, COMPUTER SHOP EQUIPMENT
ACCOUNT NO. 1081
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Adjusting
GJ2
1
5
0
00
1
5
0
00
Date
201X
Explanation
Post
Ret.
Debit
Credit
Balance
Sept.
30
Balance forward
√
3
3
0
00
Debit
Credit
Sept.
30
Adjusting
1
1
0
00
1
1
0
00
ACCOUNTS PAYABLE
ACCOUNT NO. 2000
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
1
7
0
00
T. FELDMAN, CAPITAL
ACCOUNT NO. 3000
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
6
0
0
0
00
30
Closing
GJ2
6
4
5
7
00
12
4
5
7
00
30
Closing
GJ2
1
7
5
00
12
2
8
2
00
T. FELDMAN, WITHDRAWALS
ACCOUNT NO. 3010
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
1
7
5
00
30
Closing
GJ2
1
7
5
00
–
0
–
INCOME SUMMARY
ACCOUNT NO. 3020
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Closing
(Revenue)
GJ2
10
2
2
0
00
10
2
2
0
00
30
Closing (Exp)
GJ2
3
7
6
3
00
6
4
5
7
00
30
Closing
(Income)
GJ2
6
4
5
7
00
–
0
–
Date
Explanation
Ref.
Debit
Closing
2
2
0
00
0
Date
Explanation
Ref.
Debit
Credit
Credit
RENT EXPENSE
ACCOUNT NO. 5020
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
5
0
0
00
30
Adjusting
GJ2
1
0
0
0
00
1
5
0
0
00
30
Closing
GJ2
1
5
0
0
00
–
0
–
UTILITIES EXPENSE
ACCOUNT NO. 5030
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept
30
Balance forward
√
1
6
0
00
30
Closing
GJ2
1
6
0
00
–
0
–
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
1
1
5
00
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Adjusting
GJ2
3
0
8
00
3
8
00
INSURANCE EXPENSE
ACCOUNT NO. 5060
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
4
5
0
00
30
Closing
GJ2
4
5
0
00
–
0
–
POSTAGE EXPENSE
ACCOUNT NO. 5070
Date
201X
Explanation
Post
Ref.
Debit
Credit
Balance
Debit
Credit
Sept.
30
Balance forward
√
7
0
00
30
Closing
GJ2
7
0
00
–
0
–
Explanation
Post
Ref.
Credit
Balance
Debit
Credit
30
Closing
GJ2
1
5
0
0
–
Explanation
Post
Credit
Credit
Sept.
30
Adjusting
1
1
0
00
1
0
00
30
Closing
1
1
0
00
0
–
SMITH COMPUTER CENTER
POST-CLOSING TRIAL BALANCE
SEPTEMBER 30, 201X
Dr.
Cr.
Cash
2
1
2
0
00
Accounts Receivable
2
7
0
0
00
Prepaid Rent
5
0
0
00
Supplies
1
9
2
00
Computer Shop Equipment
3
9
0
0
00
Accum. Depr. C.S. Equip.
1
5
0
00
Office Equipment
3
3
0
0
00
Accum. Depr. Office Equip.
1
1
0
00
Accounts Payable
1
7
0
00
T. Feldman, Capital
12
2
8
2
00
Totals
12
7
1
2
00
12
7
1
2
00