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PAGE
POST.
REF.
1 2014 1
2 Jan. 2 121 4 0 0 0 00 2
3 Cash 101 4 0 0 0 00 3
4 Bought supplies for cash, Check 1015 4
20 Cash 101 280000 20
21 Paid for advertising on radio, Check 1017 21
22 22
23 13 Cash 101 250000 23
24 Accounts Receivable 111 250000 24
MINI-PRACTICE SET 1
SERVICE BUSINESS ACCOUNTING CYCLE
Supplies
GENERAL JOURNAL 3
DATE DESCRIPTION DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
PAGE
POST.
REF.
1 2014 1
2 Jan. 20 Supplies 121 360000 2
3 Accounts Payable 202 360000 3
4 Bought supplies on account 4
13 Performed services for cash and on account 13
14 14
15 21 Maintenance Expense 529 502500 15
16 Cash 101 502500 16
17 Paid for maintenance on equipment 17
18 Check 1018 18
29 Accounts Receivable 111 280000 29
30 Received cash on account 30
31 31
33 Cash 101 3 0 0 0 00 33
34 Made payment to creditor, Check 1021 34
35 35
36 36
37 37
GENERAL JOURNAL 4
DATE DESCRIPTION DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
PAGE
POST.
REF.
1 2014 28 Utilities Expense 514 217500 1
2 Jan. Cash 101 217500 2
3 Paid monthly utility bill, Check 1022 3
4 4
5 29 Cash 101 16 5 0 0 00 5
15 Cash 101 1200000 15
16 Owner withdrew cash for personal use, 16
17 Check 1028 17
18 18
19 31 Maintenance Expense 529 305000 19
20 Cash 101 305000 20
21 Paid for monthly maintenance services, 21
22 Check 1029 22
36 36
37 37
GENERAL JOURNAL 5
DATE DESCRIPTION DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
PAGE
POST.
REF.
1 1
2 2014 2
3 Jan. 31 517 5 0 0 0 00 3
4 Supplies 121 5 0 0 0 00 4
5 5
15 15
16 16
17 31 Fees Income 401 8045000 17
18 Income Summary 309 8045000 18
19 19
20 31 Income Summary 309 4690800 20
21 Salaries Expense 511 2050000 21
22 Utilities Expense 514 217500 22
23 Supplies Expense 517 500000 23
24 Rent Expense 520 400000 24
Supplies Expense
Closing Entries
GENERAL JOURNAL 6
DATE DESCRIPTION DEBIT CREDIT
Adjusting Entries
MINI−PRACTICE SET 1 (continued)
ACCOUNT Cash ACCOUNT NO.
2014
Jan. 1 Balance ✔11135000
2 J3 400000 10735000
2 J3 600000 10135000
7 J3 1800000 11935000
GENERAL LEDGER
101
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Accounts Receivable ACCOUNT NO.
2014
Jan. 1 Balance ✔500000
7 J3 200000 70 0 000
ACCOUNT Supplies ACCOUNT NO.
2014
GENERAL LEDGER
111
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
CREDIT
121
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Prepaid Insurance ACCOUNT NO.
2014
ACCOUNT Prepaid Rent ACCOUNT NO.
2014
ACCOUNT Equipment ACCOUNT NO.
2014
ACCOUNT Accumulated Depreciation—Equipment ACCOUNT NO.
2014
GENERAL LEDGER
137
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
141
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
142
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
134
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Accounts Payable ACCOUNT NO.
2014
31 J5 280000 690000
ACCOUNT Carolyn Wells, Capital ACCOUNT NO.
2014
ACCOUNT Carolyn Wells, Drawing ACCOUNT NO.
GENERAL LEDGER
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
202
DATE DESCRIPTION CREDIT
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT
302
CREDITDEBIT
BALANCE
301
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Income Summary ACCOUNT NO.
2014
ACCOUNT Fees Income ACCOUNT NO.
2014
Jan. 7 J3 2000000 2000000
ACCOUNT Salaries Expense ACCOUNT NO.
2014
GENERAL LEDGER
309
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
401
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
511
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Utilities Expense ACCOUNT NO.
2014
ACCOUNT Supplies Expense ACCOUNT NO.
2014
ACCOUNT Rent Expense ACCOUNT NO.
2014
ACCOUNT Depreciation Expense—Equipment ACCOUNT NO.
2014
514
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
GENERAL LEDGER
517
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
520
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
523
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
MINI−PRACTICE SET 1 (continued)
ACCOUNT Advertising Expense ACCOUNT NO.
2014
ACCOUNT Maintenance Expense ACCOUNT NO.
2014
ACCOUNT Telephone Expense ACCOUNT NO.
2014
ACCOUNT Insurance Expense ACCOUNT NO.
2014
DATE DESCRIPTION
POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
DEBIT CREDIT
BALANCE
DEBIT
526
DATE DESCRIPTION
POST.
REF. DEBIT
GENERAL LEDGER
529
DATE DESCRIPTION
POST.
REF.
535
CREDIT
BALANCE
CREDIT
BALANCE
DEBIT CREDIT
DATE DESCRIPTION
POST.
REF. DEBIT
CREDIT
532
DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
Wells’ Consulting Services
Worksheet
Month Ended January 31, 2014
1 Cash 119 9 2 5 00
2 Accounts Receivable 520000
3 Supplies 805000 (a) 5 0 0 0 00
4 Prepaid Rent 400000 (b) 4 0 0 0 00
5 Prepaid Insurance 600000 (c) 5 0 0 00
ACCOUNT NAME
TRIAL BALANCE ADJUSTMENTS
DEBIT CREDIT DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
119 9 2 5 00 119 9 2 5 00 1
520000 520000 2
305000 305000 3
11
80 4 5 0 00 80 4 5 0 00 12
20 5 0 0 00 20 5 0 0 00 13
217500 217500 14
500000 500000 15
400000 400000 16
ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
MINI-PRACTICE SET 1 (continued)
Revenue
Fees Income 8045000
Expenses
Salaries Expense 2050000
Utilities Expense 217500
12866700
Carolyn Wells, Capital, January 1, 2014
Wells’ Consulting Services
Income Statement
Month Ended January 31, 2014
Statement of Owner's Equity
Month Ended January 31, 2014
Wells’ Consulting Services
MINI-PRACTICE SET 1 (continued)
Cash 11992500
Accounts Receivable 520000
Supplies 305000
Prepaid Insurance 550000
Assets
Wells’ Consulting Services
Balance Sheet
January 31, 2014
MINI-PRACTICE SET 1 (continued)
11992500
Accounts Receivable 520000
Supplies 305000
Prepaid Insurance 550000
Analyze: a. Total assets increased by $24,942 ($157,109 – $132,167).
Cash
Wells’ Consulting Services
Post-closing Trial Balance
January 31, 2014
ACCOUNT NAME DEBIT CREDIT
