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a. (cont'd)
Asset
s
117
,
050$ 9
,
600
16
,
000 6
,
000 2
Pre
p
aid rent
PROBLEM 5.2
A
AFFORDABLE LAWN CARE, INC. (continued
)
Accounts receivabl
e
Unex
p
ired insurance
AFFORDABLE LAWN CARE, INC.
December 31, 201
5
Balance Shee
t
Cash
b.
Dec. 31 340
,
000
Income Summar
y
340
,
000
Mowin
g
Revenue Earned
To close Mowin
g
Revenue Earned.
(
2
)
PROBLEM 5.2
A
AFFORDABLE LAWN CARE, INC
.
December 31, 201
5
(1)
General Journal
AFFORDABLE LAWN CARE, INC. (continued
)
c.
117
,
050$ 9
,
600
16
,
000 6
,
000 2
,
150
Cash
Unex
p
ired insurance
PROBLEM 5.2
A
AFFORDABLE LAWN CARE, INC. (concluded
)
December 31, 201
5
After-Closing Trial Balanc
e
AFFORDABLE LAWN CARE, INC
.
Accounts receivabl
e
Pre
p
aid rent
Su
pp
lies
a.
52
,
000$
Client revenue earned
PROBLEM 5.3
A
MYSTIC MASTERS, INC.
Revenues:
45 Minutes, Strong
MYSTIC MASTERS, INC.
For the Year Ended December 31, 201
5
Income Statement
a. (cont'd)
Asset
s
960$ 300
2
,
000 1
,
500 200
PROBLEM 5.3
A
MYSTIC MASTERS, INC. (continued
)
Accounts receivabl
e
Unex
p
ired insurance
MYSTIC MASTERS, INC.
December 31, 201
5
Balance Shee
t
Cash
Pre
p
aid rent
Su
pp
lies
b.
Dec. 31 52
,
000
Income Summar
y
52
,
000
Client Revenue Earned
To close Client Revenue Earned.
(
2
)
PROBLEM 5.3
A
MYSTIC MASTERS, INC.
December 31, 201
5
(1)
General Journal
MYSTIC MASTERS, INC. (continued
)
Note: No dividends were declared in 2015.
c.
960$ 300
2
,
000 1
PROBLEM 5.3
A
MYSTIC MASTERS, INC. (concluded
)
MYSTIC MASTERS, INC.
December 31, 201
5
After-Closing Trial Balanc
e
Cash
Accounts receivabl
e
Unex
p
ired insurance
a.
Month Ended Quarter Ended 9 Months Ended
Sept. 30 Sept. 30 Sept. 30
16
,
000$ 54
,
000$ 144
,
000$
For the Following Time Periods
Revenue:
Commissions earned
Income Statement
PROBLEM 5.4
A
GUARDIAN INSURANCE AGENC
Y
25 Minutes, Easy
GUARDIAN INSURANCE AGENC
Y
a.
Dec. 31 1
,
500
Consultin
g
Services Revenu
e
1
,
500
Accounts Receivabl
e
To record revenue accrued at the end of Dec.
PROBLEM 5.5
A
SILVER LINING, INC.
December 31, 201
5
(1)
General Journal
SILVER LINING, INC.
70 Minutes, Strong
a. (cont'd)
Computations for each of the adjusting journal entries:
1. Accounts receivable increased by the $1,500 of accrued revenue in December.
2. Unearned revenue is reduced by the $2,500 amount earned in December.
SILVER LINING, INC. (continued)
PROBLEM 5.5
A
