COMPREHENSIVE PROBLEM (Continued)
W. Rayms
Date
Explanation
Ref.
Debit
Balance
Jan. 3
13
22
S1
CR1
S1
3,600
3,700
3,600
0
3,700
Accounts Payable Subsidiary Ledger
J. Liotta
Date
Explanation
Ref.
Debit
Balance
Jan. 5
27
P1
P1
2,400
3,600
O. Kitson
Date
Explanation
Ref.
Debit
Balance
Jan. 1
9
16
18
23
Balance
CP1
P1
G1
CP1
9,000
200
13,700
9,000
0
13,900
13,700
0
D. Markoff
Date
Explanation
Ref.
Debit
Balance
Jan. 1
21
Balance
G1
15,000
15,000
0
L. Quinn
Date
Explanation
Ref.
Debit
Balance
Jan. 1
9
16
23
27
Balance
CP1
P1
CP1
P1
11,000
15,000
11,000
0
15,000
0
12,500
COMPREHENSIVE PROBLEM (Continued)
K. Zapfel
Date
Explanation
Ref.
Debit
Balance
Jan. 5
16
27
P1
P1
P1
3,000
4,500
7,300
COMPREHENSIVE PROBLEM (Continued)
Copyright © 2014 John Wiley & Sons, Inc. Weygandt, Financial Accounting, 9/e, Solutions Manual (For Instructor Use Only) I-73
(c) ZWEIFEL COMPANY
Worksheet
For the Month Ended January 31, 2014
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
Accounts Receivable
Notes Receivable
Inventory
Supplies
Prepaid Insurance
Equipment
Accum. Depreciation—Equipment
Notes Payable
Accounts Payable
Interest Payable
Common Stock
Retained Earnings
Cash Dividends
Sales Revenue
Sales Returns and Allowances
Purchases
Purchase Returns and Allowances
Freight In
Salaries and Wages Expense
Rent Expense
Totals
Supplies Expense
Insurance Expense
Depreciation Expense
Interest Expense
Totals
Net Income
Totals
42,450
23,000
42,000
20,000
1,600
2,000
6,450
650
240
52,300
180
7,400
1,000
199,270
1,500
15,000
23,400
70,000
10,700
78,470
200
199,270
(1) 1,020
(2) 200
(3) 125
(4) 30
1,375
(1) 1,020
(2) 200
(3) 125
(4) 30
1,375
42,450
23,000
42,000
20,000
580
1,800
6,450
650
240
52,300
180
7,400
1,000
1,020
200
125
30
199,425
1,625
15,000
23,400
30
70,000
10,700
78,470
200
,
199,425
20,000
240
52,300
180
7,400
1,000
1,020
200
125
30
82,495
8,775
91,270
12,600
78,470
200
91,270
91,270
42,450
23,000
42,000
12,600
580
1,800
6,450
650
129,530
129,530
1,625
15,000
23,400
30
70,000
10,700
120,755
8,775
129,530
COMPREHENSIVE PROBLEM (Continued)
(d) ZWEIFEL CO.
Income Statement
For the Month Ended January 31, 2014
Sales revenues
Sales revenue …………………………... $78,470
Less: Sales returns and
allowances …………………. 240
Net sales revenue …………………….. 78,230
Cost of goods sold
Inventory, 1/1/14 ……………………….. $20,000
Purchases ……………………………….. $52,300
Less: Purchase returns and
allowances …………………….. 200
Net purchases ………………………….. 52,100
Freight in …………………………………. 180 52,280
COMPREHENSIVE PROBLEM (Continued)
ZWEIFEL CO.
Statement Retained Earnings
For the Month Ended January 31, 2014
Retained earnings, January 1, 2014 ……………………………….. $ 10,700
ZWEIFEL CO.
Balance Sheet
January 31, 2014
Assets
Current assets
Cash …………………………………………………… $42,450
Notes receivable ………………………………….. 42,000
Capital assets
Equipment ………………………………………….. 6,450
Liabilities and Stockholders’ Equity
Current liabilities
Notes payable ……………………………………… $15,000
Stockholders’ equity
Common stock ……………………………………. 70,000
Retained earnings ……………………………….. 18,825
COMPREHENSIVE PROBLEM (Continued)
(f) ZWEIFEL CO.
Post-Closing Trial Balance
January 31, 2014
Debit
Credit
Cash ……………………………………………………….
Notes Receivable …………………………………….
Accounts Receivable ……………………………….
Inventory ………………………………………………..
Supplies ………………………………………………….
Prepaid Insurance ……………………………………
Equipment ………………………………………………
Accumulated Depreciation—Equipment ……
Notes Payable …………………………..…………….
Accounts Payable ……………………………………
Interest Payable ………………………………………
Common Stock ……………………………………….
Retained Earnings …………………………………..
$ 42,450
42,000
23,000
12,600
580
1,800
6,450
$128,880
$ 1,625
15,000
23,400
30
70,000
18,825
$128,880
Accounts Receivable balance ………………………… $23,000
Subsidiary account balances
G. Dukes ……………………………………………….. $ 4,500
M. Fischer ……………………………………………… 6,100
Subsidiary account balances
J. Liotta …………………………………………………. $ 3,600
L. Quin …………………………………………………… 12,500
BYP I-1 FINANCIAL REPORTING PROBLEM—A MINI PRACTICE SET
(a)
Sales Journal S1
Date
Account
Debited
Invoice
No.
Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Jan. 3
3
11
11
22
22
25
25
K. Rai
J. Fieber
C. Dunlap
A. Naker
K. Rai
C. Dunlap
S. Grady
J. Fieber
510
511
512
513
514
515
516
517
2,200
1,800
1,600
900
2,700
1,300
3,500
6,100
20,100
(112)(401)
1,320
1,080
960
540
1,620
780
2,100
3,660
12,060
(505)(120)
Purchases Journal P1
Date
Account Credited
Terms
Ref.
Inventory Dr.
Accounts Payable Cr.
Jan. 5
5
16
16
16
27
27
27
D. Vang
W. Lachey
I. Maida
T. Joosten
D. Vang
I. Maida
W. Lachey
D. Vang
n/30
n/30
1/10, n/30
3/10, n/30
n/30
1/10, n/30
n/30
n/30
5,000
2,700
18,000
14,200
1,500
14,500
1,200
5,400
62,500
(120)(201)
BYP I-1 (Continued)
Cash Receipts Journal CR1
Date
Account
Credited
Ref.
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Revenue
Cr.
Other
Accounts
Cr.
Cost of Goods Sold
Dr.
Inventory
Cr.
Jan. 7
7
10
13
13
20
21
31
A. Naker
S. Grady
K. Rai
J. Fieber
A. Naker
4,000
2,000
15,500
2,156
1,372
20,100
882
19,600
65,610
(101)
44
28
18
90
(414)
4,000
2,000
2,200
1,400
900
10,500
(112)
15,500
20,100
19,600
55,200
(401)
9,300
12,060
11,760
33,120
(505)(120)
Cash Payments Journal CP1
Date
Account Debited
Ref.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Supplies
Dr.
Inventory
Cr.
Cash
Cr.
Jan. 8
9
9
12
15
17
23
23
28
31
Inventory
T. Joosten
I. Maida
Rent Expense
Cash Dividends
I. Maida
T. Joosten
Salaries and Wages
Expense
120
729
322
627
310
850
800
7,500
9,460
(X)
9,000
11,000
18,000
14,000
52,000
(201)
400
200
600
(125)
180
110
540
280
_
1,110
(120)
310
8,820
10,890
850
800
400
17,460
13,720
200
7,500
60,950
(101)
BYP I-1 (Continued)
(a) & (e)
General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan. 9
Sales Returns and Allowances …….
Accounts Receivable—
J. Fieber ………………………….
(Issued credit for
merchandise returned)
Inventory
($400 X .60) ……………………………..
Cost of Goods Sold ……………..
412
112/
120
505
400
240
400
240
18
Accounts Payable—T. Joosten …….
Inventory …………………………….
(Received credit for
returned goods)
201/
120/
200
200
21
Accounts Payable—A. Mangrich ….
Notes Payable …………………….
(Payment of balance due)
201/
200/
15,000
15,000
Adjusting Entries
31
Supplies Expense ……………………….
Supplies ……………………………..
728
125
700
700
31
Insurance Expense ……………………..
Prepaid Insurance ……………….
722
130
250
250
31
Depreciation Expense
($1,500 ÷ 12) …………………………….
Accumulated Depreciation—
Equipment ………………………
711
158
125
125
31
Interest Expense ………………………..
Interest Payable ………………….
718
230
50
50
BYP I-1 (Continued)
General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Jan. 31
Income Summary ………………………..
Sales Discounts ………………….
Sales Returns and
Allowances ……………………..
Cost of Goods Sold ……………..
Rent Expense ……………………..
Salaries and Wages Expense .
Office Supplies Expense ……..
Insurance Expense ……………..
Depreciation Expense ………….
Interest Expense …………………
350
414
412
505
729
627
728
722
711
718
54,905
31
Income Summary ………………………..
Retained Earnings ……………….
350
320
20,395
31
Retained Earnings ……………………….
Cash Dividends …………………..
320
332
800
(b) & (e) General Ledger
Cash No. 101
Date
Explanation
Ref.
Debit
Balance
Jan. 1
31
31
Balance
CR1
CP1
65,610
35,750
101,360
40,410
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Balance