Debit Credit Debit Credit Debit Credit Debit Credit
196,000 196,000 196,000
103,800 103,800 103,800
128,730 128,730 128,730
283,470 283,470 283,470
816
120,600 (i) 1,920 122,520 122,520
625,836 625,836 (a) 3,060 3,060 3,060
62,392 62,392
318,716 318,716 404,798 404,798
Siglo Delivery Service—Work Sheet—For the Year Ended August 31, 2014
Depreciation Expense—Trucks
R. Siglo, Withdrawals
Land
Building
Trucks
Office Supplies
Prepaid Insurance
Adjusted Trial Balance
Office Salaries Expense
Unearned Lockbox Fees
Mortgage Payable
Cash
Delivery Supplie
s
Office Equipment
Accumulated Depreciation—Offic
e
Accumulated Depreciation—Building
Equipment
Accounts Payable
Accumulated Depreciation—Trucks
Lockbox Fees Earned
R. Siglo, Capital
Gas, Oil, and Truck Repairs Expense
Delivery Service Revenu
e
Depreciation Expense—Office
Interest Expense
Truck Drivers’ Wages Expense
P4. Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing Entries
1.
Account Name Credit
Equipment
Accounts Receivabl
e
Insurance Expense
Delivery Supplies Expens
e
Office Supplies Expense
Depreciation Expense—Building
Wages Payable
Net Income
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
2.
Revenues
Delivery services revenue $283,470
Expenses
For the Year Ended August 31, 2014
P4. Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing
Entries (Continued)
Siglo Delivery Service
Income Statement
4-18
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Assets
P4. Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing
Entries (Continued)
Balance Sheet
Siglo Delivery Service
August 31, 2014
4-19
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
3.
Debit Credit
General Journal
DescriptionDate
To record accrued truck drivers’ wages
2014
P4. Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing
Entries (Continued)
Adjusting entries:
4-20
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Debit Credit
4. Even though the work sheet has columns for the income statement and balance
sheet, it is not a substitute for the financial statements. First, the work sheet does
Closing entries:
2014
Date
General Journal
Description
P4. Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing
Entries (Concluded)
To reverse accrued truck drivers’ wages
4-21
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Page 1
Post.
Ref. Debit Credit
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
General Journal
Description
2014
Date
1., 3., and 6.
Tanaka Company
To make payment on account to
4-22
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Page 2
Post.
Ref. Debit Credit
31
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Depreciation Expense—
To record depreciation for one
month
2014
Date Description
General Journal
4-23
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Page 3
Post.
Ref. Debit Credit
2014
General Journal
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Description
To close the Withdrawals account
Closing entries:
Date
4-24
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.