4.
8,570
5.
$2,750
$0
10,000
Stoker’s Repair Service
Statement of Owner’s Equity
For the Month Ended May 31, 2014
Stoker’s Repair Service
Income Statement
L. Stoker, capital, May 1, 2014
Investment by owner
Revenue
Expenses
For the Month Ended May 31, 2014
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Repair revenue
Stoker’s Repair Service
Adjusted Trial Balance
May 31, 2014
Cash
4-25
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
$ 8,570
$7,686
7.
8,570
880
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Cash
Liabilities
Stoker’s Repair Service
Stoker’s Repair Service
Balance Sheet
May 31, 2014
Post-Closing Trial Balance
Prepaid Insurance
Cash
May 31, 2014
Assets
Accounts payable
4-26
© 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 4
Post.
Ref. Debit Credit
1 511 850
1 212 600
6 119 1,726
15 111 1,828
20 512 120
23 212 1,200
30 111 1,634
30 313 600
To record receipt of revenue
General Journal
Description
Repair Supplies
June Store Rent Expense
To make monthly payment to
credit from Tanaka Company
Latin Company
To purchase repair supplies on
Cash
2014
To pay one month’s rent
Accounts Payable
8., 9., and 12.
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Date
To make payment on account to
To record receipt of revenue
Cash
for the last half of the month
L. Stoker, Withdrawals
advertisement
Accounts Payable
To record owner withdrawal
Tanaka Company
for the first half of the month
To purchase additional
Advertising Expense
4-27
© 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 5
Post.
Ref. Debit Credit
30 513 80
30 514 1,238
30
515 140
30 411 3,462
30 314 2,428
30 314 1,034
30 311 600
To close the Withdrawals account
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
To close the Income Summary account
L. Stoker, Capital
Income Summary
To record one month’s expired
Repair Supplies Expense
Adjusting entries:
June
2014
Insurance Expense
General Journal
Date Description
insurance
June Repair Revenue
Depreciation Expense—
Accumulated Depreciation—Repair
Repair Equipment
To close the revenue account
Income Summary
To close the expense accounts
To record depreciation for one month
Closing entries:
4-28
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Ref. Debit Credit Debit Credit
1 J1 10,000 10,000
1 J4 850 7,720
Ref. Debit Credit Debit Credit
1 J1 960 960
Ref. Debit Credit Debit Credit
5 J1 936 936
May
Account No. 119
Date Post.
Item
Balance
2014
Repair Supplies
Cash
2014
Account No. 111
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
May
Date
Balance
Item
Account No. 117
June
May
2.
Date Item Post. Balance
2014
Prepaid Insurance
Post.
4-29
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
2 J1 7,200 7,200
5 J1 936 8,136
Ref. Debit Credit Debit Credit
1 J1 10,000 10,000
31 J3 962 10,962
Ref. Debit Credit Debit Credit
31 J2 600 600
Item
Balance
Date
Account No. 313L. Stoker, Withdrawals
Date
May
2014
2014
Closing entry
May
Post.
Post. Balance
Account No. 311
Item
L. Stoker, Capital
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Balance
Accounts Payable Account No. 212
Post.
May
2014
2014
2014
Repair Equipment
Post.
Date Item
Account No. 145Accumulated Depreciation—Repair Equipment
Account No. 144
Balance
Date Item
Item
Post. Balance
Date
4-30
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Ref. Debit Credit Debit Credit
31 J3 2,750 2,750
31 J3 1,788 962
Ref. Debit Credit Debit Credit
15 J1 800 800
31 J2 1,950 2,750
Ref. Debit Credit Debit Credit
1 J1 850 850
Ref. Debit Credit Debit Credit
8 J1 120 120
Item
Post.
2014
May
Account No. 512Advertising Expense
Date
Balance
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
2014
Post.
Store Rent Expense
2014
Balance
Date
Account No. 511
Item
Account No. 411
May Closing entry
Account No. 314Income Summary
2014
Item Post.
Closing entry
May
Date
Balance
Balance
Post.
ItemDate
May
Repair Revenue
4-31
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
Ref. Debit Credit Debit Credit
31 J2 80 80
Ref. Debit Credit Debit Credit
31 J2 598 598
Ref. Debit Credit Debit Credit
31 J2 140 140
P5. The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional)
(Continued)
Repair Supplies Expense
Date Item
Balance
Date
Adjustment
Item
Account No. 514
Balance
Account No. 513
May
2014
Adjustment
Post.
Insurance Expense
May
Post.
2014
Date
2014
Adjustment
Item
May
Post.
Account No. 515
Balance
Depreciation Expense—Repair Equipment
4-32
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.