214 – IMK Chapter 11
Solution to Exercise 11-2 (6) (Continued)
Completing Quarterly Activities and Closing the Fiscal Year 215 – IMK
Solution to Exercise 11-2 (6) Unadjusted Trial Balance (Concluded)
If you prefer PDF or Excel files of Exercise 11-2, they are included on the
OLC’s Instructor Edition > PDF Reports and Excel Reports. The PDF file
name shows Exercise 11-2 and the report name.
The Excel file name is Exercise 11-2_Acct Rec_Acct Reg_Journals_UTB.
UTB is an abbreviation of Unadjusted Trial Balance.
216 – IMK Chapter 11
Solution to Exercise 11-2 (9) – Adjusting entries
Completing Quarterly Activities and Closing the Fiscal Year 217 – IMK
Solution to Exercise 11-2 (10) – Adjusted Trial Balance
218 – IMK Chapter 11
Solution to Exercise 11-2 (11)
Completing Quarterly Activities and Closing the Fiscal Year 219 – IMK
Solution to Exercise 11-2 (11) (continued)
Comment
What if your students Income Statement and Statement of Cash Flow (page 220 –
IMK) have different amounts shown in the Year to Date column? See the fourth Sage
50 Tip, page 200 – IMK, to check that your students set their chart of accounts
beginning balances correctly. For Exercise 9-1, Crafts by Student Name, students
should have set their chart of accounts beginning balances for 9/1/19 through
9/30/19. Refer to step 2, textbook page 285. (For more information, refer to Entering
Chart of Accounts Beginning Balances, textbook pages 283-287, steps 1-8; and
Display the September 30, 2019 Balance Sheet, textbook pages 287-289.
220 – IMK Chapter 11
Solution to Exercise 11-2 (11) (continued)
Completing Quarterly Activities and Closing the Fiscal Year 221 – IMK
Solution to Exercise 11-2 (11) (concluded)
222 – IMK Chapter 11
Solution to Exercise 11-2 (16) – Postclosing Trial Balance
Completing Quarterly Activities and Closing the Fiscal Year 223 – IMK
ANSWERS TO GOING TO THE NET
Students go online to www.mhhe.com/yacht2019 > Student Edition >
Chapter 11 > open the Chapter 11_Asset depreciation schedule1.xlsx file.
That is the Excel file for completing Chapter 11’s Going to the Net
exercise.
The four depreciation methods shown are: Double Declining Balance;
Straight-Line; Sum of Years Digits; and 150% Declining Balance.
224 – IMK Chapter 11
The Excel Report Solution folder on the Instructor Edition website at
www.mhhe.com/yacht2019 has two files for the asset depreciation
schedule:
1. The blank workbook: Chapter 11_Asset deprecation schedule1.xlsx.
2. The Excel file completed: Asset depreciation schedule.xlsx.
ANSWERS TO TRUE/MAKE TRUE QUESTIONS, QA TEMPLATES
1. You can complete the activities in Chapter 11 without completing
Chapters 9 and 10.
2. Step 4 of Sage 50’s Computer Accounting Cycle is reconciling the
bank statement.
3. To change an accounting period, use the Maintain menu.
4. James Crosby’s transaction register and bank statement are used as
source documents for recording journal entries.
5. The account reconciliation feature can reconcile the cash account
only.
6. The accounting periods used in Chapter 11 are November 1 – 30 and
December 1 – 31, 2019.
Completing Quarterly Activities and Closing the Fiscal Year 225 – IMK
7. Sage 50 includes an editing feature so that records can be corrected.
8. To close the fiscal year, use the System menu selection, Year-End
Wizard.
9. When the fiscal year is closed, an adjusted trial balance is displayed
or printed.
10. The statement of retained earnings and the postclosing trial balance
show the same balance for retained earnings.
ANALYSIS QUESTION
1. When using Sage 50 why is it important to change accounting
periods? (Hint: Do a search on Sage 50’s Help window for Change
Accounting period.)
ANSWER:
Accounting Periods define segments of your fiscal year. Sage 50
permits you to operate within two open fiscal years. The Change
Accounting Period window serves two purposes. First, it informs you
2. Does the balance in retained earnings differ on the adjusted trial
balance and the postclosing trial balance?
3. How does the postclosing trial balance differ from the adjusted trial
balance?
ANSWER (answers #2 and #3):
The adjusted trial balance shows all accounts in the general ledger that
have account balances. This includes the revenue and expense accounts.
Since the revenue and expense accounts have not been closed, there is
no balance in Account No. 3910, Retained Earnings, on the adjusted trial
balance.
At the end of the fiscal year, the temporary owner’s equity accounts
(revenues, expenses, and drawing) are closed to a permanent owner’s
equity account. In Sage 50, there are two permanent owner’s equity
ASSESSMENT RUBRIC
Task
Date
Navigation
Center
Task
Window
Ending GL
Balance
December
bank
reconciliation
James
Crosby
Designer
Dec. 31,
2019
Banking > Reconcile
Accounts > select
Account No. 1020 >
Checking Account
Account
Reconciliation
$22,707.47
Completing Quarterly Activities and Closing the Fiscal Year 227 – IMK
SOLUTION FILES
The solution files, in .ptb, .pdf, and .xlsx formats, are included on the
Online Learning Center, www.mhhe.com/yacht2019 > Instructor Edition.
For access to the password-protected Instruction Edition website, contact
your McGraw-Hill sales representative at
https://shop.mheducation.com/store/paris/user/findltr.html.
The chart below shows the size of the Chapter 11 solution files (Sage 50
backups, Excel reports and Adobe PDF exercise files). On the Online
Learning Center’s Instructor Edition > Excel Reports link and PDF
Reports link, additional reports are included.
Sage 50 Backup (.ptb)
Excel (.xlsx) and Adobe (.pdf)
Kilobytes
Page Nos.
Chapter 11 November.ptb
1,013 KB
350
Chapter 11 December UTB.ptb
1,030 KB
357
Chapter 11 December.ptb
1,030 KB
367
Chapter 11_Adjusted Trial Balance and Financial
Statements.xlsx
29 KB
368-369
Chapter 11_Adjusted Trial Balance.pdf
14 KB
369
Chapter 11_December Balance Sheet.pdf
11 KB
369
Chapter 11_December Income Statement.pdf
12 KB
369
Chapter 11_December Statement of Cash Flow.pdf
12 KB
369
Chapter 11_December Statement of Retained
Earnings.pdf
8 KB
369
Chapter 11 EOY.ptb
1,039 KB
376
Chapter 11_Postclosing Trial Balance.xlsx
12 KB
376
Chapter 11_Postclosing Trial Balance.pdf
12 KB
376
Asset depreciation.xlsx (Going to the Net)2
15 KB
OLC3
Exercise 11-1.ptb
976 KB
380
Exercise 11-2 Unadjusted Trial Balance.ptb
1,012 KB
383
2The Going to the Net exercise for Chapter 11 is included on the Online Learning
Center at www.mhhe.com/yacht2019 > Student Edition > Chapter 11 > Going to the Net
Exercises. The OLC includes the Excel file for completing depreciation. The Instructor
Edition > Excel Reports includes the Asset depreciation schedule.xlsx file.
228 – IMK Chapter 11
Sage 50 Backup (.ptb)
Excel (.xlsx) and Adobe (.pdf)
Kilobytes
Page Nos.
Exercise 11-2 Financial Statements.ptb
1,014 KB
383
Exercise 11-2_Adjusted Trial Balance and Financial
Statements.xlsx
28 KB
383
Exercise 11-2_Adjusted Trial Balance.pdf
13 KB
384
Exercise 11-2_Balance Sheet.pdf
10 KB
384
Exercise 11-2_Income Statement.pdf
12 KB
384
Exercise 11-2_Statement of Cash Flow.pdf
11 KB
384
Exercise 11-2_Statement of Retained Earnings.pdf
4 KB
384
Exercise 11-2 End of Year.ptb
1,022 KB
384
Exercise 11-2_Postclosing Trial Balance.xlsx
12 KB
384
Exercise 11-2_Postclosing Trial Balance.pdf
11 KB
384
Textbook page 380, step 14: