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Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
In the general ledger accounts, only normal balance columns will be graded. For correct grading in the trial balances,
work sheet, financial statements, and ledger balance columns, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 5
Post.
Ref. Debit Credit
May 3
5
9
13
15
16
17
0%
2
Cells with non-gray backgrounds are protected and cannot be edited.
JOURNAL
Date
Description
Comprehensive Problem 1
Name:
Section:
20Y8
Page 6
Post.
Ref. Debit Credit
May 20
21
25
27
28
30
31
31
31
31
2., 6., and 9.
Cash
11
Date
Description
20Y8
JOURNAL
GENERAL LEDGER
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √22,100
3
5
9
13
16
17
25
27
28
30
31
31
31
Accounts Receivable 12
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √3,400
5
15
21
27
31
Supplies 14
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √1,350
20
31 Adjusting
Prepaid Rent 15
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √3,200
Balance
Date
20Y8
Balance
Date
20Y8
20Y8
Balance
Date
20Y8
Balance
Date
31 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √1,500
31 Adjusting
Office Equipment 18
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √14,500
Accumulated Depreciation 19
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √330
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √800
13
20
Salaries Payable 22
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √120
16
31 Adjusting
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
20Y8
Balance
Date
20Y8
Balance
Date
Unearned Fees 23
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √2,500
3
31 Adjusting
Common Stock 31
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √30,000
Retained Earnings 32
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √12,300
31 Closing
31 Closing
Dividends 33
Post.
Item Ref. Debit Credit Debit Credit
May 31
31 Closing
Fees Earned 41
Post.
Item Ref. Debit Credit Debit Credit
May 15
17
21
25
31
31
31 Adjusting
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
31 Closing
Salary Expense 51
Post.
Item Ref. Debit Credit Debit Credit
May 16
28
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting
31 Closing
Supplies Expense 53
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting
31 Closing
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
Depreciation Expense 54
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting
31 Closing
Insurance Expense 55
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Debit Credit Debit Credit
May 9
30
31
31 Closing
3.
Cash 11
Accounts Receivable 12
Supplies 14
Prepaid Rent 15
Prepaid Insurance 16
Office Equipment 18
Accumulated Depreciation 19
Accounts Payable 21
Salaries Payable 22
Unearned Fees 23
Common Stock 31
Retained Earnings 32
Dividends 33
Fees Earned 41
Balance
Date
20Y8
Kelly Consulting
Unadjusted Trial Balance
May 31, 20Y8
Acct.
No.
Debit
Balances
Credit
Balances
20Y8
Balance
Date
20Y8
Balance
Date
Salary Expense 51
Rent Expense 52
Supplies Expense 53
Depreciation Expense 54
Insurance Expense 55
Miscellaneous Expense 59
5.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 44,195
Accounts Receivable 8,080
Supplies 2,085
Prepaid Rent 3,200
Prepaid Insurance 1,500
Office Equipment 14,500
Accum. Depreciation 330
Accounts Payable 895
Salaries Payable -
Unearned Fees 7,000
Common Stock 30,000
Retained Earnings 12,300
Dividends 10,500
Fees Earned 36,210
Salary Expense 1,380
Rent Expense -
Supplies Expense -
Depreciation Expense -
Insurance Expense -
Miscellaneous Expense 1,295
86,735 86,735
6.
Page 7
Post.
Ref. Debit Credit
May 31
31
31
Statement
Sheet
JOURNAL
Kelly Consulting
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 20Y8
Adjusted
Income
Balance
Date
Description
20Y8
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Trial Balance
31
31
31
7.
Cash 11
Accounts Receivable 12
Supplies 14
Prepaid Rent 15
Prepaid Insurance 16
Office Equipment 18
Accumulated Depreciation 19
Accounts Payable 21
Salaries Payable 22
Unearned Fees 23
Common Stock 31
Retained Earnings 32
Dividends 33
Fees Earned 41
Salary Expense 51
Rent Expense 52
Supplies Expense 53
Depreciation Expense 54
Insurance Expense 55
Miscellaneous Expense 59
Kelly Consulting
Adjusted Trial Balance
May 31, 20Y8
Acct.
No.
Debit
Balances
Credit
Balances
8.
Net income
Common
Stock
Retained
Earnings
Total
Balances, May 1, 20Y8
Net income
Dividends
Balances, May 31, 20Y8
Current assets:
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
For the Month Ended May 31, 20Y8
Revenues:
Expenses:
Kelly Consulting
Income Statement
Kelly Consulting
Statement of Stockholders' Equity
For the Month Ended May 31, 20Y8
Kelly Consulting
Balance Sheet
May 31, 20Y8
Total expenses
Assets
Total assets
Current liabilities:
Total liabilities
Total stockholders' equity
Total liabilities and stockholders' equity
Liabilities
Stockholders' Equity
9.
Page 8
Post.
Ref. Debit Credit
May 31
Miscellaneous Expense
31
10.
Cash 11
Accounts Receivable 12
Supplies 14
Prepaid Rent 15
Prepaid Insurance 16
Office Equipment 18
Accumulated Depreciation 19
Accounts Payable 21
Salaries Payable 22
Unearned Fees 23
Common Stock 31
Retained Earnings 32
20Y8
Closing Entries
JOURNAL
Date
Description
Post-Closing Trial Balance
May 31, 20Y8
Acct.
No.
Debit
Balances
Credit
Balances
Kelly Consulting
Scoring:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded. For correct grading in the trial balances,
work sheet, financial statements, and ledger balance columns, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 5
Post.
Ref. Debit Credit
May 3 11 4,500
23 4,500
511 2,450
12 2,450
959 225
11 225
Page 6
Post.
Ref. Debit Credit
May 20 14 735
21 735
21 12 4,820
41 4,820
30 59 260
11 260
31 59 810
11 810
31 11 3,300
41 3,300
31 12 2,650
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
JOURNAL
Date
Description
Comprehensive Problem 1
Name:
Solution
Section:
ON
Miscellaneous Expense
Cash
20Y8
Cash
Unearned Fees
Cash
Accounts Receivable
Date
Description
20Y8
Supplies
Accounts Payable
JOURNAL
Miscellaneous Expense
Cash
Miscellaneous Expense
Cash
Accounts Receivable
Fees Earned
Cash
Fees Earned
Accounts Receivable
2., 6., and 9.
Cash
11
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √22,100
3 5 4,500 26,600
5 5 2,450 29,050
9 5 225 28,825
13 5640 28,185
16 5750 27,435
17 5 8,360 35,795
25 6 7,900 43,695
27 6 9,520 53,215
28 6750 52,465
30 6260 52,205
31 6810 51,395
31 6 3,300 54,695
31 6 10,500 44,195
Accounts Receivable 12
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √3,400
5 5 2,450 950
15 5 9,180 10,130
21 6 4,820 14,950
27 6 9,520 5,430
31 6 2,650 8,080
Supplies 14
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √1,350
20 6735 2,085
31 Adjusting 7 1,370 715
Prepaid Rent 15
Item Ref. Debit Credit Debit Credit
May 1 Balance √3,200
31 Adjusting 7 1,600 1,600
Prepaid Insurance 16
Post.
May 1 Balance √1,500
31 Adjusting 7 275 1,225
Office Equipment 18
Post.
May 1 Balance √14,500
Accumulated Depreciation 19
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √330
31 Adjusting 7 330 660
Accounts Payable 21
Post.
May 1 Balance √800
13 5640 160
20 6735 895
GENERAL LEDGER
Balance
Date
20Y8
Balance
Date
20Y8
Balance
20Y8
Balance
20Y8
Balance
Date
20Y8
Date
20Y8
20Y8
Balance
Date
20Y8
Balance
Salaries Payable 22
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √120
16 5120 - -
31 Adjusting 7 325 325
Unearned Fees 23
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √2,500
3 5 4,500 7,000
31 Adjusting 7 3,790 3,210
Common Stock 31
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √30,000
Retained Earnings 32
Post.
Item Ref. Debit Credit Debit Credit
May 1 Balance √12,300
31 Closing 8 33,425 45,725
31 Closing 8 10,500 35,225
Dividends 33
Post.
Item Ref. Debit Credit Debit Credit
May 31 6 10,500 10,500
31 Closing 8 10,500 - -
Fees Earned 41
Post.
Item Ref. Debit Credit Debit Credit
May 15 5 9,180 9,180
17 5 8,360 17,540
21 6 4,820 22,360
25 6 7,900 30,260
31 6 3,300 33,560
31 6 2,650 36,210
31 Adjusting 7 3,790 40,000
31 Closing 8 40,000 - -
Salary Expense 51
Post.
Item Ref. Debit Credit Debit Credit
May 16 5630 630
28 6750 1,380
31 Adjusting 7 325 1,705
31 Closing 8 1,705 - -
Rent Expense 52
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting 7 1,600 1,600
31 Closing 8 1,600 - -
Supplies Expense 53
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting 7 1,370 1,370
31 Closing 8 1,370 - -
Depreciation Expense 54
Post.
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
Date
20Y8
Balance
20Y8
Balance
Date
20Y8
Balance
Date
Item Ref. Debit Credit Debit Credit
May 31 Adjusting 7 330 330
31 Closing 8 330 - -
Insurance Expense 55
Post.
Item Ref. Debit Credit Debit Credit
May 31 Adjusting 7 275 275
31 Closing 8 275 - -
Miscellaneous Expense 59
Post.
Item Ref. Debit Credit Debit Credit
May 9 5 225 225
30 6260 485
31 6810 1,295
31 Closing 8 1,295 - -
3.
Cash 11 44,195 -
Accounts Receivable 12 8,080 -
Supplies 14 2,085 -
Prepaid Rent 15 3,200 -
Prepaid Insurance 16 1,500 -
Office Equipment 18 14,500 -
Accumulated Depreciation 19 - 330
Accounts Payable 21 - 895
Salaries Payable 22 - -
Unearned Fees 23 - 7,000
Common Stock 31 - 30,000
Retained Earnings 32 - 12,300
Dividends 33 10,500 -
Fees Earned 41 - 36,210
Salary Expense 51 1,380 -
Rent Expense 52 - -
Supplies Expense 53 - -
Depreciation Expense 54 - -
Insurance Expense 55 - -
Miscellaneous Expense 59 1,295 -
86,735 86,735
5.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 44,195 - - 44,195 - - - 44,195 -
Accounts Receivable 8,080 - - 8,080 - - - 8,080 -
Supplies 2,085 - (b) 1,370 715 - - - 715 -
Prepaid Rent 3,200 - (e) 1,600 1,600 - - - 1,600 -
Prepaid Insurance 1,500 - (a) 275 1,225 - - - 1,225 -
Office Equipment 14,500 - - 14,500 - - - 14,500 -
Accum. Depreciation 330 - (c) 330 - 660 - - - 660
Accounts Payable 895 - - - 895 - - - 895
Salaries Payable - - (d) 325 - 325 - - - 325
Unearned Fees 7,000 (f) 3,790 - - 3,210 - - - 3,210
Common Stock 30,000 - - - 30,000 - - - 30,000
Retained Earnings 12,300 - - - 12,300 - - - 12,300
Dividends 10,500 - - 10,500 - - - 10,500 -
Fees Earned 36,210 - (f) 3,790 - 40,000 - 40,000 - -
Salary Expense 1,380 (d) 325 - 1,705 - 1,705 - - -
Rent Expense - (e) 1,600 - 1,600 - 1,600 - - -
Supplies Expense - (b) 1,370 - 1,370 - 1,370 - - -
Depreciation Expense - (c) 330 - 330 - 330 - - -
Insurance Expense - (a) 275 - 275 - 275 - - -
Miscellaneous Expense 1,295 - - 1,295 - 1,295 - - -
86,735 86,735 7,690 7,690 87,390 87,390 6,575 40,000 80,815 47,390
Net income 33,425 - - 33,425
40,000 40,000 80,815 80,815
Page 7
6. Post.
Date
20Y8
Kelly Consulting
Unadjusted Trial Balance
May 31, 20Y8
Acct.
No.
Debit
Balances
Credit
Balances
20Y8
Balance
Date
20Y8
Balance
Date
Statement
Sheet
JOURNAL
Kelly Consulting
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended May 31, 20Y8
Adjusted
Income
Balance
Unadjusted Trial Balance
Adjustments
Trial Balance
Ref. Debit Credit
May 31 55 275
16 275
31 53 1,370
14 1,370
31 54 330
19 330
31 51 325
22 325
31 52 1,600
15 1,600
31 23 3,790
41 3,790
7.
Cash 11 44,195 -
Accounts Receivable 12 8,080 -
Supplies 14 715 -
Prepaid Rent 15 1,600 -
Prepaid Insurance 16 1,225 -
Office Equipment 18 14,500 -
Accumulated Depreciation 19 - 660
Accounts Payable 21 - 895
Salaries Payable 22 - 325
Unearned Fees 23 - 3,210
Common Stock 31 - 30,000
Retained Earnings 32 - 12,300
Dividends 33 10,500 -
Fees Earned 41 - 40,000
Date
Description
20Y8
Adjusting Entries
Insurance Expense
Prepaid Insurance
Rent Expense
Prepaid Rent
Unearned Fees
Fees Earned
Kelly Consulting
Adjusted Trial Balance
Supplies Expense
Supplies
Depreciation Expense
Accumulated Depreciation
Salary Expense
Salaries Payable
May 31, 20Y8
Acct.
No.
Debit
Balances
Credit
Balances
Current assets:
44,195$
8,080
715
1,600
1,225
Total current assets 55,815$
Property, plant, and equipment:
14,500$
(660)
Total property, plant, and equipment 13,840
Total assets 69,655$
Current liabilities:
895$
325
3,210
Total liabilities 4,430$
30,000$
35,225
Total stockholders' equity 65,225
53 1,370
54 330
55 275
Miscellaneous Expense 59 1,295
32 33,425
31 32 10,500
33 10,500
Cash 11 44,195 -
Accounts Receivable 12 8,080 -
Supplies 14 715 -
Prepaid Rent 15 1,600 -
Prepaid Insurance 16 1,225 -
Office Equipment 18 14,500 -
Accumulated Depreciation 19 - 660
Accounts Payable 21 - 895
Salaries Payable 22 - 325
Office equipment
Accumulated depreciation
Liabilities
Accounts payable
Salaries payable
Unearned fees
Cash
Accounts receivable
Supplies
Prepaid rent
Prepaid insurance
Supplies Expense
Stockholders' Equity
Common stock
Retained earnings
Depreciation Expense
Insurance Expense
Retained Earnings
Retained Earnings
Dividends
Exercise 4-21
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
In the work sheet, enter a zero in cells you would otherwise leave blank.
Account Title Debit Credit Debit Credit Debit Credit
Cash 12 -
Accounts Receivable 90 -
Supplies 8 -
Prepaid Insurance 12 -
Land 190 -
Equipment 50 -
Accum. Depreciation - 4
Accounts Payable - 36
Wages Payable - -
Common Stock - 50
Retained Earnings - 210
Dividends 8 -
Fees Earned - 200
Wages Expense 110 -
Rent Expense 12 -
Insurance Expense - -
Utilities Expense 6 -
Supplies Expense - -
Depreciation Expense - -
Miscellaneous Expense 2 -
500 500
0%
Name:
Section:
Unadjusted Trial Balance
Adjustments
Trial Balance
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Alert Security Services Co.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended October 31, 20Y3
Adjusted
