Equipment 16
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √113,000
Accumulated Depreciation – Equipment 17
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √12,000
31 Adjusting
Trucks 18
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √90,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √27,100
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √4,500
Wages Payable 22
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Common Stock 31
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √30,000
Retained Earnings 32
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √96,400
31 Closing
31 Closing
Dividends 33
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √3,000
31 Closing
Service Revenue 41
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √155,000
31 Closing
Wages Expense 51
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √72,000
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √7,600
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
31 Closing
Truck Expense 53
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √5,350
31 Closing
Depreciation Expense – Equipment 54
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting
31 Closing
Balance
Date
20Y2
Balance
Date
20Y2
Supplies Expense 55
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting
31 Closing
Depreciation Expense – Trucks
56
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting
31 Closing
Insurance Expense 57
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √5,450
31 Closing
4.
Cash 11
Supplies 13
Prepaid Insurance 14
Equipment 16
Accumulated Depreciation – Equipment 17
Trucks 18
Accumulated Depreciation – Trucks 19
Accounts Payable 21
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Recessive Interiors
Adjusted Trial Balance
January 31, 20Y2
Acct.
No.
Debit
Balances
Credit
Balances
Wages Payable 22
Common Stock 31
Retained Earnings 32
Dividends 33
Service Revenue 41
Wages Expense 51
Rent Expense 52
Truck Expense 53
Depreciation Expense – Equipment 54
Supplies Expense 55
Depreciation Expense – Trucks 56
Insurance Expense 57
Miscellaneous Expense 59
5.
Expenses:
Total expenses
Net income
Common
Stock
Retained
Earnings
Total
Balances, February 1, 20Y1
Issued common stock
Net income
Dividends
Balances, January 31, 20Y2
Current assets:
Total current assets
Property, plant, and equipment:
Book value – equipment
Recessive Interiors
Income Statement
For the Year Ended January 31, 20Y2
Revenues:
Recessive Interiors
Statement of Stockholders’ Equity
For the Year Ended January 31, 20Y2
Recessive Interiors
Balance Sheet
January 31, 20Y2
Assets
Book value – trucks
Total property, plant, and equipment
Total assets
Current liabilities:
Total liabilities
Total stockholders’ equity
Total liabilities and stockholders’ equity
6.
Page 27
Post.
Ref. Debit Credit
Jan. 31
31
7.
Cash 11
Supplies 13
Liabilities
20Y2
Closing Entries
Stockholders’ Equity
JOURNAL
Date
Description
Recessive Interiors
Post-Closing Trial Balance
January 31, 20Y2
Acct.
No.
Debit
Balances
Credit
Balances
Prepaid Insurance 14
Equipment 16
Accumulated Depreciation – Equipment 17
Trucks 18
Accumulated Depreciation – Trucks 19
Accounts Payable 21
Wages Payable 22
Common Stock 31
Retained Earnings 32
Problem 4-4B
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
In graded sections, enter a zero in cells you would otherwise leave blank.
2.
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 13,100 – – 13,100 – – – 13,100 –
Supplies 8,000 – (a) 5,150 2,850 – – – 2,850 –
Prepaid Insurance 7,500 – (b) 3,150 4,350 – – – 4,350 –
Equipment 113,000 – – 113,000 – – – 113,000 –
Accum. Depr. – Equip. 12,000 – (c) 5,250 – 17,250 – – – 17,250
Trucks 90,000 – – 90,000 – – – 90,000 –
Accum. Depr. – Trucks 27,100 – (d) 4,000 – 31,100 – – – 31,100
Accounts Payable 4,500 – – – 4,500 – – – 4,500
Wages Payable – (e) 900 – 900 – – – 900
Common Stock 30,000 – – – 30,000 – – – 30,000
Retained Earnings 96,400 – – – 96,400 – – – 96,400
Dividends 3,000 – – 3,000 – – – 3,000 –
Service Revenue 155,000 – – – 155,000 – 155,000 – –
Wages Expense 72,000 (e) 900 – 72,900 – 72,900 – – –
Supplies Expense
31 57 3,150
14 3,150
31 54 5,250
17 5,250
31 56 4,000
Cash
Post.
Jan. 31 Balance √13,100
Wages Expense
Wages Payable
Balance
Date
Accumulated Depreciation – Trucks
Supplies 13
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √8,000
31 Adjusting 26 5,150 2,850
Prepaid Insurance 14
Post.
Item Ref. Debit Credit Debit Credit
Name:
Solution
Section:
ON
Statement
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Recessive Interiors
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended January 31, 20Y2
Adjusted
Income
Balance
Unadjusted Trial Balance
Adjustments
Trial Balance
Insurance Expense
Prepaid Insurance
Depreciation Expense – Equipment
Accumulated Depreciation – Equipment
Depreciation Expense – Trucks
Balance
Date
20Y2
Balance
Date
Jan. 31 Balance √7,500
31 Adjusting 26 3,150 4,350
Equipment 16
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √113,000
Accumulated Depreciation – Equipment
17
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √12,000
31 Adjusting 26 5,250 17,250
Trucks 18
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √90,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √27,100
31 Adjusting 26 4,000 31,100
Accounts Payable 21
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √4,500
Wages Payable 22
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting 26 900 900
Common Stock 31
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √30,000
Retained Earnings 32
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √96,400
31 Closing 27 46,150 142,550
31 Closing 27 3,000 139,550
Dividends 33
Post.
Balance
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √3,000
31 Closing 27 3,000 – –
Service Revenue 41
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √155,000
31 Closing 27 155,000 – –
Wages Expense 51
Post.
Date
31 Adjusting 26 900 72,900
31 Closing 27 72,900 – –
Balance
Date
20Y2
Balance
Date
20Y2
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
20Y2
Rent Expense 52
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √7,600
31 Closing 27 7,600 – –
Truck Expense 53
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √5,350
31 Closing 27 5,350 – –
Depreciation Expense – Equipment 54
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting 26 5,250 5,250
31 Closing 27 5,250 – –
Supplies Expense 55
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting 26 5,150 5,150
31 Closing 27 5,150 – –
Depreciation Expense – Trucks
56
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting 26 4,000 4,000
31 Closing 27 4,000 – –
Insurance Expense 57
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Adjusting 26 3,150 3,150
31 Closing 27 3,150 – –
Miscellaneous Expense 59
Post.
Item Ref. Debit Credit Debit Credit
Jan. 31 Balance √5,450
31 Closing 27 5,450 – –
4.
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Recessive Interiors
Adjusted Trial Balance
Acct.
Debit
Credit
155,000$
Expenses:
72,900$
7,600
5,350
5,250
5,150
4,000
3,150
5,450
Total expenses
(108,850)
Net income 46,150$
Recessive Interiors
Dividends – (3,000) (3,000)
Balances, January 31, 20Y2 30,000$ 139,550$ 169,550$
Cash
Supplies
Prepaid insurance
Total current assets 20,300$
Property, plant, and equipment:
113,000$
(17,250)
Book value – equipment 95,750$
90,000$
(31,100)
Book value – trucks 58,900
Total property, plant, and equipment 154,650
Total assets 174,950$
Accounts payable
Wages payable
Wages Expense
Truck Expense
Depreciation Expense – Equipment
Supplies Expense
Depreciation Expense – Trucks
Insurance Expense
Miscellaneous Expense
Recessive Interiors
For the Year Ended January 31, 20Y2
Revenues:
Service revenue
Wages expense
Miscellaneous expense
Recessive Interiors
Balance Sheet
Rent expense
Truck expense
Depreciation expense – equipment
Supplies expense
Depreciation expense – trucks
Insurance expense
Accumulated depreciation
Trucks
Accumulated depreciation
January 31, 20Y2
Assets
Equipment
Supplies 13 2,850 –
Prepaid Insurance 14 4,350 –
Equipment 16 113,000 –
Accumulated Depreciation – Equipment 17 – 17,250
Trucks 18 90,000 –
Accumulated Depreciation – Trucks 19 – 31,100
Accounts Payable 21 – 4,500
Wages Payable 22 – 900
Common Stock 31 – 30,000
Retained Earnings 32 – 139,550
223,300 223,300
Problem 4-5A
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.
In graded sections, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 1
Post.
Ref. Debit Credit
July 1
1
2
4
5
6
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
JOURNAL
Date
Description
20Y2
Name:
Section:
0%
10
12
12
14
Page 2
Post.
Ref. Debit Credit
July 17
18
20
24
26
27
29
31
JOURNAL
Date
Description
20Y2
31
31
31
2., 6., and 9.
Cash
11
Post.
Item Ref. Debit Credit Debit Credit
July 1
1
2
4
6
10
12
14
17
18
24
26
27
29
31
31
31
Accounts Receivable 12
Post.
Item Ref. Debit Credit Debit Credit
July 1
Balance
Date
20Y2
GENERAL LEDGER
Balance
Date
20Y2
6
12
20
26
31
Supplies 14
Post.
Item Ref. Debit Credit Debit Credit
July 1
18
31 Adjusting
Prepaid Rent 15
Post.
Item Ref. Debit Credit Debit Credit
July 1
31 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Debit Credit Debit Credit
July 2
31 Adjusting
Office Equipment 18
Post.
Item Ref. Debit Credit Debit Credit
July 1
5
Accumulated Depreciation 19
Post.
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Balance
Date
20Y2
Balance
Date
20Y2
Item Ref. Debit Credit Debit Credit
July 31 Adjusting
Accounts Payable 21
Post.
Item Ref. Debit Credit Debit Credit
July 5
12
Salaries Payable 22
Post.
Item Ref. Debit Credit Debit Credit
July 31 Adjusting
Unearned Fees 23
Post.
Item Ref. Debit Credit Debit Credit
July 4
31 Adjusting
Common Stock 31
Post.
Item Ref. Debit Credit Debit Credit
July 1
Retained Earnings 32
Post.
Item Ref. Debit Credit Debit Credit
July 1 0
31 Closing
31 Closing
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Dividends 33
Post.
Item Ref. Debit Credit Debit Credit
July 31
31 Closing
Fees Earned 41
Post.
Item Ref. Debit Credit Debit Credit
July 12
17
20
24
31
31
31 Adjusting
31 Closing
Salary Expense 51
Post.
Item Ref. Debit Credit Debit Credit
July 14
27
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Debit Credit Debit Credit
July 31 Adjusting
31 Closing
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Balance
Date
20Y2
Supplies Expense 53
Post.
Item Ref. Debit Credit Debit Credit
July 31 Adjusting
31 Closing
Balance
Date
20Y2