Problem 4-1A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank.
Name:
Section:
0%
2
Cells with non-gray backgrounds are protected and cannot be edited.
1.
Total revenues
Expenses:
Net income
2.
3.
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets Total liabilities and owner’s equity
Statement of Owner’s Equity
Ted Hickman, capital, January 1, 2016
December 31, 2016
Ted Hickman, capital, December 31, 2016
Balance Sheet
LAMP LIGHT COMPANY
Income Statement
For the Year Ended December 31, 2016
LAMP LIGHT COMPANY
Revenues:
Assets
LAMP LIGHT COMPANY
For the Year Ended December 31, 2016
Total expenses
4.
Debit Credit
Dec. 31
31
Miscellaneous Expense
31
31
5.
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
Debit
Balances
Credit
Balances
Ted Hickman, Capital
Building
Accumulated Depreciation – Building
Cash
Prepaid Insurance
Supplies
Accounts Payable
Salaries & Wages Payable
LAMP LIGHT COMPANY
Post-Closing Trial Balance
December 31, 2016
Land
Date
Closing Entries
2016
Description
JOURNAL
Problem 4-1A
Solution
Scoring:
Instructions
Less withdrawals
Increase in owner’s capital
Accumulated depreciation
Equipment
Accumulated depreciation
Answers are entered in the cells with gray backgrounds.
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank.
1.
375,000$
1,300
Total revenues 376,300$
Expenses:
168,000$
21,700
2.
203,100$
140,000$
3.
Current assets: Current liabilities
10,800$ 15,700$
50,200 4,900
4.
Debit Credit
Dec. 31 375,000
2016
Closing Entries
For the Year Ended December 31, 2016
Revenues:
For the Year Ended December 31, 2016
Fees revenue
Rent revenue
LAMP LIGHT COMPANY
Statement of Owner’s Equity
JOURNAL
Net income for the year
Ted Hickman, capital, January 1, 2016
Fees Revenue
Date
Name:
Section:
ON
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Salaries and wages expense
Advertising expense
LAMP LIGHT COMPANY
Balance Sheet
December 31, 2016
LAMP LIGHT COMPANY
Income Statement
Description
Assets
Cash
Accounts receivable
Depreciation expense – equipment
Supplies expense
Miscellaneous expense
Insurance expense
Utilities expense
Depreciation expense – building
Repairs expense
Building
Salaries & Wages Payable
21,700
11,400
10,100
8,850
5.
10,800 –
Accounts Receivable 50,200 –
1,200 –
Depreciation Expense – Building
Post-Closing Trial Balance
December 31, 2016
Debit
Balances
Credit
Balances
Cash
Prepaid Insurance
Advertising Expense
Utilities Expense
LAMP LIGHT COMPANY
Repairs Expense
Insurance Expense
Ted Hickman, Drawing
Depreciation Expense – Equipment
Ted Hickman, Capital
Problem 4-1B
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 trial balance, enter a zero in cells you would otherwise leave blank.
Section:
0%
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
1.
Total revenues
Expenses:
Net income (loss)
2.
3.
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets Total liabilities and owner’s equity
Revenues:
Assets
LAST CHANCE COMPANY
For the Year Ended June 30, 2016
Total expenses
LAST CHANCE COMPANY
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2016
Statement of Owner’s Equity
June 30, 2016
Tami Garrigan, capital, June 30, 2016
Balance Sheet
Tami Garrigan, capital, July 1, 2015
4.
Debit Credit
June 30
30
Miscellaneous Expense
30
30
5.
Debit
Balances
Credit
Balances
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
JOURNAL
Land
Prepaid Insurance
Supplies
Accounts Payable
Salaries and Wages Payable
LAST CHANCE COMPANY
Tami Garrigan, Capital
Building
Accumulated Depreciation – Building
Cash
Post-Closing Trial Balance
June 30, 2016
Closing Entries
2016
Date
Description
Problem 4-1B
Solution
Scoring:
Instructions
Plus withdrawals
Decrease in owner’s capital
Supplies
Building
Accumulated depreciation
Equipment
Accumulated depreciation
Answers are entered in the cells with gray backgrounds.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1.
283,750$
3,000
Total revenues 286,750$
Expenses:
147,000$
86,800
2.
361,300$
12,025$
3.
Current assets: Current liabilities
5,100$ 9,750$
26,500 1,900
2,300 1,500
4.
Debit Credit
June 30 283,750
Revenues:
For the Year Ended June 30, 2016
Name:
Section:
ON
Fees revenue
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2016
Description
Assets
JOURNAL
Net loss for the year
Fees Revenue
Prepaid insurance
LAST CHANCE COMPANY
Statement of Owner’s Equity
Rent revenue
Salaries and wages expense
Advertising expense
Cash
Accounts receivable
Balance Sheet
June 30, 2016
LAST CHANCE COMPANY
Tami Garrigan, capital, July 1, 2015
2016
Closing Entries
Date
Depreciation expense – building
Insurance expense
Depreciation expense – equipment
Supplies expense
Utilities expense
Travel expense
Miscellaneous expense
Salaries an Wages Payable
Supplies
Building
147,000
86,800
30,000
18,750
5.
5,100 –
Accounts Receivable 26,500 –
2,300 –
LAST CHANCE COMPANY
Prepaid Insurance
Advertising Expense
Utilities Expense
Salaries and Wages Expense
Travel Expense
Post-Closing Trial Balance
June 30, 2016
Debit
Balances
Credit
Balances
Cash
Depreciation Expense – Equipment
Depreciation Expense – Building
Income Summary
Tami Garrigan, Drawing
Supplies Expense
Insurance Expense
Problem 4-3A
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 and work sheet, enter a zero in cells you would otherwise leave blank.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 11,000
Laundry Supplies 21,500
Prepaid Insurance 9,600
Laundry Equipment 232,600
Accum. Depreciation 125,400
Accounts Payable 11,800
Wages Payable
Sophie Perez, Capital 105,600
Sophie Perez, Drawing 10,000
Laundry Revenue 232,200
Wages Expense 125,200
Rent Expense 40,000
Utilities Expense 19,700
Laundry Supplies Exp.
Depreciation Expense
Insurance Expense
Miscellaneous Expense 5,400
475,000 475,000
3.
Debit Credit
June 30
30
30
30
1., 3., and 6.
June 30 Balance 11,000
June 30 Balance 21,500 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 9,600 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 232,600
Name:
Date
2016
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
EPICENTER LAUNDRY
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Section:
0%
(Enter key code here)
Description
GENERAL LEDGER
Accumulated Depreciation
JOURNAL
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
June 30 Balance 125,400
30 Adjusting
30
Adjusted Bal.
June 30 Balance 11,800
June 30 Adjusting
June 30 Closing June 30 Balance 105,600
30 Closing
30
Closing Bal.
June 30 Balance 10,000 June 30 Closing
June 30 Closing June 30 Closing
30 Closing
June 30 Closing June 30 Balance 232,200
June 30 Balance 125,200 June 30 Closing
30 Adjusting
30 Adjusted Bal.
June 30 Balance 40,000 June 30 Closing
June 30 Balance 19,700 June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Balance 5,400 June 30 Closing
Rent Expense
Laundry Revenue
Wages Expense
Accounts Payable
Wages Payable
Sophie Perez, Capital
Sophie Perez, Drawing
Income Summary
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
4.
Accounts Payable
Sophie Perez, Capital
Sophie Perez, Drawing
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Cash
Laundry Supplies
June 30, 2016
Laundry Equipment
Prepaid Insurance
Wages Payable
Accumulated Depreciation
Credit
Balances
Debit
Balances
EPICENTER LAUNDRY
Adjusted Trial Balance
5.
Expenses:
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Owner’s Equity
Assets
EPICENTER LAUNDRY
Income Statement
EPICENTER LAUNDRY
Liabilities
June 30, 2016
Balance Sheet
Statement of Owner’s Equity
Sophie Perez, capital, July 1, 2015
Sophie Perez, capital, June 30, 2016
For the Year Ended June 30, 2016
EPICENTER LAUNDRY
Total expenses
For the Year Ended June 30, 2016
Revenues:
Total assets Total liabilities and owner’s equity
6.
Post.
Ref. Debit Credit
June 30
30
Miscellaneous Expense
30
30
7.
Accounts Payable
Sophie Perez, Capital
Description
JOURNAL
Date
2016
Closing Entries
Wages Payable
Laundry Equipment
Accumulated Depreciation
Cash
Laundry Supplies
Prepaid Insurance
Credit
Balances
EPICENTER LAUNDRY
Debit
Balances
June 30, 2016
Post-Closing Trial Balance
Problem 4-3A
Score:
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 and work sheet, enter a zero in cells you would otherwise leave blank.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 11,000 – – 11,000 – – – 11,000 –
Laundry Supplies 21,500 – (a) 17,900 3,600 – – – 3,600 –
Prepaid Insurance 9,600 – (b) 5,700 3,900 – – – 3,900 –
Sophie Perez, Drawing 10,000 – – 10,000 – – – 10,000
Laundry Revenue 232,200 – – 232,200 – 232,200 – –
Wages Expense 125,200 (d) 1,100 – 126,300 – 126,300 – – –
Rent Expense 40,000 – – 40,000 – 40,000 – – –
3.
Debit Credit
Wages Expense
Wages Payable
Depreciation Expense
Insurance Expense
Prepaid Insurance
Accumulated Depreciation
June 30 17,900
17,900
1., 3., and 6.
June 30 Balance 11,000
June 30 Balance 21,500 June 30 Adjusting 17,900
30 Adjusted Bal. 3,600
June 30 Balance 125,400
EPICENTER LAUNDRY
Adjusted
Adjustments
GENERAL LEDGER
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 2016
Income
Balance
Unadjusted Trial Balance
An asterisk (*) will appear to the right of an incorrect entry.
Cash
Laundry Supplies
Solution
Name:
Section:
ON
Trial Balance
Statement
JOURNAL
Date
2016
Description
Laundry Supplies
Laundry Supplies Expense
Accumulated Depreciation
Sheet
30 Adjusting 6,500
30
Adjusted Bal.
131,900
June 30 Balance 11,800
June 30 Adjusting 1,100
June 30 Closing 232,200 June 30 Balance 232,200
June 30 Balance 125,200 June 30 Closing 126,300
30 Adjusting 1,100
30 Adjusted Bal. 126,300
June 30 Balance 40,000 June 30 Closing 40,000
June 30 Balance 19,700 June 30 Closing 19,700
4.
11,000 –
3,600 –
3,900 –
Cash
EPICENTER LAUNDRY
Rent Expense
Prepaid Insurance
Wages Payable
Utilities Expense
Credit
Balances
Accounts Payable
Laundry Revenue
Wages Expense
Laundry Supplies
Adjusted Trial Balance
June 30, 2016
Debit
Balances
Closing Bal.
Sophie Perez, Drawing
Income Summary
Depreciation expense
Insurance expense
Miscellaneous expense
Laundry supplies expense
Less withdrawals
Increase in owner’s equity
Prepaid insurance
Laundry equipment
Accumulated depreciation
Sophie Perez, capital
Wages Expense 126,300 –
Rent Expense 40,000 –
Utilities Expense 19,700 –
5.
232,200$
126,300$
40,000
19,700
105,600$
10,700$
Current assets: Current liabilities
11,000$ 11,800$
3,600 1,100
6.
Debit Credit
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Income Summary
Sophie Perez, Capital
June 30 232,200
232,200
30 221,500
126,300
40,000
19,700
7.
Laundry Revenue
Income Summary
Income Summary
Utilities Expense
Rent Expense
Wages Expense
Post-Closing Trial Balance
June 30, 2016
Debit
Balances
Credit
Balances
Liabilities
Net income for the year
For the Year Ended June 30, 2016
JOURNAL
EPICENTER LAUNDRY
Wages payable
Rent expense
Balance Sheet
June 30, 2016
EPICENTER LAUNDRY
Income Statement
For the Year Ended June 30, 2016
Revenues:
EPICENTER LAUNDRY
Statement of Owner’s Equity
Expenses:
Wages expense
2016
Closing Entries
Laundry supplies
Assets
EPICENTER LAUNDRY
Sophie Perez, capital, July 1, 2015
Laundry revenue
Date
Utilities expense
Description
Accounts payable
Cash
11,000 –
3,600 –
3,900 –
232,600 –
Cash
Prepaid Insurance
Laundry Supplies
Laundry Equipment
Accumulated Depreciation
Wages Payable
Problem 4-3B
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 and work sheet, enter a zero in cells you would otherwise leave blank.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 3,800
Laundry Supplies 9,000
Prepaid Insurance 6,000
Laundry Equipment 180,800
Accum. Depreciation 49,200
Accounts Payable 7,800
Wages Payable
Bobbi Downey, Capital 95,000
Bobbi Downey, Drawing 2,400
Laundry Revenue 248,000
Wages Expense 135,800
Rent Expense 43,200
Utilities Expense 16,000
Depreciation Expense
Laundry Supplies Exp.
Insurance Expense
Miscellaneous Expense 3,000
400,000 400,000
3.
Debit Credit
Aug. 31
31
31
31
1., 3., and 6.
Aug. 31 Balance 3,800
Aug. 31 Balance 9,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 6,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 180,800
Name:
Date
2016
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
LA MESA LAUNDRY
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended August 31, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Section:
0%
(Enter key code here)
Description
GENERAL LEDGER
Accumulated Depreciation
JOURNAL
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment