Aug. 31 Balance 49,200
31 Adjusting
31
Adjusted Bal.
Aug. 31 Balance 7,800
Aug. 31 Adjusting
Aug. 31 Closing Aug. 31 Balance 95,000
31 Closing
31
Closing Bal.
Aug. 31 Balance 2,400 Aug. 31 Closing
Aug. 31 Closing Aug. 31 Closing
31 Closing
Aug. 31 Closing Aug. 31 Balance 248,000
Aug. 31 Balance 135,800 Aug. 31 Closing
31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 43,200 Aug. 31 Closing
Aug. 31 Balance 16,000 Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Balance 3,000 Aug. 31 Closing
Rent Expense
Laundry Revenue
Wages Expense
Accounts Payable
Wages Payable
Bobbi Downey, Capital
Bobbi Downey, Drawing
Income Summary
Utilities Expense
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Miscellaneous Expense
4.
Accounts Payable
Bobbi Downey, Capital
Bobbi Downey, Drawing
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Miscellaneous Expense
Cash
Laundry Supplies
August 31, 2016
Laundry Equipment
Prepaid Insurance
Wages Payable
Accumulated Depreciation
Credit
Balances
Debit
Balances
LA MESA 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
LA MESA LAUNDRY
Income Statement
LA MESA LAUNDRY
Liabilities
August 31, 2016
Balance Sheet
Statement of Owner’s Equity
Bobbi Downey, capital, September 1, 2015
Bobbi Downey, capital, August 31, 2016
For the Year Ended August 31, 2016
LA MESA LAUNDRY
Total expenses
For the Year Ended August 31, 2016
Revenues:
Total assets Total liabilities and owner’s equity
6.
Debit Credit
Aug. 31
31
Miscellaneous Expense
31
31
7.
Accounts Payable
Bobbi Downey, Capital
Description
JOURNAL
Date
2016
Closing Entries
Wages Payable
Laundry Equipment
Accumulated Depreciation
Cash
Laundry Supplies
Prepaid Insurance
Credit
Balances
LA MESA LAUNDRY
Debit
Balances
August 31, 2016
Post-Closing Trial Balance
Problem 4-3B
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 3,800 – – 3,800 – – – 3,800 –
Laundry Supplies 9,000 – (c) 7,000 2,000 – – – 2,000 –
Prepaid Insurance 6,000 – (d) 5,300 700 – – – 700 –
Laundry Equipment 180,800 – – 180,800 – – – 180,800 –
3.
Debit Credit
Insurance Expense
Prepaid Insurance
Laundry Supplies Expense
Laundry Supplies
Aug. 31 2,200
2,200
31 8,150
8,150
1., 3., and 6.
Aug. 31 Balance 3,800
Aug. 31 Balance 9,000 Aug. 31 Adjusting 7,000
31 Adjusted Bal. 2,000
Aug. 31 Balance 49,200
LA MESA 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 August 31, 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
Adjusting Entries
Description
Wages Payable
Wages Expense
Depreciation Expense
Accumulated Depreciation
Sheet
31 Adjusting 8,150
31
Adjusted Bal.
57,350
Aug. 31 Balance 7,800
Aug. 31 Closing 220,650 Aug. 31 Closing 248,000
31 Closing 27,350
Aug. 31 Closing 248,000 Aug. 31 Balance 248,000
Aug. 31 Balance 135,800 Aug. 31 Closing 138,000
31 Adjusting 2,200
31 Adjusted Bal. 138,000
4.
3,800 –
2,000 –
700 –
Cash
LA MESA LAUNDRY
Prepaid Insurance
Income Summary
Credit
Balances
Accounts Payable
Laundry Revenue
Wages Expense
Laundry Supplies
Adjusted Trial Balance
August 31, 2016
Debit
Balances
Closing Bal.
Bobbi Downey, Capital
Laundry supplies expense
Insurance expense
Miscellaneous expense
Depreciation expense
Net income for the year
Less withdrawals
Increase in owner’s equity
Prepaid insurance
Laundry equipment
Accumulated depreciation
Bobbi Downey, capital
Wages Expense 138,000 –
Rent Expense 43,200 –
Utilities Expense 16,000 –
5.
248,000$
138,000$
43,200
16,000
95,000$
Current assets: Current liabilities
3,800$ 7,800$
2,000 2,200
6.
Debit Credit
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Income Summary
Bobbi Downey, Capital
Aug. 31 248,000
248,000
31 220,650
138,000
43,200
16,000
7.
Laundry Revenue
Income Summary
Income Summary
Utilities Expense
Rent Expense
Wages Expense
Post-Closing Trial Balance
August 31, 2016
Debit
Balances
Credit
Balances
Liabilities
For the Year Ended August 31, 2016
JOURNAL
LA MESA LAUNDRY
Wages payable
Rent expense
Balance Sheet
August 31, 2016
LA MESA LAUNDRY
Income Statement
For the Year Ended August 31, 2016
Revenues:
LA MESA LAUNDRY
Statement of Owner’s Equity
Expenses:
Wages expense
2016
Closing Entries
Laundry supplies
Assets
LA MESA LAUNDRY
Bobbi Downey, capital, September 1, 2015
Laundry revenue
Date
Utilities expense
Description
Accounts payable
Cash
3,800 –
2,000 –
700 –
180,800 –
Cash
Prepaid Insurance
Laundry Supplies
Laundry Equipment
Accumulated Depreciation
Wages Payable
Problem 4-4A
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.
1.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,000
Supplies 30,000
Prepaid Insurance 3,600
Equipment 110,000
Accum. Depr. – Equip. 25,000
Trucks 60,000
Accum. Depr. – Trucks 15,000
Accounts Payable 4,000
Wages Payable
Kaya Tarango, Capital 96,000
Kaya Tarango, Drawing 15,000
Service Revenue 160,000
Wages Expense 45,000
Supplies Expense
Rent Expense 10,600
Truck Expense 9,000
Depr. Exp. – Equipment
Depr. Exp. – Trucks
Insurance Expense
Miscellaneous Expense 4,800
300,000 300,000
3.
Page 26
Post.
Ref. Debit Credit
Mar. 31
31
31
31
31
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √12,000
Supplies 13
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √30,000
31 Adjusting
Prepaid Insurance 14
For the Year Ended March 31, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Unadjusted Trial Balance
Adjustments
Sheet
Description
GENERAL LEDGER
2016
LAKOTA FREIGHT CO.
End-of-Period Spreadsheet (Work Sheet)
Date
Date
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
Section:
0%
Balance
2016
Balance
Name:
JOURNAL
Date
2016
Adjusting Entries
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √3,600
31 Adjusting
Equipment 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √110,000
Accumulated Depreciation – Equipment
17
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √25,000
31 Adjusting
Trucks 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √60,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √4,000
Wages Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
Kaya Taranga, Capital 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √96,000
31 Closing
31 Closing
Kaya Taranga, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Closing
Balance
Balance
Balance
Balance
Balance
Date
Date
Date
2016
Balance
Date
Balance
2016
Date
Balance
Date
Date
Balance
2016
2016
2016
2016
Date
2016
Date
2016
2016
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
31 Closing
Service Revenue 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √160,000
31 Closing
Wages Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √45,000
31 Adjusting
31 Closing
Supplies Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Rent Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √10,600
31 Closing
Truck Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √9,000
31 Closing
Balance
Balance
Balance
Balance
Balance
Date
2016
2016
Date
2016
Date
Balance
2016
Date
2016
2016
Date
Date
Depreciation Expense – Equipment 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Depreciation Expense – Trucks
56
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Insurance Expense 57
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √4,800
31 Closing
4.
Accounts Payable
Kaya Tarango, Capital
Kaya Tarango, Drawing
Service Revenue
Wages Expense
Supplies Expense
Rent Expense
Truck Expense
Depreciation Expense – Equipment
Depreciation Expense – Trucks
Insurance Expense
Miscellaneous Expense
Accumulated Depreciation – Equipment
Trucks
Debit
Balances
LAKOTA FREIGHT CO.
Adjusted Trial Balance
Date
Balance
Date
2016
2016
Date
Balance
Balance
Balance
Accumulated Depreciation – Trucks
Wages Payable
March 31, 2016
Equipment
Prepaid Insurance
Cash
2016
Supplies
Credit
Balances
Date
2016
5.
Expenses:
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Revenues:
LAKOTA FREIGHT CO.
Total expenses
For the Year Ended March 31, 2016
Kaya Tarango, capital, March 31, 2016
Owner’s Equity
For the Year Ended March 31, 2016
Balance Sheet
Statement of Owner’s Equity
LAKOTA FREIGHT CO.
Income Statement
LAKOTA FREIGHT CO.
Kaya Tarango, capital, April 1, 2015
March 31, 2016
Liabilities
Assets
Total assets Total liabilities and owner’s equity
6.
Page 27
Post.
Ref. Debit Credit
Mar. 31
31
Miscellaneous Expense
31
31
7.
Accounts Payable
Kaya Tarango, Capital
Date
Closing Entries
2016
Description
JOURNAL
Wages Payable
Equipment
Accumulated Depreciation – Equipment
Cash
Supplies
Prepaid Insurance
Trucks
Accumulated Depreciation – Trucks
Post-Closing Trial Balance
Debit
Balances
Credit
Balances
LAKOTA FREIGHT CO.
March 31, 2016
Problem 4-4A
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.
1.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 12,000 – – 12,000 – – – 12,000 –
Supplies 30,000 – (a) 22,500 7,500 – – – 7,500 –
Prepaid Insurance 3,600 – (b) 1,800 1,800 – – – 1,800 –
Equipment 110,000 – – 110,000 – – – 110,000 –
3.
Page 26
Post.
Ref. Debit Credit
Insurance Expense
Depreciation Expense – Trucks
Wages Expense
Depreciation Expense – Equipment
Mar. 31 52 22,500
13 22,500
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √12,000
Prepaid Insurance 14
Supplies Expense
Statement
Sheet
Adjustments
Trial Balance
JOURNAL
Date
2016
Description
Supplies
2016
An asterisk (*) will appear to the right of an incorrect entry.
LAKOTA FREIGHT CO.
Adjusted
GENERAL LEDGER
Balance
Date
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended March 31, 2016
Income
Balance
Unadjusted Trial Balance
Solution
Name:
Section:
ON
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √3,600
31 Adjusting 26 1,800 1,800
Trucks 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √60,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Adjusting 26 6,200 21,200
Post.
Mar. 31 Balance √4,000
Post.
Mar. 31 Balance √96,000
31 Closing 27 15,000 132,150
Balance
Date
Date
2016
Date
2016
2016
Balance
Kaya Taranga, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √15,000
31 Closing 27 15,000 – –
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
31 Closing 27 108,850 51,150
31 Closing 27 51,150 – –
2016
Balance
Wages Expense 51
Post.
Balance
Balance
Date
2016
Date
2016
Date
Date
2016
Balance
Balance
Date
2016
Balance
Balance
Post.
Mar. 31 Balance √110,000
Post.
Mar. 31 Balance √25,000
31 Adjusting 26 8,350 33,350
Date
Balance
Date
2016
2016
Balance
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Balance √45,000
31 Adjusting 26 600 45,600
31 Closing 27 45,600 – –
Supplies Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
Depreciation Expense – Equipment 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting 26 8,350 8,350
31 Closing 27 8,350 – –
Depreciation Expense – Trucks
56
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting 26 6,200 6,200
31 Closing 27 6,200 – –
Post.
Item Ref. Dr. Cr. Dr. Cr.
Mar. 31 Adjusting 26 1,800 1,800
31 Closing 27 1,800 – –
Post.
Mar. 31 Balance √4,800
31 Closing 27 4,800 – –
2016
Balance
Balance
Date
2016
Date
2016
Accumulated Depreciation – Trucks
Accumulated Depreciation – Equipment
4.
12,000 –
7,500 –
1,800 –
March 31, 2016
Debit
Balances
Credit
Balances
Balance
Balance
Supplies
Adjusted Trial Balance
Prepaid Insurance
Date
LAKOTA FREIGHT CO.
Date
2016
Cash
Date
2016
Balance
Date
Mar. 31 Adjusting 26 22,500 22,500
31 Closing 27 22,500 – –
Post.
Mar. 31 Balance √10,600
31 Closing 27 10,600 – –
Post.
Mar. 31 Balance √9,000
31 Closing 27 9,000 – –
Balance
Balance
Date
2016
Date
2016
2016
Truck expense
Depreciation expense – trucks
Insurance expense
Miscellaneous expense
Depreciation expense – equipment
Less withdrawals
Increase in owner’s equity
Kaya Tarango, capital
Prepaid insurance
Equipment
Accumulated depreciation
Trucks
Accumulated depreciation
Depreciation Expense – Trucks 6,200 –
Insurance Expense 1,800 –
5.
160,000$
45,600$
22,500
10,600
96,000$
51,150$
Current assets: Current liabilities
12,000$ 4,000$
7,500 600
6.
Page 27
Post.
Depreciation Expense – Equipment
Depreciation Expense – Trucks
Insurance Expense
Income Summary
Kaya Tarango, Capital
Rent Expense
Truck Expense
Ref. Debit Credit
Mar. 31 41 160,000
33 160,000
31 33 108,850
51 45,600
52 22,500
7.
JOURNAL
Description
Accounts payable
Cash
Service Revenue
Income Summary
2016
Closing Entries
Date
LAKOTA FREIGHT CO.
Kaya Tarango, capital, April 1, 2015
Service revenue
Net income for the year
For the Year Ended March 31, 2016
For the Year Ended March 31, 2016
Revenues:
LAKOTA FREIGHT CO.
Statement of Owner’s Equity
Expenses:
Wages expense
Supplies
Assets
Liabilities
LAKOTA FREIGHT CO.
Income Statement
LAKOTA FREIGHT CO.
Wages payable
Supplies expense
Rent expense
Balance Sheet
March 31, 2016
Post-Closing Trial Balance
March 31, 2016
Debit
Balances
Credit
Balances
Income Summary
Supplies Expense
Wages Expense
12,000 –
7,500 –
1,800 –
110,000 –
– 33,350
Supplies
Cash
Prepaid Insurance
Equipment
Accumulated Depreciation – Equipment
Wages Payable
Trucks
Accumulated Depreciation – Trucks
Problem 4-4B
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.
1.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,100
Supplies 8,000
Prepaid Insurance 7,500
Equipment 113,000
Accum. Depr. – Equip. 12,000
Trucks 90,000
Accum. Depr. – Trucks 27,100
Accounts Payable 4,500
Wages Payable
Jeanne McQuay, Capital 126,400
Jeanne McQuay, Drawing 3,000
Service Revenue 155,000
Wages Expense 72,000
Supplies Expense 7,600
Rent Expense 5,350
Truck Expense
Depr. Exp. – Equipment
Depr. Exp. – Trucks
Insurance Expense
Miscellaneous Expense 5,450
325,000 325,000
Net Income
3.
Page 26
Post.
Ref. Debit Credit
Jan. 31
31
31
31
31
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √13,100
Supplies 13
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √8,000
31 Adjusting
Prepaid Insurance 14
Balance
Balance
2016
Name:
JOURNAL
Date
2016
Adjusting Entries
RECESSIVE INTERIORS
Section:
0%
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
Date
Date
2016
Adjustments
Sheet
End-of-Period Spreadsheet (Work Sheet)
Description
GENERAL LEDGER
For the Year Ended January 31, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Unadjusted Trial Balance