670 • Working Papers
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
21-2 ON YOUR OWN (concluded)
GENERAL JOURNAL PAGE 13
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2.
21
TE
Adjusting Entries
20–
Dec. 31 Rent Expense 3 0 0 0 00
Prepaid Rent 3 0 0 0 00
20–
Nov. 1Prepaid Rent 212 9 0 0 0 00 9 0 0 0 00
23148_ch21_hr_657-682.indd 670 1/18/18 1:40 AM
Name Date Class
21-1 APPLICATION PROBLEM (LO1, 2, 3, 4, 5, 6), p. 668
Journalizing entries for accruals
Spano Corporation
Unadjusted Trial Balance
December 31, 20X1
ACCOUNT TITLE DEBIT CREDIT
Notes Receivable 16 0 0 0 00
Interest Receivable
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
1., 2.
3.
21-1 APPLICATION PROBLEM (continued)
14
Adjusting Entries
20X1
Dec. 31 Interest Receivable 1 2 0 00
Interest Income 1 2 0 00
31 Interest Expense 9 0 00
Interest Payable 9 0 00
15
Reversing Entries
20X2
Jan. 1Interest Income 1 2 0 00
Interest Receivable 1 2 0 00
Chapter 21 Accounting for Accruals, Deferrals, and Reversing Entries • 673
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Name Date Class
21-1 APPLICATION PROBLEM (continued)
CASH RECEIPTS JOURNAL PAGE
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
4.
5.
20X2
Mar. 1Notes Payable 321 18 0 0 0 00 18 2 7 0 00
Interest Expense 2 7 0 00
25
16
23148_ch21_hr_657-682.indd 673 1/18/18 1:40 AM
21-1 APPLICATION PROBLEM (concluded)
1., 2., 3., 4., 5.
Notes Payable
Dec. 1 18,000.00
Interest Payable
Notes Receivable
Nov. 16 16,000.00
Interest Receivable
16,000.00Mar. 16 18,000.00
120.00
120.00
Dec. 31 Adj.
Dec. 31 Adj.
Jan. 1 Rev.
Jan. 1 Rev.
Mar. 1
90.00
90.00
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Name Date Class
21-2 APPLICATION PROBLEM (LO7, 8, 9, 10), p. 668
Journalizing entries for deferrals
CASH RECEIPTS JOURNAL PAGE
1234567
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
2 2
1.
Rent Income
21
20–
Oct. 1Unearned Rent Income R164 12 0 0 0 00 12 0 0 0 00
6,000.00
Dec. 31 Adj.
23148_ch21_hr_657-682.indd 675 1/18/18 1:40 AM
676 • Working Papers
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
GENERAL JOURNAL PAGE 13
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
1 1
2.
21-2 APPLICATION PROBLEM (concluded)
21
TE
Adjusting Entries
20–
Dec. 31 Rent Expense 6 0 0 0 00
Prepaid Rent 6 0 0 0 00
20–
Oct. 1Prepaid Rent 377 12 0 0 0 00 12 0 0 0 00
23148_ch21_hr_657-682.indd 676 1/18/18 1:40 AM
Name Date Class
21-M MASTERY PROBLEM (LO1, 2, 3, 4, 5, 6, 7, 8), p. 669
Journalizing entries for accruals and deferrals
Figlmiller Corporation
Unadjusted Trial Balance
December 31, 20X1
ACCOUNT TITLE DEBIT CREDIT
Notes Receivable 13 0 0 0 00
Interest Receivable
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
1., 2.
3.
21-M MASTERY PROBLEM (continued)
14
Adjusting Entries
20X1
Dec. 31 Interest Receivable 5 4 17
Interest Income 5 4 17
31 Interest Expense 4 0 00
Interest Payable 4 0 00
31 Unearned Rent Income 10 0 0 0 00
Rent Income 10 0 0 0 00
15
Reversing Entries
20X2
Jan. 1Interest Income 5 4 17
Interest Receivable 5 4 17
Chapter 21 Accounting for Accruals, Deferrals, and Reversing Entries • 679
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Name Date Class
21-M MASTERY PROBLEM (continued)
CASH RECEIPTS JOURNAL PAGE
1234567
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL ACCOUNTS
RECEIVABLE
CREDIT
SALES
CREDIT
SALES TAX
PAYABLE
CREDIT
SALES
DISCOUNT
DEBIT
CASH
DEBIT
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
CASH PAYMENTS JOURNAL PAGE
12345
DATE ACCOUNT TITLE CK.
NO.
POST.
REF.
GENERAL ACCOUNTS
PAYABLE
DEBIT
PURCHASES
DISCOUNT
CREDIT
CASH
CREDIT
DEBIT CREDIT
5.
4.
20X2
Mar. 1Notes Receivable R125 13 0 0 0 00 13 1 6 2 50
Interest Income 1 6 2 50
25
16
23148_ch21_hr_657-682.indd 679 1/18/18 1:40 AM
21-M MASTERY PROBLEM (concluded)
1., 2., 3., 4., 5.
6. Interest Income for 20X1
Interest Income for 20X2
7.
8.
Interest Receivable
Unearned Rent Income
Notes Receivable
Dec. 1 13,000.00
Notes Payable
8,000.00Nov. 16 Nov. 1 30,000.00
13,000.00Mar. 1 54.17 54.17
8,000.00
Mar. 16
$54.17
$108.33
Interest Expense for 20X1 $40.00
Interest Expense for 20X2 $66.67
$20,000.00. Represents four months of unearned rent income remaining.
Jan. 1 Rev.
Dec. 31 Adj.
Dec. 31 Adj.
10,000.00
Name Date Class
GENERAL JOURNAL PAGE 13
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
1.
21-C CHALLENGE PROBLEM (LO7, 8), p. 670
Journalizing entries for deferred revenue
2.
4.
3.
Adjusting Entries
20X1
Dec. 31 Unearned Membership Fees 50 0 0 0 00
Membership Fees 50 0 0 0 00
31 Unearned Magazine Subscriptions 3 0 0 0 00
Magazine Subscriptions 3 0 0 0 00
$250,000.00. Represents unearned membership fees for 10 months.
$33,000.00. Represents unearned magazine subscriptions for 11 months.
Marboe Fitness Center may keep records related to how often a person uses the facilities over
the course of a one-year membership. It may find that a person uses the facilities quite often
