Page 6
Post.
Ref. Debit Credit
30 314 467
312 467
Date
June
General Journal
Chapter 3S, P 2. (Continued)
Description
2011
Income Summary
Retained Earnings
Ref. Debit Credit Debit Credit
2011
May 1 J1 5,000 5,000
1 J1 425 4,575
20 J4 60 4,414
23 J4 600 3,814
30 J4 817 4,631
30 J4 300 4,331
Ref. Debit Credit Debit Credit
2011
May 1 J1 480 480
Date
Account No. 117
Post.
Post. Balance
Chapter 3S, P 2. (Continued)
Item
Balance
Item
Prepaid Insurance
Date
Cash Account No. 111
Ref. Debit Credit Debit Credit
5 J1 468 468
Ref. Debit Credit Debit Credit
31 J2 70 70
30 J5 70 140
Ref. Debit Credit Debit Credit
Post. Balance
May Adjustment
Date
Accumulated Depreciation—Repair Equipment
2011
Account No. 119
Balance
Date Item
Account No. 145
Chapter 3S, P 2. (Continued)
June Adjustment
2011
Item
Repair Supplies
May
Post.
2011
Date
Balance
Account No. 212Accounts Payable
Post.
Item
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
31 J3 431 431
Ref. Debit Credit Debit Credit
31 J2 300 300
Post. Balance
Date Item
Post.
Common Stock
May
Balance
Closing entry
Account No. 311
Balance
Date Item
Post.
Income Taxes Payable Account No. 213
Date Item
Balance
Post.
Item
May
2011
Account No. 313Dividends
Date
Chapter 3S, P 2. (Continued)
2011
Account No. 312Retained Earnings
Ref. Debit Credit Debit Credit
31 J3 1,375 1,375
31 J3 944 431
Ref. Debit Credit Debit Credit
15 J1 400 400
Ref. Debit Credit Debit Credit
Date
Balance
Balance
Account No. 411
Post.
Post.
Balance
Post.
Closing entry
Repair Revenue
Account No. 314Income Summary
2011
Date Item
May Closing entry
May
Item
Chapter 3S, P 2. (Continued)
Store Rent Expense
2011
Date
Account No. 511
Item
2011
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
Ref. Debit Credit Debit Credit
31 J2 299 299
Ref. Debit Credit Debit Credit
31 J2 70 70
Balance
Balance
Post.
Account No. 513
Post.
Depreciation Expense—Repair Equipment Account No. 515
Post. Balance
2011
Item
Account No. 512Advertising Expense
Date
Date Item
2011
May Adjustment
Chapter 3S, P 2. (Continued)
Insurance Expense
Balance
Post.
ItemDate
2011
Date Item
Adjustment
Account No. 514Repair Supplies Expense
2011
May
Ref. Debit Credit Debit Credit
Adjustment
Income Taxes Expense
Chapter 3S, P 2. (Continued)
Balance
Date
Account No. 516
Post.
Item
2011
May
$ 4,331
400
413
4,200
$ 140
3,806
Chapter 3S, P 2. (Continued)
Accumulated Depreciation—Repair Equipment
Javier’s Repair Service, Inc.
10.
Prepaid Insurance
June adjusted trial balance prepared
Adjusted Trial Balance
June 30, 2011
Repair Supplies
Repair Equipment
Cash
Accounts Payable
$1,731
$619
$ 467
$ 131
Retained earnings, May 31, 2011
Chapter 3S, P 2. (Continued)
11. June income statement, statement of retained earnings, and balance shee
t
prepared
For the Month Ended June 30, 2011
For the Month Ended June 30, 2011
Statement of Retained Earnings
Repair revenue
Javier’s Repair Service, Inc.
Net income
Javier’s Repair Service, Inc.
Revenue
Income Statemen
t
Expenses
Repair supplies expense
$4,331
400
$3,806
100
$3,906
$5,000
$4,331
400
Cash
Prepaid Insurance
Post-Closing Trial Balance
June 30, 2011
Javier’s Repair Service, Inc.
13.
June post-closing trial balance prepared
Stockholders’ Equity
Income taxes payable
Accounts payable
Total liabilities
Liabilities
Common stock
Chapter 3S, P 2. (Continued)
Javier’s Repair Service, Inc.
Prepaid insurance
Balance Sheet
June 30, 2011
Assets
Cash
Debit Credit Debit Credit Debit Credit Debit Credit
20,000 20,000 20,000
400,000 400,000 400,000
39,400
(
d
)
14,000 53,400 53,400
370,000 370,000 370,000
65,000
(
e
)
36,000 101,000 101,000
31,600 31,600 31,600
15,560
(
f
)
3,160 18,720 18,720
45,506 45,506 45,506
(g)
(g)
24,000 24,000 24,000
112,700 112,700 112,700
27,000 27,000 27,000
1,276,614 1,276,614
(a) 17,400 17,400 17,400
(b) 536 536 536
(c) 3,122 3,122 3,122
Work Sheet
For the Year Ended June 30, 2011
Balance Shee
t
Income Statement
Accumulated Depreciation—Office Equipmen
t
Debit
A
djuste
d
Account Nam
e
Accumulated Depreciation—Building
Cleaning Supplies Expense
Interest Expense
Land
Building
Accumulated Depreciation—Theater Furnishing
s
Chapter 3S, P 3.
1. Work sheet completed
Insurance Expense
Office Supplies Expense
Utilities Expense
Office Equipment
Trial Balance
Accounts Payabl
e
Theater Furnishings
Trial Balance
Beauchamp Theater Corporation
Office Wages Expense
Credit
A
djustment
s
(
)
(
)
(
)
20,000
17,400
14,000
$112,648
78,622
Beauchamp Theater Corporation
For the Year Ended June 30, 2011
Retained earnings, June 30, 2010
Net income
Beauchamp Theater Corporation
Income Statemen
t
For the Year Ended June 30, 2011
Depreciation expense—building
Revenues
Income taxes expense
Insurance expense
2.
Chapter 3S, P 3. (Continued)
Income statement, statement of retained earnings, and balance sheet prepared
Statement of Retained Earnings
$ 31,800
18,544
2,200
244
468
20,000
$400,000
$ 45,506
4,100
860
20,000
Wages payable
Chapter 3S, P 3. (Continued)
Building
Liabilities
Accounts payable
Cash
Cleaning supplies
Land
Prepaid insurance
Gift books liability
Income taxes payable
Assets
Balance Sheet
June 30, 2011
Office supplies
Accounts receivable
Beauchamp Theater Corporation
Debit Credit
$3,590 – $468 =
30 14,000
14,000
37,800
30 860
860
General Journal
$3,122
Date Description
Adjusting entries:
Chapter 3S, P 3. (Continued)
3. Adjusting and closing entries prepared
2011
period
Depreciation Expense—Building
Accumulated Depreciation—Building
To record depreciation on building for the
Wages Payable
To record accrued wages at the end of the
Usher Wages Expense
year
To record gift books redeemed
Ticket Sales Revenue
Debit Credit
30 20,000
30 449,200
45,200
494,400
30 415,778
20,000
30 78,622
78,622
General Journal
Date Description
Income Summary
Retained Earnings
To close the credit balance accounts
Income Summary
Theater Rental Revenue
Income Taxes Expense
To close the Income Summary account
Income Summary
To close the debit balance accounts
June
June
Chapter 3S, P 3. (Continued)
Income Taxes Expense
2011
Ticket Sales Revenue