Accounting Chapter 4 Homework Closing Entry J14 No 610 Balance 12000

subject Type Homework Help
subject Pages 9
subject Words 1221
subject Textbook Accounting Principles 12th Edition
subject Authors Donald E. Kieso, Jerry J. Weygandt, Paul D. Kimmel
search this document

Unlock document.

This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
page-pf1
PROBLEM 4-1C (Continued)
(b) RELIABLE ROOFING
Income Statement
For the Month Ended March 31, 2017
Revenues
Service revenue.................................................. $3,170
Expenses
RELIABLE ROOFING
Owner’s Equity Statement
For the Month Ended March 31, 2017
Owner’s Capital, March 1 .......................................................... $7,000
Add: Net income ...................................................................... 860
RELIABLE ROOFING
Balance Sheet
March 31, 2017
Assets
Current assets
page-pf2
PROBLEM 4-1C (Continued)
RELIABLE ROOFING
Balance Sheet (Continued)
March 31, 2017
Liabilities and Owner’s Equity
Current liabilities
Accounts payable .......................................................... $1,400
(c) Mar. 31 Supplies Expense ......................................... 860
Supplies ................................................. 860
31 Depreciation Expense .................................. 200
Accumulated Depreciation—
Equipment .......................................... 200
(d) Mar. 31 Service Revenue ........................................... 3,170
Income Summary .................................. 3,170
31 Income Summary .......................................... 2,310
Salaries and Wages Expense ............... 1,050
Supplies Expense ................................. 860
page-pf3
PROBLEM 4-2C
(a) ESPINOSA COMPANY
Partial Worksheet
For the Year Ended December 31, 2017
Account
Adjusted
Trial Balance
Income
Statement
Balance
Sheet
Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
11,600
11,600
Accounts Receivable
15,400
15,400
Notes Payable
20,000
20,000
Accounts Payable
9,000
9,000
Salaries and Wages
Payable
3,500
3,500
Interest Payable
800
800
Depreciation Expense
8,000
8,000
Insurance Expense
5,000
5,000
Salaries and Wages
Expense
44,000
44,000
page-pf4
PROBLEM 4-2C (Continued)
(b) ESPINOSA COMPANY
Income Statement
For the Year Ended December 31, 2017
Revenues
Service revenue............................................. $85,000
Expenses
Salaries and wages expense ........................ $44,000
Advertising expense ..................................... 12,000
ESPINOSA COMPANY
Owner’s Equity Statement
For the Year Ended December 31, 2017
Owner’s Capital, January 1 .................................................... $25,000
page-pf5
PROBLEM 4-2C (Continued)
ESPINOSA COMPANY
Balance Sheet
December 31, 2017
Assets
Current assets
Cash ................................................................ $11,600
Accounts receivable ...................................... 15,400
Liabilities and Owner’s Equity
Current liabilities
Notes payable ................................................. $10,000
Accounts payable .......................................... 9,000
page-pf6
PROBLEM 4-2C (Continued)
(c)
General Journal J14
Date
Account Titles and Explanation
Ref.
Debit
Credit
Dec. 31
Service Revenue .................................
400
85,000
Income Summary .......................
350
85,000
31
Income Summary ................................
350
75,500
31
Income Summary ................................
350
9,500
Owner’s Capital ..........................
301
9,500
(d)
Owner’s Capital No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
25,000
25,000
Owner’s Drawing No. 306
Date
Explanation
Ref.
Debit
Credit
Balance
page-pf7
PROBLEM 4-2C (Continued)
Income Summary No. 350
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Closing entry
J14
85,000
85,000
Service Revenue No. 400
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
85,000
85,000
Advertising Expense No. 610
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
12,000
12,000
Supplies Expense No. 631
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
5,700
5,700
Depreciation Expense No. 711
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
8,000
8,000
31
Closing entry
J14
8,000
0
Insurance Expense No. 722
Date
Explanation
Ref.
Debit
Credit
Balance
page-pf8
PROBLEM 4-2C (Continued)
Salaries and Wages Expense No. 726
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
44,000
44,000
Interest Expense No. 905
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31
Balance
800
800
(e) ESPINOSA COMPANY
Post-Closing Trial Balance
December 31, 2017
Debit
Credit
Cash ..................................................................... $11,600
Accounts Receivable .......................................... 15,400
Supplies .............................................................. 2,000
page-pf9
PROBLEM 4-3C
(a) NASH COMPANY
Income Statement
For the Year Ended December 31, 2017
Revenues
Service revenue............................................. $69,000
Expenses
Salaries and wages expense ........................ $37,000
NASH COMPANY
Owner’s Equity Statement
For the Year Ended December 31, 2017
Owner’s Capital, January 1 .............................................. $36,000
Add: Net income ............................................................. 23,500
NASH COMPANY
Balance Sheet
December 31, 2017
Assets
Current assets
Cash ................................................................ $22,400
Accounts receivable ...................................... 13,500
Prepaid insurance .......................................... 3,500
Total current assets ............................... $39,400
Property, plant, and equipment
page-pfa
PROBLEM 4-3C (Continued)
NASH COMPANY
Balance Sheet (Continued)
December 31, 2017
Liabilities and Owner’s Equity
Current liabilities
Accounts payable ........................................... $11,300
Salaries and wages payable ........................... 3,000
(b) General Journal
Date
Account Titles and Explanation
Ref.
Debit
Credit
Dec. 31
Service Revenue .................................
400
69,000
Income Summary .......................
350
69,000
31
Income Summary ................................
350
45,500
Maintenance and Repairs
Expense ..................................
622
2,000
Depreciation Expense ................
711
2,600
page-pfb
PROBLEM 4-3C (Continued)
(c)
Owner’s Capital No. 301
12/31 14,000
1/1 Bal. 36,000
12/31 23,500
12/31 Bal. 45,500
Owner’s Drawings No. 306
12/31 Bal. 14,000
12/31 14,000
Maintenance and Repairs
Expense No. 622
12/31 Bal. 2,000
12/31 2,000
Depreciation Expense No. 711
12/31 Bal. 2,600
12/31 2,600
(d) NASH COMPANY
Post-Closing Trial Balance
December 31, 2017
Debit
Credit
Cash ..................................................................... $22,400
Accounts Receivable .......................................... 13,500
page-pfc
PROBLEM 4-4C
Prepaid Insurance
Land
Buildings
Equipment
Interest Payable
Totals
Net Income
Totals
3,100
56,000
106,000
49,000
19,300
(a) 1,700
(d) 9,000
19,300
1,400
56,000
106,000
49,000
350,400
9,000
350,400
84,900
16,900
101,800
101,800
101,800
1,400
56,000
106,000
49,000
265,500
265,500
9,000
248,600
16,900
265,500

Trusted by Thousands of
Students

Here are what students say about us.

Resources
Company
Legal

Copyright ©2022 All rights reserved. | CoursePaper is not sponsored or endorsed by any college or university.