Problem 4-5B
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. and 2.
Page 1
Post.
Ref. Debit Credit
April 1
1
2
4
5
6
10
12
12
14
Page 2
Post.
Ref. Debit Credit
April 17
18
20
24
26
27
29
30
30
30
30
Description
Description
2
Cells with non-gray backgrounds are protected and cannot be edited.
Section:
0%
Name:
JOURNAL
JOURNAL
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
1
2
4
6
10
12
14
17
18
24
26
27
29
30
30
30
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
6
12
20
26
30
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
18
30 Adjusting
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
30 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 2
30 Adjusting
Office Equipment 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
5
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 5
12
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 4
30 Adjusting
GENERAL LEDGER
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Jeff Horton, Capital 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
30 Closing
30 Closing
Jeff Horton, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30
30 Closing
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Closing
30 Closing
30 Closing
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 12
17
20
24
30
30
30 Adjusting
30 Closing
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 14
27
30 Adjusting
30 Closing
Supplies Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Rent Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 10
29
30
30 Closing
3.
Accounts Receivable
Debit
Balances
Credit
Balances
Balance
Cash
Balance
Unadjusted Trial Balance
April 30, 2014
ROSEBUD ONE CONSULTING
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Balance
Unearned Fees
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 43,535
Accounts Receivable 17,790
Supplies 4,025
Prepaid Rent 6,000
Prepaid Insurance 4,200
Office Equipment 20,000
Accum. Depreciation
Accounts Payable 1,600
Salaries Payable
Unearned Fees 9,400
Jeff Horton, Capital 50,000
Jeff Horton, Drawing 18,000
Fees Earned 57,500
Salary Expense 3,300
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 1,650
118,500 118,500
6.
Page 3
Post.
Ref. Debit Credit
April 30
30
30
30
30
30
7.
Accounts Receivable
Unearned Fees
Fees Earned
Salary Expense
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
JOURNAL
Description
Accumulated Depreciation
Accounts Payable
Debit
Balances
Adjustments
Balance
Sheet
Trial Balance
Unadjusted Trial Balance
Statement
Adjusted
Income
Salaries Payable
Jeff Horton, Capital
Jeff Horton, Drawing
Office Equipment
Supplies
Prepaid Rent
Cash
Prepaid Insurance
Jeff Horton, Capital
Salaries Payable
ROSEBUD ONE CONSULTING
Adjusted Trial Balance
April 30, 2014
Credit
Balances
ROSEBUD ONE CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended April 30, 2014
Adjusting Entries
Jeff Horton, Drawing
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Supplies
Prepaid Rent
8.
Net income
Total
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
9.
Page 4
Post.
Ref. Debit Credit
April 30
30
Miscellaneous Expense
30
30
10.
Accounts Receivable
Unearned Fees
Total expenses
Expenses:
For the Month Ended April 30, 2014
ROSEBUD ONE CONSULTING
Revenues:
ROSEBUD ONE CONSULTING
For the Month Ended April 30, 2014
ROSEBUD ONE CONSULTING
Income Statement
Jeff Horton, capital, April 1, 2014
Total revenues
Balance Sheet
Statement of Owner’s Equity
Assets
April 30, 2014
Jeff Horton, capital, April 30, 2014
Liabilities
Owner’s Equity
Jeff Horton, Capital
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
Accounts Payable
ROSEBUD ONE CONSULTING
Post-Closing Trial Balance
April 30, 2014
Prepaid Insurance
JOURNAL
Description
Closing Entries
Salaries Payable
Debit
Balances
Credit
Balances
Problem 4-5B
Solution
Scoring:
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. and 2.
Page 1
Post.
Ref. Debit Credit
April 1 11 20,000
12 14,700
14 3,300
Page 2
Post.
Ref. Debit Credit
Cash
Accounts Receivable
Cash
Fees Earned
Accounts Receivable
Cash
Fees Earned
Cash
Fees Earned
Jeff Horton, Drawing
Supplies
Fees Earned
Accounts Receivable
Cash
Miscellaneous Expense
Cash
Salary Expense
Miscellaneous Expense
April 17 11 6,600
41 6,600
An asterisk (*) will appear to the right of an incorrect entry.
Description
JOURNAL
Date
2014
Cash
Name:
Section:
ON
Cells with non-gray backgrounds are protected and cannot be edited.
Accounts Receivable
Supplies
JOURNAL
Date
2014
Description
Fees Earned
Cash
Unearned Fees
Office Equipment
Cash
Cash
Cash
Jeff Horton, Capital
Prepaid Rent
Office Equipment
Accounts Payable
Cash
Cash
Accounts Receivable
Fees Earned
Salary Expense
Accounts Receivable
Miscellaneous Expense
Cash
Accounts Payable
Cash
11 18,000
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 1 20,000 20,000
1 1 6,000 14,000
2 1 4,200 9,800
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 1 3,300 3,300
18 2725 4,025
30 Adjusting 3 2,800 1,225
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 1 6,000 6,000
30 Adjusting 3 2,000 4,000
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 2 1 4,200 4,200
30 Adjusting 3 350 3,850
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 1 12,000 12,000
Balance
Balance
Balance
Date
2014
Date
2014
Date
2014
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 400 400
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 5 1 8,000 8,000
12 1 6,400 1,600
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 275 275
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Balance
Date
Date
2014
2014
Balance
Date
2014
Cash
Balance
Balance
Date
2014
Date
2014
Date
2014
Balance
GENERAL LEDGER
10 1350 30,550
12 1 6,400 24,150
14 1 1,650 22,500
17 2 6,600 29,100
18 2725 28,375
24 2 4,450 32,825
26 2 26,500 59,325
27 2 1,650 57,675
29 2540 57,135
30 2760 56,375
30 2 5,160 61,535
30 2 18,000 43,535
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 1 14,700 14,700
12 1 21,900 24,900
20 2 16,800 41,700
26 2 26,500 15,200
30 2 2,590 17,790
2014
Balance
Date
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Closing 4 64,550 64,550
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 12 1 21,900 21,900
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 14 1 1,650 1,650
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 2,800 2,800
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 2,000 2,000
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 400 400
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting 3 350 350
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 10 1350 350
Date
2014
Date
2014
Date
2014
Balance
Balance
Date
2014
Balance
Balance
2014
Balance
Date
2014
Balance
Date
2014
Balance
Date
3.
Unadjusted Trial Balance
Balance
ROSEBUD ONE CONSULTING
Date
2014
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 2 18,000 18,000
Balance
Date
2014
Balance
Date
2014
43,535 –
Accounts Receivable 17,790 –
4,025 –
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 43,535 – – 43,535 – – – 43,535 –
Accounts Receivable 17,790 – – 17,790 – – – 17,790 –
Supplies 4,025 – (b) 2,800 1,225 – – – 1,225 –
Prepaid Rent 6,000 – (e) 2,000 4,000 – – – 4,000 –
Prepaid Insurance 4,200 – (a) 350 3,850 – – – 3,850 –
Office Equipment 20,000 – – 20,000 – – – 20,000 –
Accum. Depreciation – (c) 400 – 400 – – – 400
Accounts Payable 1,600 – – – 1,600 – – – 1,600
Salaries Payable – (d) 275 – 275 – – – 275
Unearned Fees 9,400 (f) 7,050 – – 2,350 – – – 2,350
Jeff Horton, Capital 50,000 – – – 50,000 – – – 50,000
Jeff Horton, Drawing 18,000 – – 18,000 – – – 18,000 –
Fees Earned 57,500 – (f) 7,050 – 64,550 – 64,550 – –
Salary Expense 3,300 (d) 275 – 3,575 – 3,575 – – –
Supplies Expense (e) 2,800 – 2,800 – 2,800 – – –
Rent Expense (b) 2,000 – 2,000 – 2,000 – – –
Depreciation Expense (c) 400 – 400 – 400 – – –
Insurance Expense (a) 350 – 350 – 350 – – –
Miscellaneous Expense 1,650 – – 1,650 – 1,650 – – –
6.
Page 3
Post.
Ref. Debit Credit
April
43,535 –
Accounts Receivable 17,790 –
20,000 –
Unearned Fees – 2,350
18,000 –
Fees Earned – 64,550
Salary Expense 3,575 –
Debit
Balances
Credit
Balances
Jeff Horton, Drawing
Supplies
Prepaid Rent
Salaries Payable
Jeff Horton, Capital
April 30, 2014
Cash
Rent Expense
Unearned Fees
Supplies Expense
Depreciation Expense
Salary Expense
Office Equipment
Accumulated Depreciation
Accounts Payable
30 55 350
16 350
ROSEBUD ONE CONSULTING
JOURNAL
Description
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended April 30, 2014
April 30, 2014
Cash
Supplies
Debit
Balances
Credit
Balances
Insurance Expense
Prepaid Insurance
Sheet
Trial Balance
Statement
Income
Balance
Adjusted
Unadjusted Trial Balance
Adjustments
Date
2014
Adjusting Entries
6,000 –
4,200 –
20,000 –
Unearned Fees – 9,400
18,000 –
Fees Earned – 57,500
Salary Expense 3,300 –
Rent Expense – –
Supplies Expense – –
Depreciation Expense – –
Insurance Expense – –
Miscellaneous Expense 1,650 –
Prepaid Rent
Accumulated Depreciation
Accounts Payable
Salaries Payable
Jeff Horton, Capital
Jeff Horton, Drawing
8.
64,550$
Total 50,000$
53,775$
18,000
Expenses:
ROSEBUD ONE CONSULTING
Insurance expense
Miscellaneous expense
Additional investments during the month
Salary expense
Supplies expense
Rent expense
Depreciation expense
Less withdrawals
Increase in owner’s equity
Total expenses
Net income for the month
For the Month Ended April 30, 2014
Current assets: Current liabilities
43,535$ 1,600$
17,790 275
Property, plant, and equipment: 85,775
Accumulated depreciation
Office equipment
Jeff Horton, capital
Prepaid rent
Prepaid insurance
9.
Page 4
Post.
Ref. Debit Credit
April 30 41 64,550
33 64,550
31 53,775
32 18,000
Rent Expense
Depreciation Expense
Income Summary
Jeff Horton, Drawing
Insurance Expense
Income Summary
Jeff Horton, Capital
Jeff Horton, Capital
Salary Expense
Supplies Expense
10.
43,535 –
Accounts Receivable 17,790 –
20,000 –
Unearned Fees – 2,350
Jeff Horton, Capital
Salaries Payable
Supplies
Prepaid Rent
Office Equipment
Accumulated Depreciation
Accounts Payable
Liabilities
JOURNAL
Description
Accounts payable
Accounts receivable
Salaries payable
Fees earned
Total revenues
Cash
Income Statement
For the Month Ended April 30, 2014
Revenues:
Assets
Balance Sheet
April 30, 2014
ROSEBUD ONE CONSULTING
ROSEBUD ONE CONSULTING
Date
2014
Closing Entries
Fees Earned
Income Summary
Cash
ROSEBUD ONE CONSULTING
Post-Closing Trial Balance
April 30, 2014
Debit
Balances
Credit
Balances
Supplies Expense 2,800 –
Rent Expense 2,000 –
Depreciation Expense 400 –
Insurance Expense 350 –
Miscellaneous Expense 1,650 –