Problem 4-5A
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.
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
July 1
1
2
4
5
6
10
12
12
14
Page 2
Post.
Ref. Debit Credit
July 17
18
20
24
Description
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Section:
0%
JOURNAL
Date
2014
Description
Name:
2014
JOURNAL
Date
26
27
29
31
31
31
31
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
1
2
4
6
10
12
14
17
18
24
26
27
29
31
31
31
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
6
12
20
26
31
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
18
31 Adjusting
GENERAL LEDGER
Balance
2014
2014
Date
Date
Date
2014
Balance
Balance
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
31 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 2
31 Adjusting
Office Equipment 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
5
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 5
12
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 4
31 Adjusting
Capital Stock 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
Dividends 33
Post.
Date
Balance
2014
Balance
Date
2014
Balance
Date
2014
Balance
Balance
Balance
Date
2014
Balance
Date
2014
Balance
Date
Date
2014
Date
2014
Balance
2014
2014
Date
Balance
Item Ref. Dr. Cr. Dr. Cr.
July 31
31 Closing
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
31 Closing
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 12
17
20
24
31
31
31 Adjusting
31 Closing
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 14
27
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Supplies Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Miscellaneous Expense 59
Date
Balance
Balance
2014
Date
2014
Balance
2014
Balance
2014
Date
Date
Balance
Balance
2014
2014
Date
2014
Date
2014
Date
Date
Balance
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 10
29
31
31 Closing
3.
Accounts Receivable
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 32,450
Accounts Receivable 16,450
Supplies 3,800
Prepaid Rent 4,800
Prepaid Insurance 4,500
Office Equipment 14,000
Accum. Depreciation
Accounts Payable 1,300
Salaries Payable
Unearned Fees 5,500
Capital Stock 45,000
Dividends 12,500
Fees Earned 41,600
Salary Expense 3,500
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 1,400
93,400 93,400
6.
Page 3
Post.
Ref. Debit Credit
July 31
Debit
Balances
Credit
Balances
Adjustments
Adjusted
Income
Cash
Balance
Sheet
Trial Balance
Unadjusted Trial Balance
Statement
Balance
Unadjusted Trial Balance
July 31, 2014
Date
DIAMOND CONSULTING
2014
Capital Stock
Dividends
Prepaid Insurance
Office Equipment
Accumulated Depreciation
DIAMOND CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended July 31, 2014
Salaries Payable
JOURNAL
Description
Date
2014
Adjusting Entries
Accounts Payable
Supplies
Prepaid Rent
31
31
31
31
31
7.
Accounts Receivable
Unearned Fees
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
8.
Net income
Expenses:
DIAMOND CONSULTING
For the Month Ended July 31, 2014
Total expenses
Retained earnings, July 31, 2014
Accumulated Depreciation
Accounts Payable
Debit
Balances
Salaries Payable
Capital Stock
Dividends
DIAMOND CONSULTING
Income Statement
For the Month Ended July 31, 2014
Retained Earnings Statement
Revenues:
Total revenues
Adjusted Trial Balance
July 31, 2014
Office Equipment
Supplies
Prepaid Rent
Cash
Prepaid Insurance
DIAMOND CONSULTING
Retained earnings, July 1, 2014
Credit
Balances
Current assets: Current liabilities:
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
9.
Page 4
Post.
Ref. Debit Credit
July 31
31
Miscellaneous Expense
31
31
10.
Accounts Receivable
Unearned Fees
Capital Stock
Liabilities
DIAMOND CONSULTING
Balance Sheet
July 31, 2014
Assets
2014
Date
Stockholders’ Equity
JOURNAL
Description
Retained Earnings
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
Accounts Payable
Post-Closing Trial Balance
July 31, 2014
Closing Entries
Salaries Payable
DIAMOND CONSULTING
Prepaid Insurance
Debit
Balances
Credit
Balances
Problem 4-5A
Solution
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
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
July 1 11 13,500
12 20,800
Page 2
Post.
Ref. Debit Credit
July 1 11 9,450
An asterisk (*) will appear to the right of an incorrect entry.
Description
JOURNAL
Date
2014
Name:
Section:
Cash
ON
Cells with non-gray backgrounds are protected and cannot be edited.
Accounts Receivable
Cash
2014
Description
JOURNAL
Date
Office Equipment
Prepaid Insurance
Cash
Prepaid Rent
Office Equipment
Miscellaneous Expense
Accounts Payable
Cash
Salary Expense
Accounts Receivable
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 1
13,500 13,500
1 1
4,800 8,700
4,500 4,200
15,300 25,000
12,000 42,500
2,275 1,525
Balance
Date
2014
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 1 20,800 20,800
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
2014
Balance
Balance
GENERAL LEDGER
Date
2014
Date
2014
Balance
Date
Miscellaneous Expense
Miscellaneous Expense
Accounts Receivable
Balance
Balance
Date
Date
Balance
Date
Date
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Date
Balance
Balance
Date
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing 4 44,350 44,350
Balance
Date
2014
2014
Balance
Balance
2014
Date
2014
2014
Balance
2014
Balance
2014
3.
32,450 –
Accounts Receivable 16,450 –
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 32,450 – – 32,450 – – – 32,450 –
Accounts Receivable 16,450 – – 16,450 – – – 16,450 –
6.
Page 3
Post.
Ref. Debit Credit
July 31 55 375
DIAMOND CONSULTING
Unadjusted Trial Balance
July 31, 2014
Cash
Debit
Balances
Credit
Balances
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended July 31, 2014
JOURNAL
Description
Insurance Expense
Sheet
Trial Balance
Statement
Income
Balance
Adjusted
DIAMOND CONSULTING
2014
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Date
Accumulated Depreciation
Dividends
Expenses:
Insurance expense
Miscellaneous expense
Salary expense
Supplies expense
Depreciation expense
7.
32,450 –
8.
44,350$
Current assets: Current liabilities:
Liabilities
DIAMOND CONSULTING
Adjusted Trial Balance
July 31, 2014
Credit
Balances
Cash
Debit
Balances
Fees earned
DIAMOND CONSULTING
Revenues:
Retained Earnings Statement
For the Month Ended July 31, 2014
DIAMOND CONSULTING
Income Statement
For the Month Ended July 30, 2014
DIAMOND CONSULTING
Assets
Balance Sheet
July 31, 2014
Fees Earned
9.
Page 4
Income Summary
Salaries Payable
Supplies
Prepaid Rent
Prepaid Insurance
Accumulated Depreciation
Income Summary
Retained Earnings
Post.
Ref. Debit Credit
July 31 41 44,350
JOURNAL
Description
Date
2014
Closing Entries
Fees Earned
Retained earnings