Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Problem 4-1B
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 trial balance, enter a zero in cells you would otherwise leave blank.
1.
Total revenues
Expenses:
Net income (loss)
2.
3.
Current assets: Current liabilities:
Total liabilities
Total current assets
Property, plant, and equipment:
Total property, plant, and equipement
Total assets Total liabilities and stockholders' equity
4.
Debit Credit
June 30
Name:
Date
Closing Entries
2014
Description
Liabilities
Stockholders' Equity
JOURNAL
Retained earnings, July 1, 2013
June 30, 2014
Retained earnings, June 30, 2014
Balance Sheet
Retained Earnings Statement
Section:
0%
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2014
LAST CHANCE COMPANY
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Revenues:
Assets
LAST CHANCE COMPANY
For the Year Ended June 30, 2014
Total expenses
30
Miscellaneous Expense
30
30
5.
Accounts Receivable
Equipment
Accumulated Depreciation - Equipment
Unearned Rent
Capital Stock
Post-Closing Trial Balance
June 30, 2014
Land
Debit
Balances
Credit
Balances
Retained Earnings
Building
Accumulated Depreciation - Building
Cash
Prepaid Insurance
Supplies
Accounts Payable
Salaries & Wages Payable
LAST CHANCE COMPANY
Problem 4-1B
Solution
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
In the trial balance, enter a zero in cells you would otherwise leave blank.
1.
283,750$
2.
271,300$
3.
Current assets: Current liabilities:
5,100$ 9,750$
4.
Debit Credit
June 30 283,750
2014
Closing Entries
Retained earnings, July 1, 2013
Date
Income Statement
For the Year Ended June 30, 2014
Revenues:
For the Year Ended June 30, 2014
LAST CHANCE COMPANY
Retained Earnings Statement
JOURNAL
Name:
Section:
ON
Fees earned
Cells with non-gray backgrounds are protected and cannot be edited.
Fees Earned
An asterisk (*) will appear to the right of an incorrect entry.
LAST CHANCE COMPANY
Liabilities
Description
Accounts payable
Assets
Cash
Balance Sheet
June 30, 2014
LAST CHANCE COMPANY
5.
5,100 -
Post-Closing Trial Balance
June 30, 2014
Debit
Balances
Credit
Balances
Cash
LAST CHANCE COMPANY
