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
Plus dividends
Decrease in retained earnings
Equipment
Building
Unearned rent
Capital stock
Retained earnings
Salaries and wages payable
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$
Rent Revenue
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
Miscellaneous expense
Depreciation expense – building
Insurance expense
Depreciation expense – equipment
Rent revenue
Supplies expense
Salaries and wages expense
Advertising expense
Utilities expense
Travel expense
Building
Supplies
5.
5,100 –
Post-Closing Trial Balance
June 30, 2014
Debit
Balances
Credit
Balances
Cash
LAST CHANCE COMPANY