Problem 4-4B
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.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,100
Supplies 8,000
Prepaid Insurance 7,500
Equipment 113,000
Accum. Depr. – Equip. 12,000
Trucks 90,000
Accum. Depr. – Trucks 27,100
Accounts Payable 4,500
Wages Payable
Jeanne McQuay, Capital 126,400
Jeanne McQuay, Drawing 3,000
Service Revenue 155,000
Wages Expense 72,000
Rent Expense 7,600
Truck Expense 5,350
Depr. Exp. – Equipment
Supplies Expense
Depr. Exp. – Trucks
Insurance Expense
Miscellaneous Expense 5,450
325,000 325,000
Net Income
3.
Page 26
Post.
Ref. Debit Credit
Jan. 31
31
31
31
31
1., 3., and 6.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √13,100
Supplies 13
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √8,000
31 Adjusting
Prepaid Insurance 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
Description
GENERAL LEDGER
Trial Balance
Statement
Unadjusted Trial Balance
For the Year Ended January 31, 2014
Adjusted
Income
Balance
Sheet
RECESSIVE INTERIORS
End-of-Period Spreadsheet (Work Sheet)
Date
Date
2014
Section:
0%
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
JOURNAL
Date
2014
Adjusting Entries
Balance
2014
Balance
Balance
Date
2014
Jan. 31 Balance √7,500
31 Adjusting
Equipment 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √113,000
Accumulated Depreciation – Equipment
17
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √12,000
31 Adjusting
Trucks 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √90,000
Accumulated Depreciation – Trucks 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √27,100
31 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √4,500
Wages Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Adjusting
Jeanne McQuay, Capital 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √126,400
31 Closing
31 Closing
Jeanne McQuay, Drawing 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √3,000
31 Closing
Income Summary 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
31 Closing
Service Revenue 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √155,000
31 Closing
Wages Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √72,000
31 Adjusting
31 Closing
Balance
Balance
Balance
2014
Balance
Date
2014
Balance
Balance
Balance
Balance
2014
Date
2014
Date
Date
Balance
Date
2014
Balance
Date
Balance
Date
2014
Date
2014
2014
2014
Date
2014
Date
2014
Date
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √7,600
31 Closing
Truck Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √5,350
31 Closing
Depreciation Expense – Equipment 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Adjusting
31 Closing
Supplies Epense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Adjusting
31 Closing
Depreciation Expense – Trucks
56
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Adjusting
31 Closing
Insurance Expense 57
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √5,450
31 Closing
4.
Accounts Payable
Jeanne McQuay, Capital
Jeanne McQuay, Drawing
Service Revenue
Wages Expense
Rent Expense
Truck Expense
Depreciation Expense – Equipment
Supplies Expense
Depreciation Expense – Trucks
Insurance Expense
Miscellaneous Expense
5.
Balance
Accumulated Depreciation – Equipment
Debit
Balances
RECESSIVE INTERIORS
Adjusted Trial Balance
Date
Balance
Balance
Trucks
For the Year Ended January 31, 2014
Accumulated Depreciation – Trucks
Wages Payable
Balance
RECESSIVE INTERIORS
Income Statement
2014
Date
Balance
2014
Date
2014
Supplies
Equipment
Prepaid Insurance
Cash
2014
2014
2014
Date
Balance
Balance
Date
January 31, 2014
Credit
Balances
Date
Date
2014
Expenses:
Net income
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
6.
Page 27
Post.
Ref. Debit Credit
Jan. 31
31
Miscellaneous Expense
31
31
7.
Accounts Payable
Jeanne McQuay, Capital
RECESSIVE INTERIORS
Total expenses
For the Year Ended January 31, 2014
Revenues:
Jeanne McQuay, capital, February 1, 2013
Jeanne McQuay, capital, January 31, 2014
Balance Sheet
Statement of Owner’s Equity
JOURNAL
RECESSIVE INTERIORS
January 31, 2014
Liabilities
Date
Closing Entries
2014
Description
Owner’s Equity
Wages Payable
Equipment
Accumulated Depreciation – Equipment
Cash
Supplies
Prepaid Insurance
Trucks
Accumulated Depreciation – Trucks
Post-Closing Trial Balance
Debit
Balances
Assets
Credit
Balances
RECESSIVE INTERIORS
January 31, 2014
Score:
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.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 13,100 – – 13,100 – – – 13,100 –
3.
Page 26
Post.
Ref. Debit Credit
Insurance Expense
Depreciation Expense – Trucks
Depreciation Expense – Equipment
Wages Expense
Jan. 31 55 5,150
13 5,150
1., 3., and 6.
Cash
11
Post.
Post.
Post.
Balance
Balance
Date
Date
Item Ref. Dr. Cr. Dr. Cr.
Jan. 31 Balance √13,100
Statement
Unadjusted Trial Balance
Trial Balance
Sheet
Date
2014
For the Year Ended January 31, 2014
Adjusted
Income
Balance
Solution
Name:
Section:
An asterisk (*) will appear to the right of an incorrect entry.
RECESSIVE INTERIORS
ON
GENERAL LEDGER
Balance
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
JOURNAL
Date
2014
Description
Supplies
Supplies Expense
Equipment 16
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
5.
2014
RECESSIVE INTERIORS
Income Statement
For the Year Ended January 31, 2014
Balance
Date
Post.
Post.
Post.
RECESSIVE INTERIORS
Balance
Date
Date
Balance
Date
Balance
Less withdrawals
Increase in owner’s equity
Net income for the year
155,000$
72,900$
126,400$
6.
Page 27
Post.
Wages Payable
RECESSIVE INTERIORS
Supplies Expense
Depreciation Expense – Trucks
Service Revenue
Income Summary
Income Summary
Truck Expense
Rent Expense
Wages Expense
Depreciation Expense – Equipment
Accumulated Depreciation – Trucks
Jeanne McQuay, Drawing
Prepaid Insurance
Equipment
Accumulated Depreciation – Equipment
Trucks
Insurance Expense
Income Summary
Jeanne McQuay, Capital
Jeanne McQuay, Capital
Supplies
Ref. Debit Credit
Service revenue
JOURNAL
Jeanne McQuay, capital, February 1, 2013
Revenues:
RECESSIVE INTERIORS
Statement of Owner’s Equity
Expenses:
Wages expense
For the Year Ended January 31, 2014
2014
Closing Entries
Date
Description
Supplies expense
Depreciation expense – equipment
Depreciation expense – trucks
Insurance expense
Miscellaneous expense
Rent expense
Truck expense