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 equipment
Total assets Total liabilities and owner’s equity
4.
Debit Credit
June 30
30
Name:
Date
Description
Closing Entries
2014
LAST CHANCE COMPANY
Liabilities
Owner’s Equity
JOURNAL
Statement of Owner’s Equity
June 30, 2014
Tami Garrigan, capital, June 30, 2014
Balance Sheet
Tami Garrigan, capital, July 1, 2013
Section:
0%
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2014
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Assets
LAST CHANCE COMPANY
For the Year Ended June 30, 2014
Total expenses
Revenues:
Miscellaneous Expense
30
30
5.
Debit
Balances
Credit
Balances
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
Accounts Payable
Salaries and Wages Payable
LAST CHANCE COMPANY
Post-Closing Trial Balance
June 30, 2014
Land
Prepaid Insurance
Supplies
Tami Garrigan, Capital
Building
Accumulated Depreciation – Building
Cash
Problem 4-1B
Solution
Scoring:
Instructions
Equipment
Building
Unearned rent
Tami Garrigan, capital
Supplies
Salaries and wages payable
Miscellaneous expense
Depreciation expense – building
Insurance expense
Depreciation expense – equipment
Supplies expense
Salaries and wages expense
Advertising expense
Utilities expense
Travel expense
Answers are entered in the cells with gray backgrounds.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1.
283,750$
3,000
Total revenues 286,750$
2.
361,300$
3.
Current assets: Current liabilities
5,100$ 9,750$
4.
Debit Credit
Rent Revenue
Income Summary
Income Summary
Salaries and Wages Expense
June 30 283,750
2014
Closing Entries
Tami Garrigan, capital, July 1, 2013
Date
Income Statement
For the Year Ended June 30, 2014
Revenues:
For the Year Ended June 30, 2014
LAST CHANCE COMPANY
Statement of Owner’s Equity
JOURNAL
Name:
Section:
ON
Fees revenue
Rent revenue
Cells with non-gray backgrounds are protected and cannot be edited.
Fees Revenue
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
Plus withdrawals
Net loss for the year
Decrease in owner’s capital
86,800
30,000
Advertising Expense
Utilities Expense
Travel Expense
Supplies Expense
Insurance Expense
Tami Garrigan, Drawing
Depreciation Expense – Building
Income Summary
Depreciation Expense – Equipment