Problem 4-1A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank.
1.
Total revenues
Expenses:
Net income
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 owner’s equity
4.
Debit Credit
Oct. 31
31
Name:
Date
Closing Entries
2014
Description
Liabilities
Owner’s Equity
Ted Hickman, capital, November 1, 2011
July 31, 2014
Ted Hickman, capital, July 31, 2014
Balance Sheet
Statement of Owner’s Equity
Section:
0%
WATCHDOG COMPANY
Income Statement
For the Year Ended July 31, 2014
WATCHDOG COMPANY
2
Cells with non-gray backgrounds are protected and cannot be edited.
Revenues:
Assets
WATCHDOG COMPANY
For the Year Ended July 31, 2014
Total expenses
Miscellaneous Expense
31
31
5.
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
Post-Closing Trial Balance
July 31, 2014
Land
Debit
Balances
Credit
Balances
Ted Hickman, Capital
Building
Accumulated Depreciation – Building
Cash
Prepaid Insurance
Supplies
Accounts Payable
Salaries & Wages Payable
WATCHDOG COMPANY
Problem 4-1A
Solution
Scoring:
Instructions
Less withdrawals
Net income for the year
Increase in owner’s capital
Unearned rent
Ted Hickman, capital
Equipment
Building
Supplies
Salaries and wages payable
Answers are entered in the cells with gray backgrounds.
For correct grading in the trial balance, enter a zero in cells you would otherwise leave blank.
1.
368,100$
1,000
Total revenues 369,100$
Expenses:
2.
203,100$
3.
Current assets: Current liabilities
10,800$ 15,700$
4.
Debit Credit
Rent Revenue
Income Summary
Income Summary
Salaries and Wages Expense
Oct. 31 368,100
Date
2014
Closing Entries
Income Statement
For the Year Ended July 31, 2014
Revenues:
For the Year Ended July 31, 2014
Ted Hickman, capital, November 1, 2011
Fees revenue
Rent revenue
WATCHDOG COMPANY
Statement of Owner’s Equity
Name:
Section:
ON
Cells with non-gray backgrounds are protected and cannot be edited.
Fees Revenue
An asterisk (*) will appear to the right of an incorrect entry.
WATCHDOG COMPANY
Liabilities
Description
Accounts payable
Assets
Cash
Balance Sheet
July 31, 2014
WATCHDOG COMPANY
Insurance expense
Depreciation expense – building
Miscellaneous expense
Supplies expense
Salaries and wages expense
Advertising expense
Utilities expense
Repairs expense
Depreciation expense – equipment
Building
Supplies
21,700
11,400
8,850
5.
10,800 –
Accounts Receivable 43,300 –
Repairs Expense
Post-Closing Trial Balance
July 31, 2014
Debit
Balances
Credit
Balances
Cash
Advertising Expense
Utilities Expense
WATCHDOG COMPANY
Supplies Expense
Depreciation Expense – Building
Ted Hickman, Drawing
Insurance Expense
Ted Hickman, Capital
Depreciation Expense – Equipment