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.
In the trial balance, enter a zero in cells you would otherwise leave blank.
Section:
0%
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
1.
Total revenues
Expenses:
Net income (loss)
2.
Revenues:
LAMP LIGHT COMPANY
For the Year Ended December 31, 2016
Total expenses
LAMP LIGHT COMPANY
Income Statement
For the Year Ended December 31, 2016
Retained Earnings Statement
Retained earnings, January 1, 2016
Retained earnings, December 31, 2016
3.
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
Assets
LAMP LIGHT COMPANY
December 31, 2016
Balance Sheet
Liabilities
Stockholders’ Equity
4.
Debit Credit
Dec. 31
31
Miscellaneous Expense
31
31
5.
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
Common Stock
JOURNAL
2016
Description
Retained Earnings
Building
Accumulated Depreciation – Building
Cash
Prepaid Insurance
Supplies
Accounts Payable
Salaries & Wages Payable
LAMP LIGHT COMPANY
Post-Closing Trial Balance
December 31, 2016
Land
Debit
Balances
Credit
Balances
Date
Closing Entries
Problem 4-1A
Score:
Instructions
Less dividends
Increase in retained earnings
Building
Common stock
Retained earnings
Accumulated depreciation
Equipment
Accumulated depreciation
Answers are entered in the cells with gray backgrounds.
In the trial balance, enter a zero in cells you would otherwise leave blank.
1.
375,000$
1,300
Total revenues 376,300$
Expenses:
168,000$
21,700
11,400
10,100
2.
128,100$
140,000$
3.
Current assets: Current liabilities
10,800$ 15,700$
50,200 4,900
1,200 800
480 Total liabilities 21,400$
4.
Debit Credit
Depreciation Expense – Equipment
Repairs Expense
Utilities Expense
Depreciation Expense – Building
Dec. 31 375,000
1,300
376,300
31 236,300
168,000
21,700
31 10,000
LAMP LIGHT COMPANY
Name:
Section:
ON
Fees revenue
Solution
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
LAMP LIGHT COMPANY
Income Statement
For the Year Ended December 31, 2016
Revenues:
JOURNAL
Net income for the year
Fees Earned
Prepaid insurance
Supplies
Description
Assets
For the Year Ended December 31, 2016
LAMP LIGHT COMPANY
Retained Earnings Statement
Rent revenue
Salaries and wages expense
Advertising expense
Utilities expense
Depreciation expense – building
Retained earnings, January 1, 2016
Unearned rent
Liabilities
Accounts payable
Salaries and wages payable
Cash
Accounts receivable
Balance Sheet
December 31, 2016
2016
Closing Entries
Date
Rent Revenue
Income Summary
Income Summary
Salaries and Wages Expense
Advertising Expense
Retained Earnings
Depreciation expense – equipment
Repairs expense
Insurance expense
Miscellaneous expense
5.
10,800 –
Accounts Receivable 50,200 –
1,200 –
480 –
98,000 –
Prepaid Insurance
LAMP LIGHT COMPANY
Post-Closing Trial Balance
December 31, 2016
Debit
Balances
Credit
Balances
Cash
Supplies
Land
Salaries & Wages Payable
Building
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.
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Section:
0%
Name:
1.
Total revenues
Expenses:
Net income (loss)
2.
3.
Current assets: Current liabilities:
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders’ equity
Total property, plant, and equipment
Total assets Total liabilities and stockholders’ equity
Assets
LAST CHANCE COMPANY
For the Year Ended June 30, 2016
Total expenses
Revenues:
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2016
LAST CHANCE COMPANY
Retained Earnings Statement
Retained earnings, July 1, 2015
June 30, 2016
Liabilities
Stockholders’ Equity
Retained earnings, June 30, 2016
Balance Sheet
4.
Debit Credit
June 30
30
Miscellaneous Expense
30
30
5.
Accounts Receivable
Equipment
Accumulated Depreciation – Equipment
Unearned Rent
Common Stock
JOURNAL
Post-Closing Trial Balance
June 30, 2016
Land
Retained Earnings
Building
Accumulated Depreciation – Building
Cash
Prepaid Insurance
Supplies
Accounts Payable
Salaries & Wages Payable
LAST CHANCE COMPANY
Date
Closing Entries
2016
Description
Debit
Balances
Credit
Balances
Problem 4-1B
Solution
Score:
Instructions
Plus dividends
Decrease in retained earnings
Supplies
Building
Common stock
Retained earnings
Accumulated depreciation
Equipment
Accumulated depreciation
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$
3,000
Total revenues 286,750$
Expenses:
147,000$
86,800
30,000
18,750
2.
271,300$
12,025$
3.
Current assets: Current liabilities:
5,100$ 9,750$
26,500 1,900
2,300 1,500
4.
Debit Credit
Depreciation Expense – Equipment
Depreciation Expense – Building
Travel Expense
June 30 283,750
3,000
286,750
30 298,775
147,000
86,800
30,000
30 20,000
Revenues:
For the Year Ended June 30, 2016
Name:
Section:
ON
Fees earned
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
LAST CHANCE COMPANY
Income Statement
For the Year Ended June 30, 2016
Description
Assets
JOURNAL
Net loss for the year
Fees Earned
Prepaid insurance
LAST CHANCE COMPANY
Retained Earnings Statement
Rent revenue
Salaries and wages expense
Advertising expense
Utilities expense
Travel expense
Salaries and wages payable
Cash
Accounts receivable
Balance Sheet
June 30, 2016
LAST CHANCE COMPANY
Retained earnings, July 1, 2015
Unearned rent
Liabilities
Accounts payable
Advertising Expense
Utilities Expense
2016
Closing Entries
Date
Retained Earnings
Rent Revenue
Income Summary
Income Summary
Salaries and Wages Expense
Depreciation expense – building
Insurance expense
Depreciation expense – equipment
Supplies expense
Miscellaneous expense
5.
5,100 –
Accounts Receivable 26,500 –
2,300 –
525 –
LAST CHANCE COMPANY
Prepaid Insurance
Supplies
Post-Closing Trial Balance
June 30, 2016
Debit
Balances
Credit
Balances
Cash
Salaries & Wages Payable
Building
Problem 4-3A
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.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 11,000
Laundry Supplies 21,500
Prepaid Insurance 9,600
Laundry Equipment 232,600
Accum. Depreciation 125,400
Accounts Payable 11,800
Wages Payable
Common Stock 40,000
Retained Earnings 65,600
Dividends 10,000
Laundry Revenue 232,200
Wages Expense 125,200
Rent Expense 40,000
Utilities Expense 19,700
Laundry Supplies Exp.
Depreciation Expense
Insurance Expense
Miscellaneous Expense 5,400
475,000 475,000
3.
Debit Credit
June 30
30
30
30
1., 3., and 6.
June 30 Balance 11,000
June 30 Balance 21,500 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 9,600 June 30 Adjusting
30 Adjusted Bal.
June 30 Balance 232,600
June 30 Balance 125,400
30 Adjusting
30
Adjusted Bal.
June 30 Balance 11,800
June 30 Adjusting
Name:
Date
2016
Adjusting Entries
Trial Balance
Statement
Unadjusted Trial Balance
Adjustments
Sheet
EPICENTER LAUNDRY
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 2016
Adjusted
Income
Balance
Section:
0%
(Enter key code here)
Cells with non-gray backgrounds are protected and cannot be edited.
Description
GENERAL LEDGER
Common Stock
Accounts Payable
Wages Payable
JOURNAL
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Accumulated Depreciation
June 30 Balance 40,000
June 30 Closing June 30 Balance 65,600
30 Closing
30
Closing Bal.
June 30 Balance 10,000 June 30 Closing
June 30 Closing June 30 Closing
30 Closing
June 30 Closing June 30 Balance 232,200
June 30 Balance 125,200 June 30 Closing
30 Adjusting
30 Adjusted Bal.
June 30 Balance 40,000 June 30 Closing
June 30 Balance 19,700 June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Adjusting June 30 Closing
June 30 Balance 5,400 June 30 Closing
Rent Expense
Wages Expense
Retained Earnings
Dividends
Income Summary
Laundry Revenue
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
4.
Accounts Payable
Common Stock
Retained Earnings
Dividends
Laundry Revenue
Wages Expense
Rent Expense
Utilities Expense
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Cash
Laundry Supplies
June 30, 2016
Laundry Equipment
Prepaid Insurance
Wages Payable
Debit
Balances
EPICENTER LAUNDRY
Adjusted Trial Balance
Accumulated Depreciation
Credit
Balances
5.
Expenses:
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders’ equity
Total property, plant, and equipment
Stockholders’ Equity
Assets
EPICENTER LAUNDRY
Income Statement
EPICENTER LAUNDRY
Liabilities
June 30, 2016
Balance Sheet
Retained Earnings Statement
Retained earnings, July 1, 2015
Retained earnings, June 30, 2016
For the Year Ended June 30, 2016
EPICENTER LAUNDRY
Total expenses
For the Year Ended June 30, 2016
Revenues:
Total assets Total liabilities and stockholders’ equity
6.
Post.
Ref. Debit Credit
June 30
30
Miscellaneous Expense
30
30
7.
Accounts Payable
Retained Earnings
Description
JOURNAL
Date
2016
Closing Entries
Wages Payable
Laundry Equipment
Accumulated Depreciation
Cash
Laundry Supplies
Prepaid Insurance
Credit
Balances
EPICENTER LAUNDRY
Debit
Balances
June 30, 2016
Post-Closing Trial Balance
Common Stock
Problem 4-3A
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.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 11,000 – – 11,000 – – – 11,000 –
Laundry Supplies 21,500 – (a) 17,900 3,600 – – – 3,600 –
Prepaid Insurance 9,600 – (b) 5,700 3,900 – – – 3,900 –
Laundry Equipment 232,600 – – 232,600 – – – 232,600 –
Accum. Depreciation 125,400 – (c) 6,500 – 131,900 – – – 131,900
Accounts Payable 11,800 – – – 11,800 – – – 11,800
3.
Debit Credit
Wages Expense
Wages Payable
Depreciation Expense
Prepaid Insurance
Accumulated Depreciation
June 30 17,900
17,900
30 5,700
1., 3., and 6.
June 30 Balance 11,000
June 30 Balance 21,500 June 30 Adjusting 17,900
30 Adjusted Bal. 3,600
June 30 Balance 9,600 June 30 Adjusting 5,700
30 Adjusted Bal. 3,900
EPICENTER LAUNDRY
Adjusted
Adjustments
GENERAL LEDGER
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended June 30, 2016
Income
Balance
Unadjusted Trial Balance
An asterisk (*) will appear to the right of an incorrect entry.
Cash
Laundry Supplies
Prepaid Insurance
Solution
Name:
Section:
ON
Trial Balance
Statement
JOURNAL
Date
2016
Description
Laundry Supplies
Laundry Supplies Expense
Insurance Expense
Sheet
June 30 Balance 40,000
June 30 Closing 10,000 June 30 Balance 65,600
30 Closing 10,700
30
Closing Bal.
Laundry supplies expense
66,300
June 30 Balance 10,000 June 30 Closing 10,000
June 30 Balance 40,000 June 30 Closing 40,000
June 30 Balance 19,700 June 30 Closing 19,700
June 30 Adjusting 17,900 June 30 Closing 17,900
4.
11,000 –
3,600 –
3,900 –
232,600 –
– 131,900
Accounts Payable – 11,800
– 1,100
Common Stock – 40,000
5.
232,200$
126,300$
Cash
EPICENTER LAUNDRY
EPICENTER LAUNDRY
Income Statement
For the Year Ended June 30, 2016
Revenues:
Expenses:
Wages expense
Laundry revenue
Rent Expense
Prepaid Insurance
Wages Payable
Laundry Equipment
Accumulated Depreciation
Retained Earnings
Dividends
Utilities Expense
Laundry Supplies Expense
Debit
Balances
Credit
Balances
Common Stock
Laundry Supplies
Adjusted Trial Balance
June 30, 2016
Prepaid insurance
Laundry equipment
Accumulated depreciation
Retained earnings
Common stock
5,700
5,400
221,500
Net income 10,700$
65,600$
10,700$
Current assets: Current liabilities
11,000$ 11,800$
3,600 1,100
6.
Debit Credit
Laundry Supplies Expense
Depreciation Expense
Insurance Expense
Utilities Expense
Retained Earnings
Accumulated Depreciation
Wages Payable
June 30 232,200
232,200
30 221,500
126,300
40,000
30 10,700
10,700
7.
11,000 –
3,600 –
3,900 –
232,600 –
Laundry Revenue
Income Summary
Wages Expense
Cash
Prepaid Insurance
Income Summary
Retained Earnings
Laundry Supplies
JOURNAL
Laundry Equipment
Post-Closing Trial Balance
June 30, 2016
Debit
Balances
Credit
Balances
Income Summary
Rent Expense
Assets
Liabilities
Net income for the year
For the Year Ended June 30, 2016
Insurance expense
EPICENTER LAUNDRY
Wages payable
Balance Sheet
June 30, 2016
EPICENTER LAUNDRY
Retained Earnings Statement
Miscellaneous expense
Total expenses
2016
Closing Entries
Laundry supplies
EPICENTER LAUNDRY
Retained earnings, July 1, 2015
Date
Description
Accounts payable
Cash
Less dividends
Increase in retained earnings
Problem 4-3B
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.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 3,800
Laundry Supplies 9,000
Prepaid Insurance 6,000
Laundry Equipment 180,800
Accum. Depreciation 49,200
Accounts Payable 7,800
Wages Payable
Common Stock 15,000
Retained Earnings 80,000
Dividends 2,400
Laundry Revenue 248,000
Wages Expense 135,800
Rent Expense 43,200
Utilities Expense 16,000
Depreciation Expense
Laundry Supplies Exp.
Insurance Expense
Miscellaneous Expense 3,000
400,000 400,000
3.
Debit Credit
Aug. 31
31
31
31
1., 3., and 6.
Aug. 31 Balance 3,800
Aug. 31 Balance 9,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 6,000 Aug. 31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 180,800
Aug. 31 Balance 49,200
31 Adjusting
31
Adjusted Bal.
Aug. 31 Balance 7,800
Aug. 31 Adjusting
Name:
Date
2016
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Sheet
Cells with non-gray backgrounds are protected and cannot be edited.
LA MESA LAUNDRY
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended August 31, 2016
Adjusted
Income
Balance
Trial Balance
Statement
Section:
0%
(Enter key code here)
Description
GENERAL LEDGER
Common Stock
Accumulated Depreciation
Accounts Payable
Wages Payable
JOURNAL
Cash
Laundry Supplies
Prepaid Insurance
Laundry Equipment
Aug. 31 Balance 15,000
Aug. 31 Closing Aug. 31 Balance 80,000
31 Closing
31
Closing Bal.
Aug. 31 Balance 2,400 Aug. 31 Closing
Aug. 31 Closing Aug. 31 Closing
31 Closing
Aug. 31 Closing Aug. 31 Balance 248,000
Aug. 31 Balance 135,800 Aug. 31 Closing
31 Adjusting
31 Adjusted Bal.
Aug. 31 Balance 43,200 Aug. 31 Closing
Aug. 31 Balance 16,000 Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Adjusting Aug. 31 Closing
Aug. 31 Balance 3,000 Aug. 31 Closing
Rent Expense
Laundry Revenue
Wages Expense
Retained Earnings
Dividends
Income Summary
Utilities Expense
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Miscellaneous Expense
4.
Cash
Laundry Supplies
August 31, 2016
Laundry Equipment
Prepaid Insurance
Credit
Balances
Debit
Balances
LA MESA LAUNDRY
Adjusted Trial Balance
5.
Expenses:
Net income
Current assets: Current liabilities
Total liabilities
Total current assets
Property, plant, and equipment:
Total stockholders’ equity
Total property, plant, and equipment
Stockholders’ Equity
Assets
LA MESA LAUNDRY
Income Statement
LA MESA LAUNDRY
Liabilities
August 31, 2016
Balance Sheet
Retained Earnings Statement
Retained earnings, September 1, 2015
Retained earnings, August 31, 2016
For the Year Ended August 31, 2016
LA MESA LAUNDRY
Total expenses
For the Year Ended August 31, 2016
Revenues:
Total assets Total liabilities and stockholders’ equity
6.
Debit Credit
Aug. 31
31
Miscellaneous Expense
31
31
7.
Accounts Payable
Retained Earnings
Description
JOURNAL
Date
2016
Closing Entries
Common Stock
Laundry Equipment
Accumulated Depreciation
Cash
Laundry Supplies
Prepaid Insurance
Wages Payable
Credit
Balances
LA MESA LAUNDRY
Debit
Balances
August 31, 2016
Post-Closing Trial Balance
Problem 4-3B
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.
2.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 3,800 – – 3,800 – – – 3,800 –
Laundry Supplies 9,000 – (c) 7,000 2,000 – – – 2,000 –
Prepaid Insurance 6,000 – (d) 5,300 700 – – – 700 –
Laundry Equipment 180,800 – – 180,800 – – – 180,800 –
Accum. Depreciation 49,200 – (b) 8,150 – 57,350 – – – 57,350
Accounts Payable 7,800 – – – 7,800 – – – 7,800
Wages Payable – (a) 2,200 – 2,200 – – – 2,200
3.
Debit Credit
Insurance Expense
Prepaid Insurance
Laundry Supplies Expense
Depreciation Expense
Accumulated Depreciation
Laundry Supplies
Aug. 31 2,200
2,200
1., 3., and 6.
Aug. 31 Balance 3,800
Aug. 31 Balance 9,000 Aug. 31 Adjusting 7,000
31 Adjusted Bal. 2,000
Aug. 31 Balance 6,000 Aug. 31 Adjusting 5,300
31 Adjusted Bal. 700
Adjusted
Adjustments
Trial Balance
Statement
GENERAL LEDGER
Cells with non-gray backgrounds are protected and cannot be edited.
End-of-Period Spreadsheet (Work Sheet)
For the Year Ended August 31, 2016
Income
Balance
Unadjusted Trial Balance
An asterisk (*) will appear to the right of an incorrect entry.
LA MESA LAUNDRY
Solution
Name:
Section:
ON
Cash
Laundry Supplies
Prepaid Insurance
JOURNAL
Date
2016
Adjusting Entries
Description
Wages Payable
Wages Expense
Sheet
Aug. 31 Balance 15,000
Aug. 31 Closing 2,400 Aug. 31 Balance 80,000
31 Closing 27,350
31
Closing Bal.
Wages Payable
Expenses:
104,950
Aug. 31 Balance 135,800 Aug. 31 Closing 138,000
31 Adjusting 2,200
31 Adjusted Bal. 138,000
Aug. 31 Balance 43,200 Aug. 31 Closing 43,200
Aug. 31 Balance 16,000 Aug. 31 Closing 16,000
Aug. 31 Adjusting 8,150 Aug. 31 Closing 8,150
4.
3,800 –
2,000 –
700 –
180,800 –
– 57,350
Accounts Payable – 7,800
5.
248,000$
Cash
LA MESA LAUNDRY
Income Statement
For the Year Ended August 31, 2016
Revenues:
Laundry Equipment
Accumulated Depreciation
Laundry revenue
Rent Expense
Prepaid Insurance
Retained Earnings
Wages Expense
Utilities Expense
Depreciation Expense
Common Stock
Adjusted Trial Balance
August 31, 2016
Debit
Balances
Credit
Balances
LA MESA LAUNDRY
Laundry Supplies
Laundry equipment
Accumulated depreciation
Retained earnings
Common stock
5,300
3,000
220,650
Net income 27,350$
80,000$
27,350$
Current assets: Current liabilities
3,800$ 7,800$
2,000 2,200
700 Total liabilities 10,000$
6.
Debit Credit
Depreciation Expense
Laundry Supplies Expense
Insurance Expense
Income Summary
Retained Earnings
Retained Earnings
Utilities Expense
Accumulated Depreciation
Laundry Equipment
Wages Payable
Common Stock
Aug. 31 248,000
248,000
31 220,650
138,000
43,200
7.
3,800 –
2,000 –
700 –
Laundry Revenue
Income Summary
Wages Expense
Cash
Prepaid Insurance
Laundry Supplies
JOURNAL
Post-Closing Trial Balance
August 31, 2016
Debit
Balances
Credit
Balances
Income Summary
Rent Expense
Wages payable
Balance Sheet
August 31, 2016
Laundry supplies
Assets
Liabilities
Net income for the year
For the Year Ended August 31, 2016
LA MESA LAUNDRY
Insurance expense
LA MESA LAUNDRY
Retained Earnings Statement
Miscellaneous expense
Total expenses
2016
Closing Entries
Prepaid insurance
LA MESA LAUNDRY
Retained earnings, September 1, 2015
Date
Description
Accounts payable
Cash
Increase in retained earnings
Less dividends