July 31 Adjusting
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 4
31 Adjusting
Common Stock 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 0
31 Closing
31 Closing
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31
31 Closing
Balance
Date
Balance
Date
Balance
Date
2016
Balance
Date
2016
2016
2016
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Closing
31 Closing
31 Closing
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 12
17
20
24
31
31
31 Adjusting
31 Closing
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 14
27
31 Adjusting
31 Closing
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Supplies Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
2016
Balance
Balance
2016
2016
Date
Date
Balance
Balance
2016
Date
2016
Date
Date
Balance
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting
31 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 10
29
31
31 Closing
3.
Accounts Receivable
Unearned Fees
Retained Earnings
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Date
DIAMOND CONSULTING
Debit
Balances
Credit
Balances
Cash
2016
Balance
2016
Date
Date
2016
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Common Stock
Dividends
Balance
Supplies
Prepaid Rent
Balance
Unadjusted Trial Balance
July 31, 2016
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 32,450
Accounts Receivable 16,450
Supplies 3,800
Prepaid Rent 4,800
Prepaid Insurance 4,500
Office Equipment 14,000
Accum. Depreciation
Accounts Payable 1,300
Salaries Payable
Unearned Fees 5,500
Common Stock 45,000
Retained Earnings 0
Dividends 12,500
Fees Earned 41,600
Salary Expense 3,500
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 1,400
93,400 93,400
6.
Page 3
Post.
Ref. Debit Credit
July 31
31
31
31
31
31
7.
Accounts Receivable
Unearned Fees
Dividends
Fees Earned
Salary Expense
Rent Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Accumulated Depreciation
Accounts Payable
Trial Balance
Unadjusted Trial Balance
Statement
Adjusted
Income
Debit
Balances
Adjustments
Adjusted Trial Balance
July 31, 2016
Office Equipment
Supplies
Credit
Balances
Prepaid Rent
Cash
Prepaid Insurance
DIAMOND CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended July 31, 2016
Date
2016
Adjusting Entries
DIAMOND CONSULTING
Salaries Payable
Common Stock
Retained Earnings
JOURNAL
Description
8.
Net income
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
Expenses:
Liabilities
DIAMOND CONSULTING
Income Statement
DIAMOND CONSULTING
For the Month Ended July 31, 2016
Total expenses
DIAMOND CONSULTING
Retained earnings, July 31, 2016
Balance Sheet
For the Month Ended July 31, 2016
Retained Earnings Statement
Retained earnings, July 1, 2016
Assets
July 31, 2016
Stockholders’ Equity
Revenues:
Total revenues
9.
Page 4
Post.
Ref. Debit Credit
July 31
31
Miscellaneous Expense
31
31
10.
Accounts Receivable
Unearned Fees
Common Stock
Retained Earnings
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
Accounts Payable
Post-Closing Trial Balance
July 31, 2016
Salaries Payable
Prepaid Insurance
2016
Date
JOURNAL
Description
DIAMOND CONSULTING
Closing Entries
Debit
Balances
Credit
Balances
Problem 4-5A
Score:
Key Code:
Instructions
Answers are entered in the cells with gray backgrounds.
In the general ledger accounts, only normal balance columns will be graded.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 1
Post.
Ref. Debit Credit
July 1 11 13,500
12 20,800
14 3,200
18 7,500
31 45,000
115 4,800
11 4,800
216 4,500
Page 2
Post.
Ref. Debit Credit
Miscellaneous Expense
Cash
Salary Expense
Miscellaneous Expense
Cash
July 17 11 9,450
41 9,450
18 14 600
11 600
20 12 6,650
41 6,650
24 11 4,000
41 4,000
26 11 12,000
12 12,000
Common Stock
2016
Cash
ON
Cells with non-gray backgrounds are protected and cannot be edited.
Accounts Receivable
Supplies
Name:
Cash
Prepaid Insurance
Section:
Cash
An asterisk (*) will appear to the right of an incorrect entry.
Description
JOURNAL
Date
Accounts Receivable
Prepaid Rent
JOURNAL
Office Equipment
Fees Earned
Accounts Receivable
Cash
Fees Earned
Cash
Description
Fees Earned
Cash
Supplies
Date
2016
Solution
Unearned Fees
Office Equipment
Cash
Accounts Receivable
Cash
Cash
Accounts Receivable
Miscellaneous Expense
Accounts Payable
Cash
Salary Expense
Cash
Accounts Payable
31 33 12,500
11 12,500
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 1
13,500 13,500
1 1
4,800 8,700
2 1
4,500 4,200
4 1
5,500 9,700
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 1 20,800 20,800
6 1 15,300 5,500
12 1 13,300 18,800
20 2 6,650 25,450
26 2 12,000 13,450
31 2 3,000 16,450
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 1 1
3,200 3,200
18 2
600 3,800
31 Adjusting 3
2,275 1,525
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Date
2016
Date
2016
Date
2016
Date
Balance
Balance
Balance
Balance
2016
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 5 1
6,500 6,500
12 1
5,200 1,300
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting 3
175 175
Unearned Fees 23
Date
Date
2016
Balance
Balance
Date
Date
Balance
Dividends
Balance
2016
Cash
GENERAL LEDGER
2016
Balance
Date
2016
2016
15,300 25,000
12,000 42,500
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 4 1
5,500 5,500
31 Adjusting 3
2,750 2,750
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 2
12,500 12,500
31 Closing 4
12,500 – –
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Date
2016
Balance
Balance
Date
2016
July 31 Closing 4 44,350 44,350
31 Closing 4 10,875 33,475
31 Closing 4 33,475 –
Rent Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting 3 2,400 2,400
31 Closing 4 2,400 – –
Supplies Expense 53
Post.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Date
2016
Balance
Item Ref. Dr. Cr. Dr. Cr.
July 31 Adjusting 3 2,275 2,275
31 Closing 4 2,275 – –
Date
2016
Balance
Balance
Balance
Date
2016
2016
Date
2016
Date
2016
Balance
Balance
Date
Post.
Item Ref. Dr. Cr. Dr. Cr.
Post.
Item Ref. Dr. Cr. Dr. Cr.
Balance
Date
Balance
Date
2016
2016
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
3.
32,450 –
Accounts Receivable 16,450 –
3,800 –
Rent Expense – –
Supplies Expense – –
Depreciation Expense – –
Insurance Expense – –
Miscellaneous Expense 1,400 –
93,400 93,400
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 32,450 – – 32,450 – – – 32,450 –
Accounts Receivable 16,450 – – 16,450 – – – 16,450 –
Supplies 3,800 – (b) 2,275 1,525 – – – 1,525 –
Prepaid Rent 4,800 – (e) 2,400 2,400 – – – 2,400 –
Prepaid Insurance 4,500 – (a) 375 4,125 – – – 4,125 –
Office Equipment 14,000 – – 14,000 – – – 14,000 –
Accum. Depreciation – (c) 750 – 750 – – – 750
Accounts Payable 1,300 – – – 1,300 – – – 1,300
Salaries Payable – (d) 175 – 175 – – – 175
93,400 93,400 8,725 8,725 94,325 94,325 10,875 44,350 83,450 49,975
Net Income 33,475 – – 33,475
6.
Page 3
Post.
Salary Expense
Rent Expense
Unearned Fees
Ref. Debit Credit
July 31 55 375
16 375
31 53 2,275
14 2,275
31 54 750
7.
Credit
Balances
Debit
Balances
DIAMOND CONSULTING
Unadjusted Trial Balance
Statement
Income
DIAMOND CONSULTING
Balance
DIAMOND CONSULTING
Adjusted
Adjusted Trial Balance
July 31, 2016
Supplies
End-of-Period Spreadsheet (Work Sheet)
July 31, 2016
Cash
Debit
Balances
Credit
Balances
Date
2016
Trial Balance
Depreciation Expense
For the Month Ended July 31, 2016
JOURNAL
Description
Insurance Expense
Prepaid Insurance
Supplies Expense
Supplies
2016
Adjusting Entries
Unadjusted Trial Balance
Adjustments
Date
Prepaid Insurance
Office Equipment
Prepaid Rent
Dividends
Accumulated Depreciation
Accounts Payable
Salaries Payable
Common Stock
32,450 –
Accounts Receivable 16,450 –
1,525 –
2,400 –
4,125 –
14,000 –
– 750
– 1,300
– 175
Unearned Fees – 2,750
Total expenses
Insurance expense
Miscellaneous expense
Depreciation expense
Less dividends
Increase in retained earnings
Net income for the month
Unearned fees
Prepaid rent
Accumulated depreciation
Prepaid insurance
Retained earnings
Office equipment
Common stock
Supplies
8.
44,350$
3,675$
2,400
2,275
–$
Current assets: Current liabilities:
32,450$ 1,300$
16,450 175
9.
Page 4
Post.
Ref. Debit Credit
July 31 41 44,350
34 44,350
31 34 10,875
51 3,675
52 2,400
53 2,275
Liabilities
JOURNAL
Description
Salaries payable
Salary Expense
Supplies
Prepaid Rent
Salaries Payable
Cash
Retained earnings, July 1, 2016
Salary expense
Rent expense
Supplies expense
Revenues:
Retained Earnings Statement
For the Month Ended July 31, 2016
DIAMOND CONSULTING
Expenses:
Fees earned
Total revenues
DIAMOND CONSULTING
Balance Sheet
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Supplies Expense
Fees Earned
Income Summary
Income Summary
Income Statement
For the Month Ended July 30, 2016
DIAMOND CONSULTING
Cash
Accounts receivable
Rent Expense
July 31, 2016
Accounts payable
Date
2016
Closing Entries
Assets
Dividends
Common Stock
31 32 12,500
33 12,500
10.
32,450 –
Accounts Receivable 16,450 –
1,525 –
DIAMOND CONSULTING
Dividends
Cash
Supplies
Post-Closing Trial Balance
July 31, 2016
Debit
Balances
Credit
Balances
Retained Earnings
Retained Earnings
Salaries Payable
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Problem 4-5B
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.
In the trial balances and work sheet, enter a zero in cells you would otherwise leave blank.
1. and 2.
Page 1
Post.
Ref. Debit Credit
April 1
1
2
4
5
6
10
12
12
14
Page 2
Post.
Ref. Debit Credit
April 17
18
20
24
26
27
29
30
30
30
Description
Description
JOURNAL
Date
2016
Section:
0%
[Key code here]
Cells with non-gray backgrounds are protected and cannot be edited.
Name:
2016
JOURNAL
Date
30
2., 6., and 9.
Cash
11
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
1
2
4
6
10
12
14
17
18
24
26
27
29
30
30
30
Accounts Receivable 12
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
6
12
20
26
30
Supplies 14
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
18
30 Adjusting
Prepaid Rent 15
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
30 Adjusting
Prepaid Insurance 16
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 2
30 Adjusting
Office Equipment 18
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
5
Accumulated Depreciation 19
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
Accounts Payable 21
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 5
12
Salaries Payable 22
Post.
Item Ref. Dr. Cr. Dr. Cr.
GENERAL LEDGER
Balance
2016
Date
Date
Date
2016
2016
Date
Date
2016
Date
2016
2016
Date
2016
Date
Balance
Balance
Balance
2016
Balance
Balance
Balance
Balance
Balance
Date
2016
April 30 Adjusting
Unearned Fees 23
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 4
30 Adjusting
Common Stock 31
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1
Retained Earnings 32
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 1 Balance 0
30 Closing
31 Closing
Dividends 33
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30
30 Closing
2016
Date
Balance
Balance
2016
2016
2016
Date
Date
Date
Balance
Balance
Income Summary 34
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Closing
30 Closing
30 Closing
Fees Earned 41
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 12
17
20
24
30
30
30 Adjusting
30 Closing
Salary Expense 51
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 14
27
30 Adjusting
30 Closing
Supplies Expense 52
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Rent Expense 53
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Balance
2016
Date
Date
2016
Date
Date
2016
2016
Balance
Balance
Balance
Balance
2016
Date
Depreciation Expense 54
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Insurance Expense 55
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 30 Adjusting
30 Closing
Miscellaneous Expense 59
Post.
Item Ref. Dr. Cr. Dr. Cr.
April 10
29
30
30 Closing
3.
Accounts Receivable
Unearned Fees
Retained Earnings
Fees Earned
Salary Expense
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
Prepaid Insurance
Accumulated Depreciation
Debit
Balances
Credit
Balances
Cash
Common Stock
Salaries Payable
Office Equipment
Date
2016
Balance
Date
2016
2016
Unadjusted Trial Balance
April 30, 2016
Dividends
Accounts Payable
Balance
Supplies
Prepaid Rent
Balance
ROSEBUD CONSULTING
Date
5.
Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Cash 43,535
Accounts Receivable 17,790
Supplies 4,025
Prepaid Rent 6,000
Prepaid Insurance 4,200
Office Equipment 20,000
Accum. Depreciation
Accounts Payable 1,600
Salaries Payable
Unearned Fees 9,400
Common Stock 50,000
Retained Earnings 0
Dividends 18,000
Fees Earned 57,500
Salary Expense 3,300
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense 1,650
118,500 118,500
6.
Page 3
Post.
Ref. Debit Credit
April 30
30
30
30
30
30
7.
Accounts Receivable
Unearned Fees
Retained Earnings
Fees Earned
Salary Expense
Supplies Expense
Rent Expense
Depreciation Expense
Insurance Expense
Miscellaneous Expense
ROSEBUD CONSULTING
Debit
Balances
Adjustments
Trial Balance
Unadjusted Trial Balance
Statement
Adjusted
Income
Supplies
Accounts Payable
Accumulated Depreciation
April 30, 2016
Adjusted Trial Balance
Salaries Payable
Common Stock
Dividends
Office Equipment
Prepaid Rent
Cash
Credit
Balances
For the Month Ended April 30, 2016
Description
Prepaid Insurance
ROSEBUD CONSULTING
End-of-Period Spreadsheet (Work Sheet)
JOURNAL
Date
2016
Adjusting Entries
8.
Net income
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
Income Statement
ROSEBUD CONSULTING
Expenses:
ROSEBUD CONSULTING
For the Month Ended April 30, 2016
Total expenses
Retained Earnings Statement
Retained earnings, April 1, 2016
ROSEBUD CONSULTING
For the Month Ended April 30, 2016
Revenues:
Total revenues
Retained earnings, April 30, 2016
Balance Sheet
Stockholders’ Equity
Assets
April 30, 2016
Liabilities
9.
Page 4
Post.
Ref. Debit Credit
April 30
30
Miscellaneous Expense
30
30
10.
Accounts Receivable
Unearned Fees
Common Stock
Closing Entries
Date
Credit
Balances
2016
Accounts Payable
Salaries Payable
Post-Closing Trial Balance
Debit
Balances
Retained Earnings
Office Equipment
Accumulated Depreciation
Cash
Supplies
Prepaid Rent
ROSEBUD CONSULTING
April 30, 2016
Prepaid Insurance
JOURNAL
Description