CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4B (Continued)
Current assets: Current liabilities:
Cash $13,100 Accounts payable $4,500
RECESSIVE INTERIORS
Balance Sheet
January 31, 2014
Assets Liabilities
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–4B (Concluded)
6. Page 27
Post.
Ref. Debit Credit
2014
Jan. 31 Service Revenue 41 155,000
7.
Debit Credit
Balances Balances
Cash 13,100
JOURNAL
January 31, 2014
Closing Entries
Date
RECESSIVE INTERIORS
Post-Closing Trial Balance
1. and 2.
Page 1
Post.
Ref. Debit Credit
2014
Apr. 1 Cash 11 20,000
Accounts Receivable 12 14,700
Date
JOURNAL
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Page 2
Post.
Ref. Debit Credit
2014
Apr. 17 Cash 11 6,600
Fees Earned 41 6,600
Date
JOURNAL
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
2., 6., and 9.
Account No. 11
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 1 1 20,000 20,000
17 2 6,600 29,100
18 2 725 28,375
24 2 4,450 32,825
26 2 26,500 59,325
Account No. 12
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 1 1 14,700 14,700
Account No. 14
Post.
Item Ref. Debit Credit Debit Credit
2014
Balance
Date
Account: Accounts Receivable
Balance
Date
Account: Supplies
Date
Balance
Cash
Account:
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Account No. 15
Post.
Item Ref. Debit Credit Debit Credit
Account No. 16
Post.
Item Ref. Debit Credit Debit Credit
2014
Account No. 18
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 1 1 12,000 12,000
5 1 8,000 20,000
Account No. 19
Post.
Item Ref. Debit Credit Debit Credit
Account No. 21
Post.
Item Ref. Debit Credit Debit Credit
Account No. 22
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 30 Adjusting 3 275 275
Account: Salaries Payable
Balance
Date
Account: Accumulated Depreciation
Balance
Date
Account: Accounts Payable
Balance
Date
Balance
Date
Date
Balance
Balance
Date
Account: Office Equipment
Prepaid Rent
Account:
Account: Prepaid Insurance
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Account No. 23
Post.
Item Ref. Debit Credit Debit Credit
2014
Account No. 31
Post.
Item Ref. Debit Credit Debit Credit
2014
Account No. 32
Post.
Item Ref. Debit Credit Debit Credit
2014
Unearned Fees
Account:
Account: Jeff Horton, Capital
Balance
Date
Date
Balance
Account: Jeff Horton, Drawing
Balance
Date
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Account No. 41
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 12 1 21,900 21,900
Account No. 51
Post.
Item Ref. Debit Credit Debit Credit
2014
Apr. 14 1 1,650 1,650
Date
Balance
Salary Expense
Account:
Account: Fees Earned
Balance
Date
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Account No. 54
Post.
Account: Depreciation Expense
Balance
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
3.
Debit Credit
Balances Balances
Cash 43,535
Accounts Receivable 17,790
Unadjusted Trial Balance
April 30, 2014
ROSEBUD CONSULTING
5. Optional (Appendix)
Account Title Debit Credit Debit Credit Debit Credit Debit Credit
Cash 43,535 43,535 43,535
Accounts Receivable 17,790 17,790 17,790
SheetTrial Balance
Debit Credit
Trial Balance
Income
StatementAdjustments
ROSEBUD CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended April 30, 2014
BalanceUnadjusted Adjusted
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
6. Page 3
Post.
Ref. Debit Credit
2014
Apr. 30 Insurance Expense 55 350
Prepaid Insurance 16 350
Insurance expired.
Date
Adjusting Entries
JOURNAL
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
7.
Debit Credit
Balances Balances
Cash 43,535
Accounts Receivable 17,790
Adjusted Trial Balance
April 30, 2014
ROSEBUD CONSULTING
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
8.
Fees earned $64,550
Expenses:
Salary expense $3,575
Supplies expense 2,800
ROSEBUD CONSULTING
Income Statement
For the Month Ended April 30, 2014
CHAPTER 4 Completing the Accounting Cycle
Prob. 4–5B (Continued)
Current assets: Current liabilities:
Cash $43,535 Accounts payable $1,600
Accounts receivable 17,790 Salaries payable 275
ROSEBUD CONSULTING
Balance Sheet
April 30, 2014
Assets Liabilities
9. Page 4
Post.
Ref. Debit Credit
2014
Apr. 30 Fees Earned 41 64,550
Income Summary 33 64,550
10.
Debit Credit
Balances Balances
Cash 43,535
Accounts Receivable 17,790
JOURNAL
April 30, 2014
Closing Entries
Date
ROSEBUD CONSULTING
Post-Closing Trial Balance
CHAPTER 4 Completing the Accounting Cycle
1. Optional (Appendix)
Unearned Revenue 7,200 (e) 3,600 3,600 3,600
Peyton Smith, Capital 9,000 9,000 9,000
Peyton Smith, Drawing 1,750 1,750 1,750
Fees Earned 16,200 (a) 1,400 21,200 21,200
(e) 3,600
For the Two Months Ended July 31, 2014
BalanceUnadjusted Adjusted
CONTINUING PROBLEM
Income
PS MUSIC
End-of-Period Spreadsheet (Work Sheet)
CHAPTER 4 Completing the Accounting Cycle
Continuing Problem (Continued)
2.
Fees earned $21,200
Expenses:
Music expense $3,610
Wages expense 2,940
PS MUSIC
Income Statement
For the Two Months Ended July 31, 2014
CHAPTER 4 Completing the Accounting Cycle
Continuing Problem (Continued)
Current assets: Current liabilities:
Cash $9,945 Accounts payable $8,350
Accounts receivable 4,150 Wages payable 140
PS MUSIC
Balance Sheet
July 31, 2014
Assets Liabilities
CHAPTER 4 Completing the Accounting Cycle
Continuing Problem (Continued)
3. Page 4
Post.
Ref. Debit Credit
2014
July 31 Fees Earned 41 21,200
Income Summary 33 21,200
Closing Entries
Date
JOURNAL