COMPREHENSIVE PROBLEM (Continued)
(b) & (c) ASHLEY’S MAIDS CLEANING SERVICE
Worksheet
For the Month Ended July 31, 2017
Account Titles
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Net Income
Totals
Cash
Accounts Receivable
Accounts Payable
Owner’s Capital
Owner’s Drawings
Service Revenue
Gasoline Expense
Salaries and Wages Expense
Total
6,140
4,300
700
400
1,600
26,100
6,400
14,000
5,700
26,100
(a) 1,300
(e) 500
(a) 1,300
6,140
5,600
700
400
2,100
6,400
14,000
7,000
400
2,100
7,000
6,140
5,600
700
6,400
14,000
COMPREHENSIVE PROBLEM (Continued)
(a), (e) & (f)
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
July 1
J1
14,000
14,000
1
J1
3,000
11,000
5
J1
2,160
8,840
J1
1,400
J1
1,600
5,840
J1
J1
6,840
J1
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
July 12
J1
3,800
3,800
J1
J1
4,300
Adjusting
J2
1,300
Supplies No. 126
Date
Explanation
Ref.
Debit
Credit
Balance
July 3
J1
Adjusting
J2
Prepaid Insurance No. 130
Date
Explanation
Ref.
Debit
Credit
Balance
July 5
J1
2,160
2,160
Adjusting
J2
180
Equipment No. 157
Date
Explanation
Ref.
Debit
Credit
Balance
July 1
J1
COMPREHENSIVE PROBLEM (Continued)
Accumulated Depreciation—Equipment No. 158
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
Adjusting
J2
200
Accounts Payable No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
July 1
J1
7,000
J1
J1
Salaries and Wages Payable No. 212
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
Adjusting
J2
500
500
Owner’s Capital No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
July 1
J1
14,000
14,000
31
Closing
J3
31
Closing
J3
Owner’s Drawings No. 306
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
J1
700
700
31
Closing
J3
700
0
Income Summary No. 350
Date
Explanation
Ref.
Debit
Credit
Balance
Closing
J3
31
Closing
J3
Closing
J3
COMPREHENSIVE PROBLEM (Continued)
Service Revenue No. 400
Date
Explanation
Ref.
Debit
Credit
Balance
July 12
J1
3,800
3,800
J1
31
Adjusting
J2
1,300
Closing
J3
Supplies Expense No. 631
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
Adjusting
J2
700
700
31
Closing
J3
700
0
Gasoline Expense No. 633
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
J1
400
400
31
Closing
J3
400
0
Depreciation Expense No. 711
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
Adjusting
J2
200
200
31
Closing
J3
200
0
Insurance Expense No. 722
Date
Explanation
Ref.
Debit
Credit
Balance
July 31
J2
31
J3
0
Salaries and Wages Expense No. 726
Date
Explanation
Ref.
Debit
Credit
Balance
July 20
J1
1,600
1,600
Adjusting
J2
500
2,100
COMPREHENSIVE PROBLEM (Continued)
(d) ASHLEY’S MAIDS CLEANING SERVICE
Income Statement
For the Month Ended July 31, 2017
Revenues
Service revenue……………………………………….. $7,000
Expenses
Salaries and wages expense …………………….. $2,100
Supplies expense …………………………………….. 700
ASHLEY’S MAIDS CLEANING SERVICE
Owner’s Equity Statement
For the Month Ended July 31, 2017
Owner’s Capital, July 1 …………………………………… $ 0
Add: Investments ………………………………………….. $14,000
COMPREHENSIVE PROBLEM (Continued)
ASHLEY’S MAIDS CLEANING SERVICE
Balance Sheet
July 31, 2017
Assets
Current assets
Cash ………………………………………………………. $6,140
Liabilities and Owner’s Equity
Current liabilities
Accounts payable ……………………………………. $6,400
Salaries and wages payable …………………….. 500
COMPREHENSIVE PROBLEM (Continued)
(e)
General Journal J2
Date
Account Titles and Explanation
Ref.
Debit
Credit
July 31
Accounts Receivable …………………….
112
1,300
Service Revenue …………………..
400
1,300
31
Depreciation Expense …………………..
711
200
Accumulated Depreciation—
Equipment ………………………..
158
200
31
Insurance Expense ……………………….
722
Prepaid Insurance …………………
130
31
Supplies Expense …………………………
631
700
Supplies ……………………………….
126
700
31
Salaries and Wages Expense …………
726
500
Salaries and Wages Payable ….
212
500
(f)
General Journal J3
Date
Account Titles and Explanation
Ref.
Debit
Credit
July 31
Service Revenue …………………………..
400
7,000
Income Summary ………………….
350
7,000
31
Income Summary ………………………….
350
3,580
Salaries and Wages Expense …
726
2,100
Supplies Expense …………………
631
700
Gasoline Expense …………………
633
Depreciation Expense ……………
711
200
Insurance Expense ……………….
722
31
Income Summary ………………………….
350
301
31
301
306
COMPREHENSIVE PROBLEM (Continued)
(g) ASHLEY’S MAIDS CLEANING SERVICE
Post-Closing Trial Balance
July 31, 2017
Debit
Credit
Cash ………………………………………………………….. $ 6,140
CC4 COOKIE CREATIONS
(a)
COOKIE CREATIONS
Income Statement
For the Two Months Ended December 31, 2016
Revenues
Service revenue ……………………………………………….. $4,515
Expenses
Supplies expense …………………………………………….. $1,025
Salaries and wages expense …………………………….. 1,006
COOKIE CREATIONS
Owner’s Equity Statement
For the Two Months Ended December 31, 2016
Owner’s Capital, November 1 ……………………………….. $ 800
Add: Net income ………………………………………………… 2,029
CC4 (Continued)
(a) (Continued)
COOKIE CREATIONS
Balance Sheet
December 31, 2016
Assets
Current assets
Cash …………………………………………………………………. $1,180
Accounts receivable ………………………………………….. 875
Liabilities and Owner’s Equity
Current liabilities
Accounts payable ……………………………………………… 0$ 75
Salaries and wages payable ……………………………….. 56
Long-term liabilities
Notes payable …………………………………………………… 2,000
Interest payable…………………………………………………. 15
CC4 (Continued)
(b)
GENERAL JOURNAL
J4
Date
Account Titles and Explanation
Debit
Credit
2016
Dec. 31 Service Revenue ………………………………. 4,515
Income Summary …………………………. 4,515
31 Income Summary …………………………….. 2,486
Supplies Expense ………………………… 1,025
31 Income Summary …………………………….. 2,029
Owner’s Capital ……………………………. 2,029
CC4 (Continued)
(c) COOKIE CREATIONS
Post-Closing Trial Balance
December 31, 2016
Account Debit Credit
Cash ……………………………………………………………… $1,180
Accounts Receivable ……………………………………… 875
Accumulated Depreciation—Equipment ………….. $ 40
Accounts Payable ………………………………………….. 75
Salaries and Wages Payable …………………………... 56
BYP 4-1 FINANCIAL REPORTING PROBLEM
(a) Total current assets were $73,286 million at September 28, 2013, and
$57,653 million at September 29, 2012.
(d) Apple reported $14,259 of cash and cash equivalents at September 28,
2013.