ACCOUNT Insurance Expense ACCOUNT NO. 530
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔1 3 5 00
ACCOUNT Advertising Expense ACCOUNT NO. 510
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔2 5 5 00
ACCOUNT Supplies Expense ACCOUNT NO. 550
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔3 3 0 00
8-1 APPLICATION PROBLEM (concluded)
30 G12 2 5 5 00
30 G12 1 3 5 00
30 G12 3 3 0 00
8-2 APPLICATION PROBLEM, p. 233
Preparing a post-closing trial balance (LO2)
ACCOUNT TITLE DEBIT CREDIT
Rosemount Copy Center
Post-Closing Trial Balance
June 30, 20–
Cash 8 7 1 5 00
Petty Cash 7 5 00
Accounts Receivable—Raymond O’Neil 6 4 2 00
8-M MASTERY PROBLEM, p. 234
Journalizing and posting closing entries with a net loss; preparing a post-closing
trial balance (LO1, 2)
1.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL
DEBIT CREDIT
6 6
7 7
8 8
9 9
10 10
11 11
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
Closing Entries
31 Sales 410 1 7 9 0 00
Income Summary 330 1 7 9 0 00
31 Income Summary 330 1 9 6 2 00
Advertising Expense 510 2 2 5 00
Cash Short and Over 520 2 00
10
Name Date Class
8-M MASTERY PROBLEM (continued)
GENERAL LEDGER
1.
ACCOUNT Cash ACCOUNT NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔3 4 7 5 00
ACCOUNT Accounts Receivable—M. Monesrud ACCOUNT NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔3 7 5 00
ACCOUNT Prepaid Insurance ACCOUNT NO. 150
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔4 0 0 00
8-M MASTERY PROBLEM (continued)
ACCOUNT Accounts Payable—Lexington Supply ACCOUNT NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔3 0 0 00
ACCOUNT Rhonda Rausch, Drawing ACCOUNT NO. 320
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔3 0 0 00
ACCOUNT Sales ACCOUNT NO. 410
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔1 7 9 0 00
31 G10 3 0 0 00
31 G10 1 7 9 0 00
Name Date Class
8-M MASTERY PROBLEM (continued)
ACCOUNT Advertising Expense ACCOUNT NO. 510
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔2 2 5 00
ACCOUNT Insurance Expense ACCOUNT NO. 530
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔1 7 5 00
ACCOUNT Supplies Expense ACCOUNT NO. 550
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
May 31 Balance ✔7 0 0 00
31 G10 2 2 5 00
31 G10 1 7 5 00
31 G10 7 0 0 00
8-M MASTERY PROBLEM (concluded)
2.
ACCOUNT TITLE DEBIT CREDIT
Rausch Company
Post-Closing Trial Balance
May 31, 20–
Cash 3 4 7 5 00
Petty Cash 2 0 0 00
Accounts Receivable—M. Monesrud 3 7 5 00
Name Date Class
8-C CHALLENGE PROBLEM, p. 235
Journalizing and posting closing entries with two revenue accounts and a net
loss; preparing a post-closing trial balance (LO1, 2)
1. GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
GENERAL
DEBIT CREDIT
6 6
7 7
8 8
9 9
10 10
11 11
12 12
Closing Entries
30 Sales—Lawn Care 410 9 8 0 0 00
Sales—Shrub Care 420 5 0 0 0 00
Income Summary 330 14 8 0 0 00
30 Income Summary 330 15 6 8 0 00
Advertising Expense 510 7 8 0 00
12
8-C CHALLENGE PROBLEM (continued)
GENERAL LEDGER
1.
ACCOUNT Cash ACCOUNT NO. 110
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔3 7 9 6 00
ACCOUNT Supplies ACCOUNT NO. 130
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔1 3 0 0 00
ACCOUNT Accounts Payable—Eveleth Repair ACCOUNT NO. 210
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔1 1 6 00
Name Date Class
8-C CHALLENGE PROBLEM (continued)
ACCOUNT Accounts Payable—Olmstad Company ACCOUNT NO. 230
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔4 3 0 00
ACCOUNT Jon Yanta, Drawing ACCOUNT NO. 320
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔2 0 0 00
ACCOUNT Sales—Lawn Care ACCOUNT NO. 410
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔9 8 0 0 00
30 G12 2 0 0 00
30 G12 9 8 0 0 00
ACCOUNT Sales—Shrub Care ACCOUNT NO. 420
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔5 0 0 0 00
ACCOUNT Insurance Expense ACCOUNT NO. 520
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔8 0 0 00
ACCOUNT Rent Expense ACCOUNT NO. 540
DATE ITEM POST.
REF. DEBIT CREDIT
BALANCE
DEBIT CREDIT
20–
June 30 Balance ✔6 6 0 0 00
8-C CHALLENGE PROBLEM (continued)
30 G12 5 0 0 0 00
30 G12 8 0 0 00
30 G12 6 6 0 0 00
ACCOUNT TITLE DEBIT CREDIT
Name Date Class
8-C CHALLENGE PROBLEM (continued)
2.
Yanta’s Yard Care
Post-Closing Trial Balance
June 30, 20–
Cash 3 7 9 6 00
Accounts Receivable—V. Mathaney 1 9 0 00
Supplies 1 3 0 0 00
8-C CHALLENGE PROBLEM (concluded)
3.
Jon Yanta’s expenses exceeded the amount of his sales. One way to improve is to reduce his expenses.
In particular, he might investigate if it is normal to spend so much on supplies in one month or
whether he could reduce his monthly rent. Another way to improve is to increase his total revenue.
© 2019 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Reinforcement Activity 1, Part B • 191
Name Date Class
REINFORCEMENT ACTIVITY 1, Part B, p. 238
An Accounting Cycle for a Proprietorship: End-of-Fiscal-Period Work
The general ledger prepared in Reinforcement Activity 1, Part A, is needed to complete Reinforcement Activity 1, Part B.
8., 9., 10., 11., 12.
1 2 3 4 5 6 7 8
ACCOUNT TITLE
TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1 1
2 2
3 3
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
Peak Performance
Work Sheet
For Month Ended August 31, 20–
Cash 15 4 0 5 00 15 4 0 5 00
Petty Cash 2 0 0 00 2 0 0 00
Jasmine Quinn, Drawing 1 7 0 0 00 1 7 0 0 00
Income Summary
Sales 10 3 2 0 00 10 3 2 0 00
Advertising Expense 6 0 0 00 6 0 0 00
Cash Short and Over 2 00 2 00
Insurance Expense (b) 2 0 0 00 2 0 0 00
Miscellaneous Expense 4 0 0 00 4 0 0 00
Rent Expense 3 6 0 0 00 3 6 0 0 00
Repair Expense 8 7 8 00 8 7 8 00
23148_ch08_hr_159-196.indd 191 1/18/18 1:17 AM
13., 17.
GENERAL JOURNAL PAGE
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF. DEBIT CREDIT
1 1
2 2
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
REINFORCEMENT ACTIVITY 1, Part B (continued)
Adjusting Entries
31 Supplies Expense 570 1 4 2 0 00
Advertising Expense 510 6 0 0 00
Cash Short and Over 520 2 00
Insurance Expense 530 2 0 0 00
Miscellaneous Expense 540 4 0 0 00
Rent Expense 550 3 6 0 0 00
Repair Expense 560 8 7 8 00
Supplies Expense 570 1 4 2 0 00
Utilities Expense 580 9 6 0 00
3
20 – –
Aug.
Name Date Class
REINFORCEMENT ACTIVITY 1, Part B (continued)
14.
% OF
SALES
15.
Peak Performance
Income Statement
For Month Ended August 31, 20–
Revenue:
Sales 10 3 2 0 00 100.0
Expenses:
Advertising Expense 6 0 0 00
Cash Short and Over 2 00
Insurance Expense 2 0 0 00
Peak Performance
Statement of Owner’s Equity
For Month Ended August 31, 20–
Jasmine Quinn, Capital, August 1 18 0 0 0 00
Net Income 2 2 6 0 00
Jasmine Quinn, Drawing 1 7 0 0 00 5 6 0 00
16.
Peak Performance
Balance Sheet
August 31, 20–
Assets Liabilities
Cash 15 4 0 5 00 Accts. Pay.—Dakota Supplies 4 0 0 00
Petty Cash 2 0 0 00 Accts. Pay.—Seaside Supplies 2 4 0 00
ACCOUNT TITLE DEBIT CREDIT
Name Date Class
REINFORCEMENT ACTIVITY 1, Part B (concluded)
18.
Peak Performance
Post-Closing Trial Balance
August 31, 20–
Cash 15 4 0 5 00
Petty Cash 2 0 0 00
Accounts Receivable—Skiffton University 3 5 0 00
Accounts Receivable—Valley College 2 0 0 00
