Recycling Problem 1-R
Final New Balances:
Recycling Problems
1
Courtney McGraw operates a service business called Marry DJ’s. Marry DJ’s uses the accounts shown in the following
accounting equation. Use the form in your Recycling Problem Working Papers to complete this problem.
Trans.
No.
Assets Liabilities + Owner’s Equity
Cash
Accts. Rec.—
Big Day
Planning Supplies
Prepaid
Insurance
Accts. Pay.—
Music
Sources Co.
Courtney McGraw,
Capital
=
Instructions:
For each transaction, complete the following. Transaction 1 is given as an example.
1. Analyze the transaction to determine which accounts in the accounting equation are affected.
2. Write the amount in the appropriate columns, using a plus (1) if the account increases or a minus (–) if the
Transactions:
1. Received cash from owner as an investment, $1,000.00.
2. Paid cash for rent, $700.00.
3. Paid cash for cell phone, $75.00.
4. Received cash from sales, $1,500.00.
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Recycling Problem 2-R
March 8 entry: Debit Prepaid
2 Recycling Problems
e T accounts for Web World are in your Recycling Problem Working Papers.
Instructions:
Using only one set of T accounts, analyze each transaction into its debit and credit parts. Write the debit and credit
amounts in the proper T accounts to show how each transaction changes account balances. Write the date of the
transactions before each amount. Selected transactions for Web World for February are given as an example of how
to use only one set of T accounts.
Examples:
Cash Accounts Reeivable–Janet East
February 2 700.00 February 8 900.00 February 1 1,200.00 February 2 700.00
Transactions:
Mar. 1. Received cash from owner as an investment, $3,500.00.
1. Paid cash for supplies, $800.00.
3. Paid cash for rent, $1,500.00.
4. Received cash from sales, $550.00.
7. Sold services on account to Janet East, $1,700.00.
2-R Recycling Problem: Analyzing transactions into debit and credit parts LO4,5
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Recycling Problems 3
Greenumb Landscaping uses the following accounts.
Cash Accounts Payable—Plant Warehouse Miscellaneous Expense
Accounts Receivable—Roseville Mall Noah Rasmussen, Capital Rent Expense
Supplies Noah Rasmussen, Drawing Repairs Expense
Prepaid Insurance Sales Utilities Expense
Accounts Payable—Central Supplies Advertising Expense
Transactions:
Aug. 1. Received cash from owner as an investment, $16,000.00. R1.
2. Bought supplies on account from Central Supplies, $1,700.00. M1.
3. Paid cash for rent, $900.00. C1.
4. Paid cash for supplies, $300.00. C2.
5. Received cash from sales, $980.00. T5.
8. Paid cash on account to Central Supplies, $1,000.00. C3.
8. Paid cash for electric bill, $246.00. C4.
8. Sold services on account to Roseville Mall, $450.00. S1.
Instructions:
1. e journal for Greenumb Landscaping is given in the Recycling Problem Working Papers. Use page 1 of the
journal to journalize the transactions for August 1 through August 15. Source documents are abbreviated as
3-R Recycling Problem: Journalizing transactions and starting a new journal page
LO3, 4, 5, 6, 7, 8, 9 (General Journal)
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4 Recycling Problems
Courtney Jerrold owns a service business called Repair It Now. Repair It Now’s general ledger accounts are given in
the Recycling Problem Working Papers.
Transactions:
Feb. 1. Received cash from owner as an investment, $5,500.00. R1.
3. Received cash from sales, $900.00. T3.
5. Paid cash for supplies, $400.00. C1.
6. Sold services on account to Cindy West, $280.00. S1.
Instructions:
1. Open an account for Utilities Expense. Use the three-digit numbering system described in the chapter.
4-R Recycling Problem: Journalizing transactions and posting to a general ledger
LO3, 4, 5 (General Journal)
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Recycling Problem 5-R
Petty Cash Report, $2.00 Cash Short
Bank Reconciliation, Adjusted Bank
Recycling Problems 5
Alkar Kovac owns a business called Kovac Accounting. Selected general ledger accounts are given below.
110 Cash 140 Prepaid Insurance 530 Rent Expense
115 Petty Cash 320 Alkar Kovac, Drawing 535 Repairs Expense
120 Accounts Receivable—Latica Juric 510 Cash Short and Over 540 Supplies Expense
130 Supplies 520 Miscellaneous Expense 550 Utilities Expense
Instructions:
Transactions:
July 21. Paid cash to establish a petty cash fund, $200.00. C187.
24. Paid cash for miscellaneous expense, $20.00. C188.
26. Paid cash for supplies, $55.00. C189.
2. Prepare a petty cash report for July 31 of the current year using the following information: Petty cash slips sup-
Transactions:
July 31. Paid cash to replenish the petty cash fund, $190.00. C192.
4. On July 31 of the current year, Kovac Accounting received a bank statement dated July 30. Prepare a bank state-
ment reconciliation. Use July 31 of the current year as the date. e following information is obtained from the
July 30 bank statement and from the records of the business.
5. Continue using the journal and journalize the following transaction:
5-R Recycling Problem: Reconciling a bank statement; journalizing a bank service
charge, a dishonored check, and petty cash transactions
LO4, 5, 6, 9, 10, 11
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Recycling Problem 6-R
Worksheet Adjustments Columns
6 Recycling Problems
On June 30 of the current year, Destin Heating Repair has the following general ledger accounts and balances. e
business uses a monthly fiscal period. A work sheet is given in the Recycling Problem Working Papers.
Account Balances
Account Titles Debit Credit
Cash $11,316.00
Petty Cash 600.00
Instructions:
1. Prepare the heading and trial balance on a work sheet. Total and rule the Trial Balance columns.
2. Analyze the following adjustment information into debit and credit parts. Record the adjustments on the work
sheet.
Adjustment Information, June 30
Supplies inventory $ 880.00
Value of prepaid insurance 3,600.00
3. Total and rule the Adjustments columns.
4. Extend the up-to-date balances to the Balance Sheet or Income Statement columns.
5. Rule a single line across the Income Statement and Balance Sheet columns. Total each column. Calculate and
6-R Recycling Problem: Completing a work sheet; journalizing and posting
adjusting entries LO1, 2, 3, 4, 5, 6, 7, 8
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Recycling Problem 7-R
Income Statement Total Expenses,
Recycling Problems 7
Forms are given in the Recycling Problem Working Papers. e following information is obtained from the work sheet
of Destin Heating Repair for the month ended April 30 of the current year.
5 6 7 8
ACCOUNT TITLE
INCOME STATEMENT BALANCE ShEET
DEBIT CrEDIT DEBIT CrEDIT
1Cash 6 9 6 0 00 1
6Accounts Payable—Coastal Supplies 1 1 1 2 00 6
7Isabel Ybarra, Capital 9 3 3 6 00 7
8Isabel Ybarra, Drawing 6 0 0 00 8
9Income Summary 9
10 Sales 3 2 7 0 00 10
11 Advertising Expense 4 5 0 00 11
12 Cash Short and Over 2 00 12
13 Insurance Expense 1 5 6 00 13
14 Miscellaneous Expense 8 4 00 14
15 Rent Expense 5 0 0 00 15
16 Supplies Expense 1 4 0 0 00 16
Instructions:
1. Prepare an income statement for the month ended April 30 of the current year.
7-R Recycling Problem: Preparing financial statements with a net loss LO1, 2, 3
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8 Recycling Problems
Destin Heating Repair’s partial work sheet for the month ended April 30 of the current year is given below. e
general ledger accounts are given in the Recycling Problem Working Papers. e general ledger accounts do not show
all details for the fiscal period. e balance shown in each account is the account’s balance before closing entries are
posted.
5 6 7 8
ACCOUNT TITLE
INCOME STATEMENT BALANCE ShEET
DEBIT CrEDIT DEBIT CrEDIT
1Cash 6 9 6 0 00 1
2Petty Cash 1 5 0 00 2
3Accounts Receivable—Jennifer Ford 1 9 6 00 3
15 Rent Expense 5 0 0 00 15
16 Supplies Expense 1 4 0 0 00 16
17 Utilities Expense 1 6 4 0 00 17
8-R Recycling Problem: Journalizing and posting closing entries with a net loss;
preparing a post-closing trial balance LO1, 2
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Recycling Problem 9-R
August 31 total of Purchases Journal:
$15,730.00
August 31 Cash Credit total of Cash
Payments Journal: $16,042.21
Accounts Payable Ledger account
balances:
Nolen & Shaw, $4,660.00
Supplies—Office, $3,056.50 dr.
Supplies—Store, $3,277.62 dr.
Accounts Payable, $15,730.00 cr.
Recycling Problems 9
G&S Enterprises sells electrical supplies.
Instructions:
1. Using the journals given in the Recycling Problem Working Papers, journalize the following transactions
Transactions:
7. Purchased merchandise on account from Nolen & Shaw, $4,660.00. P289.
8. Paid cash to Spring Communications for telephone bill, $389.00. C622.
9. Paid cash on account to Nolen & Shaw, $4,190.00, covering P287, less 2% discount. C623.
10. Paid cash to West End Supply for store supplies, $129.00. C624.
12. Purchased merchandise for cash from Washburn Industries, $518.00. C625.
13. Purchased merchandise on account from Curtis Supply, $2,450.00. P290.
9-R Recycling Problem: Journalizing purchases, cash payments, and other
transactions LO6, 7, 8, 10
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Recycling Problem 10-R
May 31 Sales Journal totals:
Accounts Receivable, $5,773.36
Sales, $5,596.00
Sales Tax Payable, $177.36
May 31 Cash Receipts Journal totals:
Accounts Receivable, $5,998.10
Cash, $11,493.27
Sales Discount, $446.97 dr.
Schedule of Accounts Receivable
total: $4,608.03
Recycling Problem 11-R
General Journal:
December 9: Accounts Payable/Koppens
Distributing, $623.00 dr.; Purchases
Returns and Allowances, $623.00, cr.
Koppens Distributing, $2,517.69
Nickels Company, $1,220.62
10 Recycling Problems
Forshee Supply sells stationery and business forms.
e sales journal, cash receipts journal, account receivable ledger forms, and selected general ledger accounts are
given in the Recycling Problem Working Papers.
Instructions:
Transactions:
May 3. Received cash on account from Mooreville City Schools, covering S402 for $1,625.00. R512.
10–R Recycling Problem: Journalizing sales and cash receipts transactions
LO2,3,4, 5, 6, 7
Journals and selected accounts payable, accounts receivable, and general ledger accounts for Backley Farms are given
in the Recycling Problem Working Papers.
Instructions:
Transactions:
Dec. 4. Bought office supplies on account from Nickels Company, $112.00. M124.
6. Granted credit to Down Under for spoiled merchandise, $62.50, plus sales tax, $3.13, from S522; total, $65.63. CM34.
11– R Recycling Problem: Journalizing and posting transactions using a general
journal and a cash payments journal LO2, 3, 4, 5, 6, 8
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Recycling Problem 12-R
Payroll register column totals:
$7,696.00
$378.00
$8,074.00
$374.00
$500.60
$6,402.32
July 15 net pay, Angie C. Barnes,
$1,026.53; YTD, $13,741.08
July 15 net pay, Bert M. Clayton,
$1,031.08; YTD, $12,113.64
Recycling Problem 13-R
General Journal Debits:
Jan. 15, $911.33
Jan. 31, $849.01
Feb. 15, $830.72
Recycling Problems 11
Prior pay period paycheck stubs and selected payroll data for Crusoe Company are provided in a payroll register in
the Recycling Problem Working Papers.
Instructions:
1. Complete the payroll register. Use the tax withholding tables in Chapter 12 to find the federal income tax with-
12–R Recycling Problem: Preparing a semimonthly payroll LO3, 4, 6, 9
Novus Company completed payroll transactions during the period January 1 to February 15 of the current year.
Payroll tax rates are as follows: social security, 6.2%; Medicare, 1.45%; FUTA, 0.8%; SUTA, 5.4%. No total earnings
have exceeded the tax base for calculating unemployment taxes. Novus Company is a monthly schedule depositor for
payroll taxes.
Instructions:
1. Journalize the following transactions on page 16 of the cash payments journal and page 14 of the general journal
given in the Recycling Problem Working Papers. Source documents are abbreviated as follows: check, C; memo-
randum, M.
Transactions:
Jan. 15. Paid cash for December’s payroll tax liability. Withheld taxes from December payrolls: employee income tax, $772.00;
social security tax, $763.84; and Medicare tax, $178.64. C743.
15. Paid cash for semimonthly payroll. Total earnings, $6,580.00; withholdings: employee income tax, $463.00; health
13–R Recycling Problem: Journalizing payroll transactions LO2, 3, 5
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Recycling Problem 14-R
General Journal:
December 9: Accounts Receivable/
Specialty Supply, $5,712.00 dr.; Notes
Receivable, $5,600.00 cr.; Interest
Income, $112.00 cr.
December 17: Allowance for
Uncollectible Accounts, $2,315.00 dr.;
Accounts Receivable/Denton
Company, $2,315.00 cr.
General Credit, $10,017.00
Receivable Credit, $948.15
Notes Receivable, $14,120.00 dr.
Recycling Problem 15-R
Selected debit entry amounts:
Uncollectible Accounts Expense,
Supplies Expense—Store, $5,183.83
Insurance Expense, $18,000.00
Merchandise Inventory, $1,971.80
12 Recycling Problems
A general journal, a cash receipts journal, and selected accounts receivable and general ledger accounts for RPW
Industries are given in the Recycling Problem Working Papers. e following transactions relating to uncollectible
accounts receivable occurred during December of the current year.
Instructions:
1. Journalize the following transactions. Use page 16 of a general journal and page 22 of a cash receipts jour-
Transactions:
Dec. 2. Wrote off Trinity Corporation’s past-due account as uncollectible, $841.32. M121.
2. Prove the cash receipts journal. Post the total of the Accounts Receivable Credit column to the general ledger
account.
14–R Recycling Problem: Recording entries for uncollectible accounts LO2, 3, 4, 5,
6, 7, 8
Instructions:
1. Use the following information collected on December 31 to prepare the adjusting entries.
a. Estimate of uncollectible accounts receivable $ 840.00
15–R Recycling Problem: Journalizing adjusting entries and preparing an adjusted
trial balance LO2, 3, 4, 6, 7, 8, 9
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Recycling Problem 16-R
Income Statement:
Gross Profit, $414,997.05, 49.5%
Total Operating Expenses,
$348,170.78, 41.5%
Net Income before Federal Income
Tax, $67,208.16, 7.9%
Total Current Assets, $170,606.46
Total Plant Assets, $55,271.52
Total Liabilities, $49,592.98
Total Stockholders’ Equity,
$176,285.00
Sample closing entry debit amounts:
Sales, $846,588.31
Purchases Discount, $2,546.73
Interest Income, $381.89
Net Income after Federal Income Tax:
Current Year, 4.0%: Prior Year, 3.3%
2. Sample entries:
Total Current Assets: Current Year,
3. Sample entries:
Recycling Problems 13
e adjusted trial balance for Pacific Corporation for the year ended December 31 of the current year and forms for
completing this problem are given in the Recycling Problem Working Papers.
Instructions:
1. Prepare an income statement. e beginning balance of Merchandise Inventory is $96,673.67.
16–R Recycling Problem: Preparing financial statements and closing entries
LO1,2,3, 4
e income statement and balance sheet for International Spices and forms for completing this problem are given in
the Recycling Problem Working Papers.
Instructions:
1. Prepare a vertical analysis of the income statement and balance sheet. Round percentage calculations to the near-
est 0.1%.
2. Prepare a horizontal analysis of the comparative income statement and balance sheet. Round percentage calcula-
17-R Recycling Problem: Analyzing financial statements LO1, 2, 3, 4, 5, 6, 7, 8
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Recycling Problem 18-R
Cash Receipts Journal:
July 1:Cash, $100,000.00 dr.;Bonds
Payable,$100,000.00 cr.
July 29:Cash, $21,600.00 dr.;Capital
Stock—Common, $20,000.00 cr.;
Paid-in Capital in Excess of Par
Cash Payments Journal:
Dec. 1: Long-Term Notes Payable,
$694.19 dr.; Interest Expense,
$319.63 dr.; Cash, $1,013.82 cr.
January 6, 20X5 entry, Credit Gain on
Plant Assets, $200.00
14 Recycling Problems
e journals and loan payment schedule for Best Appliances are given in the Recycling Problem Working Papers.
Instructions:
Transactions:
July 1. Issued twenty 20-year, 8%, $5,000.00 bonds. R465.
4. Drew $32,700.00 on its line of credit. R469.
18–R Recycling Problem: Journalizing transactions related to debt and equity
financing LO2, 4, 5
Innsbruck Accounting records plant assets in two accounts: Equipment, Account No. 1205, and Furniture, Account
Instructions:
1. Record the following transactions completed during 20X1 on page 1 of a cash payments journal.
Transactions:
Jan. 5. Bought a computer (equipment) and a work station (furniture): cost, $51,000.00. C310. Computer: estimated value,
$17,000.00; estimated salvage value, $1,000.00; estimated useful life, 8 years; plant asset No. 333; serial number,
1455WZM-8. Work station: estimated value, $34,000.00; estimated salvage value, $2,000.00; estimated useful life, 4 years;
Transactions:
Jan. 6. Received cash for sale of a work station, plant asset No. 334, $2,200.00. R278.
19–R Recycling Problem: Recording transactions for plant assets LO1, 2, 3, 4, 5, 6,
7, 8, 9, 10, 11
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Ending number of units on hand, 50
Weighted average price per unit,
Recycling Problems 15
Accounting forms and a partial unadjusted trial balance for Fuenfigger Corporation are given in the Recycling Problem
Working Papers. Fuenfigger Corporation collected $36,000 on November 1 for six months’ rent. On December 31,
20X1, Fuenfigger Corporation has one note receivable outstanding, a 120-day, 6%, $20,000.00 note dated December
1, and one note payable outstanding, a 60-day, 8%, $25,000.00 note dated November 16. After each journal entry,
update the T accounts given in the Recycling Problem Working Papers.
Instructions:
1. Journalize the adjusting entries for accrued interest income, accrued interest expense, and rent earned on
December 31. Use page 14 of a general journal.
2. Journalize the closing entries for all income and expense accounts using page 14 of a general journal. Record the
closing entry for both income accounts in one entry.
21-R Recycling Problem: Journalizing entries for accruals and deferrals LO1, 2, 3, 4,
5, 6, 7, 8
Dan’s Fans began the year with 30 units of its model K45-3SPD ceiling fan in beginning inventory. Each unit sells
for $99.95. e following transactions involving model K45-3SPD occurred during the year. Forms are given in the
Recycling Problem Working Papers. Source documents are abbreviated as follows: purchase invoice, P; sales invoice, S.
Transactions:
Jan. 6. Purchased 25 units from Westingplace Company for $45.00 per unit, 2/10, n/30. P232.
Instructions:
20–R Recycling Problem: Determining the cost of inventory using the FIFO, LIFO,
and weighted-average inventory costing methods LO2, 3, 4
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16 Recycling Problems
22-R Recycling Problem: Journalizing adjustments, preparing financial statements,
and journalizing end-of-fiscal-period entries for a
corporation LO1, 2, 3, 4, 5, 6, 7
Stowe Corporation’s unadjusted trial balance and accounting forms are given in the Recycling Problem Working Papers.
Instructions:
1. Using the following information, journalize the adjusting entries for the current year ended December 31.
Adjustment Information, December 31
Estimated uncollectible accounts based on aging accounts receivable $ 3,632.00
2. Post the adjusting entries to the T accounts.
3. Using the tax table presented in this chapter, calculate the federal income tax expense and journalize the income
tax adjustment.
4. Post the federal income tax adjusting entry to the T accounts.
7. Analyze the corporation’s income statement by determining if component percentages are within acceptable lev-
els. If any component percentage is not within an acceptable level, suggest steps that the company should take.
e corporation considers the following component percentages acceptable.
Cost of merchandise sold Not more than 67.0%
8. Complete the statement of stockholders’ equity for the current year. As of January 1, Stowe Corporation had is-
sued 16,000 shares of common stock with a par value of $1.00 per share. During the fiscal year, the corporation
issued 10,000 additional shares of common stock. e balance in Paid-in Capital in Excess of Par—Common
on January 1, 20–, was $40,000.00. As of January 1, Stowe Corporation had issued 2,700 shares of $5.00 par,
5% preferred stock. No additional shares of preferred stock were issued during the year.
9. Complete the balance sheet for Stowe Corporation for the current year.
10. Calculate the corporation’s (a) working capital and (b) current ratio. Determine if these items are within accept-
23148_em_RPT_hr_001-018.indd 16 1/17/18 6:01 PM
Recycling Problem 22-R
Recycling Problems 17
Cash payments during the year:
Cash for inventory $ 966,504.49
Cash for salaries and wages 283,775.68
12. Journalize the closing entries using page 16 of a general journal.
13. Journalize the reversing entries using page 17 of a general journal.
Johannes Kilmeta and Joseph Schwantz are partners in a business called J & J Painters. Journals and forms for com-
pleting this problem are given in the Recycling Problem Working Papers. J & J Painters completed the following transac-
tions during the current year.
Transactions:
Jan. 15. Received cash of $1,000.00 and equipment valued at $4,000.00 from partner, Johannes Kilmeta, as an investment.
Instructions:
1. Journalize the investments on January 15.
2. Journalize the withdrawals on July 31.
Additional information is given below.
3. Prepare a distribution of net income statement for J & J Painters. Net income or loss is to be distributed equally
to the partners.
4. Using the balances of the general ledger capital accounts, prepare an owners’ equity statement for J & J Painters.
e investments made on January 15 are the only additional investments made by the partners this year. e
withdrawals made on July 31 are the only withdrawals made by the partners this year.
e partners decided to liquidate J & J Painters on December 31. On that date, after financial statements were pre-
pared and closing entries were posted, the general ledger accounts had the following balances.
Cash $41,200.00
23–R Recycling Problem: Recording partners’ investments and withdrawals,
preparing financial statements, and liquidating a
partnership LO1, 2, 3, 4, 5, 6, 7
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Recycling Problem 24-R
Recycling Problem 23-R
Sale of merchandise inventory entry,
18 Recycling Problems
e following transactions occurred on December 31 of the current year.
Transactions:
Connections Trade, Inc., sells costume jewelry domestically and internationally. e company has Internet sales as
well. Journals and forms for completing this problem are given in the Recycling Problem Working Papers.
Instructions:
1. Journalize the following transactions affecting sales and cash receipts completed during October of the current
Transactions:
Oct. 3. Received a 30-day time draft from Taiwan Importers for an international sale, $5,200.00. TD61.
6. Recorded Internet credit card sales, $6,450.00. TS350.
10. Recorded international cash sale, $12,600.00. M61.
24–R Recycling Problem: Recording international and Internet sales LO4, 5, 6
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