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Questions and Answers of Public Accounting

=+4. Prepare an adjusted trial balance.
=+5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
=+6. Journalize and post the closing entries. Identify the closing entries by “Clos.”
=+7. Prepare a post-closing trial balance.If the working papers correlating with this textbook are not used, omit Problem 4-4A.The ledger and trial balance of Mechanical Services Co. as of July 31,
=+1. Optional: Complete the end-of-period spreadsheet (work sheet) using the adjustment data shown above.
=+2. Journalize and post the adjusting entries, inserting balances in the accounts affected.
=+3. Prepare an adjusted trial balance.
=+4. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
=+5. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance of the capital account.
=+6. Prepare a post-closing trial balance.
=+PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries;optional end-ofperiod spreadsheet(work sheet)objs. 2, 3✔ 4. Net income:$22,645 The unadjusted trial balance
=+c. Depreciation of equipment during the year is $4,700.d. Depreciation of trucks during the year is $3,100.e. Wages accrued but not paid at December 31 are $750.
=+PR 4-5A Ledger accounts, adjusting entries, financial statements, and closing entries;optional end-ofperiod spreadsheet(work sheet)objs. 2, 3 Chapter 4 Completing the Accounting Cycle 189 Loose
=+1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✔) in the Posting Reference
=+2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts listed in part (3) as needed.
=+3. Journalize and post the adjusting entries, inserting balances in the accounts affected.The following additional accounts from Loose Leaf’s chart of accounts should be used: Wages Payable, 22;
=+54; Depreciation Expense—Trucks, 56; Insurance Expense, 57.
=+4. Prepare an adjusted trial balance.
=+5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
=+6. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
=+7. Prepare a post-closing trial balance.✔ 5. Net income:$43,425
=+For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which
=+1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $2,400.
=+4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.5. Purchased additional office equipment on account from Office Depot Co.,
=+$3,500.6. Received cash from clients on account, $3,000.10. Paid cash for a newspaper advertisement, $200.12. Paid Office Depot Co. for part of the debt incurred on June 5, $750.PR 4-6A Complete
=+190 Chapter 4 Completing the Accounting Cycle June 12. Recorded services provided on account for the period June 1–12, $5,100.14. Paid part-time receptionist for two weeks’ salary, $1,100.17.
=+–16, $6,500.18. Paid cash for supplies, $750.20. Recorded services provided on account for the period June 13–20, $3,100.24. Recorded cash from cash clients for fees earned for the period June
=+27. Paid part-time receptionist for two weeks’ salary, $1,100.29. Paid telephone bill for June, $150.30. Paid electricity bill for June, $400.30. Recorded cash from cash clients for fees earned
=+30. Recorded services provided on account for the remainder of June, $1,000.30. Emily withdrew $5,000 for personal use.Instructions
=+1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the
=+11 Cash 31 Emily Page, Capital 12 Accounts Receivable 32 Emily Page, Drawing 14 Supplies 41 Fees Earned 15 Prepaid Rent 51 Salary Expense 16 Prepaid Insurance 52 Rent Expense 18 Office Equipment 53
=+4. At the end of June, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).a. Insurance expired during June is $200.
=+b. Supplies on hand on June 30 are $650.c. Depreciation of office equipment for June is $250.d. Accrued receptionist salary on June 30 is $220.
=+e. Rent expired during June is $2,000.f. Unearned fees on June 30 are $1,875.
=+5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet.
=+6. Journalize and post the adjusting entries.7. Prepare an adjusted trial balance.8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.9. Prepare and post the
=+of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.10. Prepare a post-closing trial balance.
=+Chapter 4 Completing the Accounting Cycle 191 Problems Series B Lightworks Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lightworks Company
=+year:Instructions 1. Prepare an income statement for the year ended July 31.2. Prepare a statement of owner’s equity for the year ended July 31. No additional
=+investments were made during the year.
=+3. Prepare a balance sheet as of July 31.
=+4. Based upon the end-of-period spreadsheet (work sheet), journalize the closing entries.
=+5. Prepare a post-closing trial balance.Cash Accounts Receivable Prepaid Insurance Supplies Land Building Acc. Depr.—Building Equipment Acc. Depr.—Equipment Accounts Payable Salaries & Wages
=+Trial Balance Trial Balance Adjustments Income Statement Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.Balance Sheet Adjusted 5,800 18,900 4,200 2,730 98,000 200,000 101,000 10,000 113,100
=+PR 4-1B Financial statements and closing entries objs. 1, 2, 3✔ 1. Net income:$137,330 192 Chapter 4 Completing the Accounting Cycle Suspicions Company is an investigative services firm that is
=+1. Prepare an income statement, statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
=+2. Journalize the entries that were required to close the accounts at November 30.
=+3. If Curtis Graves, Capital decreased $40,000 after the closing entries were posted, and the withdrawals remained the same, what was the amount of net income or net loss?1 23 45 67 89 10 11 12 13
=+Suspicions Company End-of-Period Spreadsheet (Work Sheet)For the Year Ended November 30, 2010 Income Statement Balance Sheet Dr. Cr. Dr. Cr.Cash Accounts Receivable Supplies Prepaid Insurance
=+The unadjusted trial balance of Ocean Breeze Laundromat at April 30, 2010, the end of the current fiscal year, is shown below.Ocean Breeze Laundromat Unadjusted Trial Balance April 30, 2010 Debit
=+optional end-ofperiod spreadsheet(work sheet)objs. 2, 3✔ 2. Net income:$35,900
=+Chapter 4 Completing the Accounting Cycle 193 The data needed to determine year-end adjustments are as follows:
=+a. Laundry supplies on hand at April 30 are $4,000.
=+b. Insurance premiums expired during the year are $5,200.
=+c. Depreciation of equipment during the year is $6,000.
=+d. Wages accrued but not paid at April 30 are $1,100.Instructions
=+1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “April 30 Bal.” In addition, add T accounts for Wages Payable,
=+2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet(work sheet) and complete the spreadsheet. Add the accounts listed in part (1) as needed.
=+3. Journalize and post the adjusting entries. Identify the adjustments by “Adj.” and the new balances as “Adj. Bal.”
=+4. Prepare an adjusted trial balance.
=+5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
=+6. Journalize and post the closing entries. Identify the closing entries by “Clos.”
=+7. Prepare a post-closing trial balance.If the working papers correlating with this textbook are not used, omit Problem 4-4B.The ledger and trial balance of Handy Man Services Co. as of July 31,
=+a. Service revenue accrued at July 31 is $2,200.b. Supplies on hand at July 31 are $1,450.c. Insurance premiums expired during July are $800.d. Depreciation of the building during July is $1,000.e.
=+1. Optional: Complete the end-of-period spreadsheet (work sheet) using the adjustment data shown above.
=+2. Journalize and post the adjusting entries, inserting balances in the accounts affected.
=+3. Prepare an adjusted trial balance.
=+. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
=+5. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance of the capital account.
=+. Prepare a post-closing trial balance.
=+Ledger accounts, adjusting entries, financial statements, and closing entries;optional end-ofperiod spreadsheet(work sheet)obj. 2, 3✔ 4. Net income:$22,820 194 Chapter 4 Completing the
=+Balances Balances 11 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,950 13 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
=+a. Supplies on hand at February 28 are $4,000.b. Insurance premiums expired during year are $2,000.c. Depreciation of equipment during year is $6,000.d. Depreciation of trucks during year is
=+1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✔) in the Posting Reference column.
=+2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts listed in part (3) as needed.
=+3. Journalize and post the adjusting entries, inserting balances in the accounts affected.The following additional accounts from Fix-It’s chart of accounts should be used:Wages Payable, 22;
=+5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
=+6. Journalize and post the closing entries. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing
=+PR 4-5B Ledger accounts, adjusting entries, financial statements, and closing entries;optional spreadsheet(work sheet)objs. 2, 3✔ 5. Net income:$35,635
=+For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010, Kareem decided to move to rented quarters and to operate the business,
=+Oct. 1. The following assets were received from Kareem Ismail: cash, $18,000 accounts receivable, $5,000 supplies, $1,500; and office equipment, $10,750.There were no liabilities received.
=+PR 4-6B Complete accounting cycle objs. 4, 5, 6 Chapter 4 Completing the Accounting Cycle 195 Oct. 1. Paid three months’ rent on a lease rental contract, $4,800.2. Paid the premiums on property
=+31. Recorded services provided on account for the remainder of October, $2,500.31. Kareem withdrew $7,500 for personal use.Instructions
=+1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the
=+2. Post the journal to a ledger of four-column accounts.3. Prepare an unadjusted trial balance.4. At the end of October, the following adjustment data were assembled. Analyze and use these data to
=+a. Insurance expired during October is $225.b. Supplies on hand on October 31 are $875.c. Depreciation of office equipment for October is $400.d. Accrued receptionist salary on October 31 is $200.
=+e. Rent expired during October is $1,600.f. Unearned fees on October 31 are $1,150.5. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work
=+sheet) and complete the spreadsheet.6. Journalize and post the adjusting entries.7. Prepare an adjusted trial balance.8. Prepare an income statement, a statement of owner’s equity, and a balance
=+196 Chapter 4 Completing the Accounting Cycle The unadjusted trial balance of Music Depot as of July 31, 2010, along with the adjustment data for the two months ended July 31, 2010, are shown in
=+1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet(work sheet).
=+2. Prepare an income statement, a statement of owner’s equity, and a balance sheet.(Note: Lee Chang made investments in Music Depot on June 1 and July 1, 2010.)
=+3. Journalize and post the closing entries. The income summary account is #33 in the ledger of Music Depot. Indicate closed accounts by inserting a line in both Balance columns opposite the closing
=+4. Prepare a post-closing trial balance.Continuing Problem✔ 2. Net income:$6,920
=+Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages
=+16. Paid part-time receptionist for two weeks’ salary including the amount owed on April 30, $750.Comprehensive Problem 1✔ 8. Net income,$27,665
=+Chapter 4 Completing the Accounting Cycle 197 May 17. Recorded cash from cash clients for fees earned during the period May 1–16, $8,200.20. Purchased supplies on account, $400.21. Recorded
=+27. Received cash from clients on account, $9,500.28. Paid part-time receptionist for two weeks’ salary, $750.30. Paid telephone bill for May, $120.31. Paid electricity bill for May, $290.
=+31. Recorded cash from cash clients for fees earned for the period May 26–31,$3,875.v
=+31. Recorded services provided on account for the remainder of May, $3, 200.
=+v31. Kelly withdrew $8,000 for personal use.Instructions

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