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GENERAL JOURNAL age Post. Ref Date Description Debit Credit GENERAL JOURNAL age Post Ref Date Description Debit Credit GENERAL JOURNAL Date Post Ret Description Debit Credit L| M N O GENERAL JOURNAL Page 4 Post Ref Date Description Debit Credit Adjusting Entries DE I J K LM N OF C GENERAL JOURNAL age 5 Post. Ref Date Description Debit Credit Closing Entries FG HWIDK Account No 112 Account Accounts Recelvable Balance Post. Ref. Item Debit credit Debit Credit Dato Account No. 114 Account Prepaid Insurance Balance Post. Ret. Debit Credit Debit Credit Date tem Account No 121 Account Land Balance Post Ref Debit Credit Debit Credit Iten Date Pool Structure ount No 125 Account Balance Post Ret Date tem Debit Credit Debit Credit Account Accumulated Depreclation, Pool Structure Account No 126 Balance Post. Ref Date tem Debit Credit Debit Credit Fan System Account No. 127 Account Balance Post Ret Date Item Debit Credit Debit Credit Account No 12 Accumulated Depreciation, Fan System Account Balance Post Ret tem debit Credit Debit Credit Date Sailboats Account No. 129 Balance Post Debit Credit Debit Credit Dato Item Account No. 130 Accumulated Depreciation, Sailboats Balance Post. Ret Debit Credit Debit Credit Date item Account No 221 Account Accounts Payable Balance Post Ret Debit Credit Debit Credit Date item Accou Balance Post. Ret Debit Credit Debit Credit Date Iten Mortgage Payable Accoung No 223 Account Balance Post AB E |F|G Mortgage Payable Account Account No 223 Balance Post Ref Date Debit Credit Debit Credit R. Cury, Capital Account No 311 Balance Date tem Ret Debit Debit Credit R Cury. Drawing Account No 312 Balance Post. Ret Date Debit Credit Debi Credit Account Income Summary Account No 313 Balance Post Ret Date Item Dobrt Credit Debit Credit Account Income from Services Account No 41 Balance Post Ret Dato Item Debit Credit D'ebit Credit Account Concessions Income Account No 412 Balance Post. Ret Date tem Debit Credit Debit Credit A B D E F G H K Sailboat Rental Expense Account No 511 Account Balance Post Ret Item Debit Credit Debit Credit Date Wages Expense Account No 512 Account Post Ret Debit Credit Debit Credit Date Item Advertising Expense Account No. 513 Account Balance Post Ret Debit Credit Debit Credit Date tem Utilities Expense Account No. 514 Balance Post Debit Credit Debit Credit Date tem Interest Expense Acccunt No 515 Account Balance Post. Ref Debit Credit Debit Credit Date Item Account No. 516 Account Insurance Expense Balance Post. Ret, Debit Credit Debit Credit tem Date E F G H Depreclation Expense, Pool Structure A8 Account Account No 517 Balance Post. Ret Date Debit Credit Debit Credit Account Depreciation Expense. Fan System Account No 518 Balance Post Ref tem Credit Debit Credit Accoun Depreclation Expense, Sailboats Account No 519 Post Ref Date Item Debit Credit Debit Credit tatan Post tet Date ten Debit Credit Debit Credit A B Wind in Y Work Sheet Adjusted Trial BalanceIncome Statement Balance Cash Accounts Receivable Prepaid Insurance Land Pool Structure Fan System Sailboats Accounts Payable Mortgage Payable R. Cury. Capital R. Cury. Drawing Income from Services Concessions Income Saiboat Rental Expense Wages Expense Advertising Expense Utilities Expense interest Expense G H Advertising Expense Utilities Expense Interest Expense Miscellaneous Expense Net Income Wind in Your Sails Income Statement Income Statement Date Line 4 Revenues Total Revenue Expenses Total Expenses Net Income Statement of Owner's Equity Date Line Subtotal Wind in Your Sails Balance Sheet Date Line Assets Liabilities 4 5 6 Total Liabilities Owner's Equity Total Liabilities and Owner's Equity Wind in Your Sails Post-Closing Trial Balance Date Line Account title Debits Credits 0 4 G H Post-Closing Trial Balance Date Line Account title Debits Credits ota Accounting Cycle Review Problem B is problem is designed to enable you to apply the knowledge you have acquired in he preceding chapters. In accounting, the ultimate test is being able to handle data in lem is designed to enable vo situations. This problem will give you valuable experience. rea CHART OF ACCOUNTS Assets 111 Cash 112 Accounts Receivable 114 Prepaid Insurance 121 Land Revenue 411 Income from Services 412 Concessions Income Expenses 511 Sailboat Rental Expense 512 Wages Expense 513 Advertising Expense 514 Utilities Expense 125 Pool Structure 126 Accumulated Depreciation, Pool Structure 127 Fan System 128 Accumulated Depreciation, Fan 515 Interest Expense System 129 Sailboats 130 Accumulated Depreciation, Sailboats 516 Insurance Expense 517 Depreciation Expense, Pool Structure 518 Depreciation Expense, Fan System 519 Depreciation Expense, Sailboats 522 Miscellaneous Expense Liabilities 221 Accounts Payable 222 Wages Payable 223 Mortgage Payable Owner's Equity 311 R. Cury, Capital 312 R. Cury, Drawing 313 Income Summary You are to record transactions in a two column general journal. Assume that the fiscal is one month. You will then be able to complete all of the steps in the accounting cycle eriod k them through by visualizing the When you are analyzing the transactions, thin T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However them out for yourself as well. Check off each transaction as it is recorded nd June Cury deposited $95,000 in a bank account for the purpose of buying w Your Sails, a business offering the use of small sailboats to the publi large indoor pool with a fan system that provides wind 2 Bought Wind In Your Sails in its entirety for a total price of $216,100. The include sailboats, $25,800; fan system, $13,300; pool structure, $140,000, and land, $37,000. Paid $60,000 down and signed a mortgage note for the remai 3 Received and paid bill for newspaper advertising, $350 Received and paid bill for a one-year premium for insurance, $12,000 Bought additional boats from Louis Manufacturing Co. for $7,20 3,2 00 down, with the remainder due in 30 days igned a contract with a vending machine service to lease space for ending machines. The rental income agreed upon is 10 percent of the sales generated from the machines, with the estimated total rental income payab in advance. Received estimated cash payment for June, $150 Received bill from Quick Printing for promotional handouts, $540 (Advertising Expense) Signed a contract for leasing sailboats from K. Einstein Boat Co. and paid rental fee for June, $700 Paid cash for miscellaneous expenses, $104 Received $2,855 in cash as income for the use of the boats Bought an addition for the fan system on account from Stark Pool Suppl 3 3 5 9 15 16 16 16 Paid wages to employees for the period ended June 14, $3,900 Paid on account for promotional handouts already recorded on June 3, $540 Cury withdrew cash for personal use, $2,500 Bought additional sails from Canvas Products, Inc., $850; payment due in 30 ays 16 Received $6,850 in cash as income for the use of the boats 19 Paid cash for miscellaneous expenses, $40 20 Paid cash to Louis Manufacturing Co. as part payment on account, $1,3 22 Received $8,260 in cash for the use of the boats 23 Received a reduction in the outstanding bill from Louis Manufacturing Co. for a boat received in damaged condition, $380 24 Received and paid telephone bill, $324 29 Paid wages for period June 15 through 28, $4,973 30 Paid cash to Stark Pool Supply to apply on account, $475 30 Received and paid electric bill, $345 30 Paid cash as an installment payment on the mortgage, $1,848. Of this amount, $497 represents a reduction in the principal and the remainder is interest Received and paid water bill, $590 Bought additional boats from Riddle and Son for $5,320, paying $1,550 down, with the remainder due in 30 days. 30 30 ING TRIAL BALANCE lune 30 Cury withdrew cash for personal use, $1,800. 30 Received $5,902 in cash as income for the use of the boats 30 Sales from vending machines for the month amounted to $1.780. Ten percent of $1,780 equals s178, Because you have already recorded S150 as concessions income, list the additional $28 revenue earned from the vending machine operator. (Cash was not received.) Required lize the transactions. (Start on page 1 of the general journal if using Excel or Check Figure Trial balance total 5281.853, net income Working Papers.) 2. Post the transactions to the ledger accounts, (Skip this step if using QuickBooks r general ledger.) 263 34 repare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, $1,000. b. Depreciation of pool structure for the month, $715 c. Depreciation of fan system for the month, S260. d. Depreciation of sailboats for the month, $900 e. Wages accrued at June 30, $810. Your instructor may want you to use a work sheet for these adjustments. Journalize adjusting entries. Post adjusting entries to the ledger accounts. (Skip this step if using QuickBooks or general ledger.) 5. 6. 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owner's equity. (Skip this step if using QuickBooks) 10. Prepare the balance sheet. 11. Journalize closing entries 12. Post closing entries to the ledger accounts. (Skip this step if using QuickBooks or general ledger.) report and modify the report name to Post-Closing Trial Balance.) 13. Prepare a post-closing trial balance. (If using QuickBooks, select the trial balance