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Print by: Shandell Apilado 042-2002C-AC114M3-01-2414293:AC114M3 Accounting Cycle Preparation / AC114 Module 3 Competency Assessment: Part 4 (Apply the steps of the accounting cycle to accounting
Print by: Shandell Apilado 042-2002C-AC114M3-01-2414293:AC114M3 Accounting Cycle Preparation / AC114 Module 3 Competency Assessment: Part 4 (Apply the steps of the accounting cycle to accounting information) *Accounting Cycle Review 4-01 a-i Mike Greenberg opened Grouper Window Washing Co. on July 1, 2020. During July, the following transactions were completed. July 1 Owner invested 510,300 cash in the company, 1 Purchased used truck for $6,880, paying $1,720 cash and the balance on account. 3 Purchased cleaning supplies for $770 on account. 5 Paid $1,560 cash on a 1-year insurance policy effective July 1. 12 Billed customers $3,180 for cleaning services performed. 18 Paid 5860 cash on amount owed on truck and $430 on amount owed on cleaning supplies. 20 Paid $1,720 cash for employee salaries. 21 Collected $1,380 cash from customers billed on July 12. 25 Billed customers $2,150 for cleaning services performed. 31 Paid $250 for maintenance of the truck during month. 31 Owner withdrew $520 cash from the company, Your answer is correct. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) July 1 Cash 10300 10300 Owner's Capital (To record cash invested in the business) July 1 Equipment 6880 0 Cash O 1720 5160 Accounts Payable (To record purchase of truck.) July Supplies 770 Accounts Payable 770 July 5 Prepaid Insurance 1560 0 cash 1560 July 12 Accounts Receivable 3180 Service Revenue 3180 July 18 Accounts Payable 1290 Cash 1290 July 20 Salaries and Wages Expense 1720 0 Cash 1720 July 21 Cash 1380 Accounts Receivable 1380 July 25 Accounts Receivable 2. @ol.... 2150 Service Revenue 2150 July 31 Maintenance and Repairs Expense 250 250 Cash (To record maintenance of the truck) July 31 Owner's Drawings 520 0 520 Cash (To record owner withdraws) Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) 10300|7/1 1720 71 7721 13807/5 1560 07/18 1290 O 7/20 1720 O 7/31 250 17/31 520 7/31 Bal. 4620 0 7/12 31807/21 1380 7/25 2150 Bal. 39501: 0 7/3 770) - Bal. 770.0 7/5 1560 Bal. 1560 7/1 6880-0 7/31 Bal. 6880. 7/18 1290 71 07/3 5160) 770 07/31 Bal. 4640 U11 10300 17/31 Bal. 10300 7/31 520 0 0 Bal. 520 07/12 3180 . 07/25 2150 Bal. 5330 7/31 250 Bal. 250 0 7/20 1720 Bal. 1720 Your answer is correct. Prepare a trial balance at July 31. July 31, 2020 Cash 4620 Accounts Receivable 3950 Q000 Supplies 770 Prepaid Insurance 1560 Equipment 6880 Accounts Payable 4640 Owner's Capital 10300 Owner's Drawings 520 Service Revenue (5330 Maintenance and Repairs Expense 250 Salaries and Wages Expense (1720 Totals $20270 20270 Your answer is correct. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Services performed but unbilled and uncollected at July 31 were $1,460. 2. Depreciation on equipment for the month was $150. 3. One-twelfth of the insurance expired. 4. A count shows $280 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $340. 1. July 31 Accounts Receivable 1460 O 1460 150 ( Service Revenue 2. July 31 Depreciation Expense Accumulated Depreciation-Equipment 3. July 31 Insurance Expense 150 130 Prepaid Insurance 0 130 4. July 31 Supplies Expense 490 490 Supplies 5. July 31 Salaries and Wages Expense 340 Salaries and Wages Payable 340 Your answer is correct. Post adjusting entries to the T-accounts. 7/1 7/21 10,300 7/1 1,380/7/5 7/18 17/20 1,720 1,560 1,290 1,720 | 7/31 | 7/31 4,620 250 520 7/31 Bal, 1.380 7/12 7/25 3.1807/21 2.150|| 31 1460|| 31 Bal. 541] 0 abo || 3 770731 49 1 Bal 28|| 75 1.5607/31] 130 31 ) 1430|| 71 31 Bal, 6,880 6,880 (150 CD/31 E-31 Bal (150 7/18 1,290/1 |73 | 7/31 Bal 5.160 770 4.540 CD/31] 340 7/31 Bal 840 17/1 | 7/31 Bal 10.30G 10.300 731 Bal. 520 528 7/12 3.180 07/25 2.156 [31 1460 Bal. 6790 7/31 250|| Bal. 250 | olal olol 490 31] Ball] 490 1 150 lolo Bal. 150 F31 130|| Bal. 130 00 000 7/20 1.720] 31 B40 206] Bal Your answer is correct. Prepare an adjusted trial balance. uly 31, 2020 Cash 44620 Accounts Receivable 5410 Supplies E80 Prepaid Insurance 1430 Equipment 5880 150 Accumulated Depreciation Equipment Accounts Payable @ooooo 90000@GOGO 4640 Salaries and Wages Payable 340 Owner's Capital 10300 Owner's Drawings Service Revenue E790 0 Supplies Expense 490 Depreciation Expense 150 Insurance Expense 130 Maintenance and Repairs Expense 250 Salaries and Wages Expense 2060 Totals s22220 22220 Your answer is correct. Prepare the income statement for July. For the Month Ended July 31, 2020 Revenues Service Revenue 6790 Expenses Supplies Expense $490 Depreciation Expense 150 Insurance Expense 130 Maintenance and Repairs Expense 250 Salaries and Wages Expense 2060 Total Expenses 3080 Net Income / (Loss) $ 3710 Your answer is partially correct. Try again. Prepare an owner's equity statement for July. (List items that increase owner's equity first.) For the Month Ended July 31, 2020 Owner's Capital, July 1 22220 Add Net Income /(Loss) 3710 Investments Less: Drawings 1991 520 Owner's Capital, July 31 $13490 Your answer is correct. Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) July 31, 2020 Assets Current Assets $ Cash 4620 Accounts Receivable 5410 Supplies 280 1430 Prepaid Insurance Total Current Assets 11740 Property, Plant and Equipment Equipment 6880 Less: Accumulated Depreciation-Equipment 150 6730 18470 Total Assets Liabilities and Owner's Equity Current Liabilities Accounts Payable 4640 340 Salaries and Wages Payable Total Current Liabilities 54980 Owner's EquityOwner's Capital 13490 Total Liabilities and Owner's Equity 18470 Your answer is partially correct. Try again. Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) July 31 Service Revenue 6790 O 6790 Income Summary (To close revenue account) July 31 Income Summary 3080 Supplies Expense 0 490 Depreciation Expense 150 Insurance Expense 130 Maintenance and Repairs Expense 250 0 2060 Salaries and Wages Expense (To close expense accounts) July 31 Income Summary 3710 O 3710 Owner's Capital (To close net income to capital) July 31 Owner's Capita Owner's Drawings (To close drawings to capital) 520 520 Post closing entries and complete the closing process. (For accounts that have zero ending balance, the entry should be the balance date and zero for the amount. Post entries in the order of journal entries presented.) 7/1 7/21 10,3007/1 1,3807/5 7/18 7/20 7/31 7/31 4,620 1,720 1,560 1,290 1,720 250 520 7/31 Bal. 1,380 7/12 7/25 7/31 3,1807/21 2,150 1,460 7/31 Bal 5,410 490 7/3 7/31 Bal 7707/31 280 130 7/5 7/31 Bal. 1,5607/31 1,4301 7/1 6,880 6,8801 7/31 Bal 150 7/31 7/31 Bal. 150 7/18 1,290|7/1 7/3 7/31 Bal. 5,160 770 4,640 7/31 7/31 Bal. 340 340 7/31 520 7/1 $10,300 3710 O7/31 Ol7/31 Bal. (13490) 7/31 5207/31 520 7/31 Bal. 520 7/31 Bal. 520 7/31 3710 7/31 6790 7/31 3080 7/31 Bal. 6790 7/31 Bal. 6790 7/31 67907/12 3,180 07/25 2,150 07/31 1,460 O 731 Bal. 6790 7/31 250 731 250 7/31 Bal. 250 7/31 Bal 250 7/31 490 7/31 490) 7/31 Bal. 1490 7/31 Bal. 490 7/31 1507/31 150 7/31 Bal. 150 7/31 Bal. 150 7/31 130 7/31 130 7/31 Bal. 130 7/31 Bal. 130 7/20 2060 1,7207/31 3401- 7/31 1/31 Bal. 2060 7/31 Bal. 2060 Your answer is correct. Prepare a post-closing trial balance at July 31. July 31, 2020 Cash 4620 Accounts Receivable 5410 Supplies 280 Prepaid Insurance 1430 al 900000 Equipment 6880 Accumulated Depreciation Equipment 150 Accounts Payable 4640 Salaries and Wages Payable 340 Owner's Capital O 13490 s18620 $18620 Question Attempts: Unlimited Copyright 2000-2020 by John Wiley & Sons, Inc. or related companies. All rights reserved
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