Unit 7 Assignment- Final

This assessment addresses the following course objective(s):

Apply the accounting vocabulary

Record various business transactions in accordance with generally accepted accounting principles.

Complete the steps of the Accounting Cycle.

This purpose of this comprehensive accounting problem is to help you understand all the steps in the accounting cycle which result incorrectly prepared financial statements and closing out temporary accounts at the end of the accounting period.

H ABC G journal Entries understanding of the entire accounting process. As such, students should plan on about three to six hours to complete this problem General Journal Always list the Debit item first. Debit Date Accounts Credit The following transactions took place during April Apri1 Parrot invested cash in business, $100,000. 1 Paid Insurance premium for seven-month camping season, $14,000 2 Paid rent for lodge and campgrounds for the month of April, $25.000 2 Deposited registration fees, $32,000 Purchased 10 fishing boats on account for $45.000 The boats have estimated useful lives of five years, at which time they will be donated to local day camp. Arrangements were made to pay for the boats in August 3 Purchased food supplies from Wendy's Food Market on account, $5,000 Purchased office supplies from Petersons Office Supplies on account $1 7 Deposited registration fees, 348 300. 1 Purchased food supplies from Wendy's Market RRR 10 Paid wages to fishing guides, 59,500 14 Deposited registration fees, 534 500 15 Purchased food supplies from Wendy's Super Marken accounts 12 Paid was to fishing guides, 59.500 5275 Tablournal Entries Tab 2 Ledger Tab 3 Worksheet T4 Auto Entries Tab 5 in Statements Taboclog post dosing- Clipboard Font Alignment Number F G H I J K 17 Paid wapes to fishing guides, $9,500 18 Paid postage, $275 21 Deposited registration fees, $35,600 24 Purchased food supplies from Acme Super Market on account, $8,500. 24 Paid wages to fishing guides, $10,000 28 Deposited registration fees, $41,000. 29 Paid wages to fishing guides, $9,500 30 Purchased food supplies from Wendy's Super Market 30 Paid Wendys Super Market on account, 532,700 S 30 Paid utilities bill, $2,750. 30 Paid phone bill, $1 350. 30 Polly Parrot withdrew cash for personal use. 55.500 This is the tal of your en t Check figure OBSEBB journals that are posted incorrectly. Note this check figures arbitrary and it will not balance to any other numbers in this problem Column Totals 493,225 193,225 Difference (493,225) (493.225) If this total is more than 0, then you have transactions that do not balance. I 1 F G H Post the transaction from General Journal in Tab 1 in the ledger accounts below. 1 Go to tab 3 and see if Col band balance. If they do, you have posted everything correctly if they do not balance, you will need to find your 2 posting error in the general ledger below. When you balance go to step 3 3 Go to Tab 4 and journal the adjusting entries 4 Come back to Tab 2 and post adjusting entries in the orange rows. 10 5 Check the Worksheet to make sure you are in balance. 6 Prepare and post closing entries 12 Parrots Campground 13 Cash- 101 3 14 Ref Description Debit Credit Balance 15 Beginning Balance General Ledger Office Supplies - 130 Ref Description Debit Credit Balance Equipment - Fishing Boats - 130 e Descrizion e Credit Balance Accumulated Depreciation 181 Ret Description Cat a lan 158 XL GH Accumulated Depreciation 181 Ref Description Debit Credit Balance Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 150 Ret Description Debit Credit 40 Capital-300 41 Ref Description Debit Credit Balance - 48 Draw-310 Ref Description Prepaid Insurance 160 Ret Description Debit Debit Credit Balance Credit Balance 4 Wage Expense -501 Ref Description Debit Credit Balance Prepaid Rent Rat Description Debit Credit Balance S853 158 x fx C D E F G H I B SS Wage Expense-501 56 Ret Description Debit Credit Balance Prepaid Rent Ref Description Debit Credit Balance Accounts Payable-200 Description Debit Credit Balance Food Supply Expense - 524 67 Ref Description Debit Credit Balance Debit Insurance Expense 532 74 Ref Description 75 76 Credit Balance wages Payable - 210 Set Design Dela Credit Rolan 28 30 Registration Fees-400 Description et Credit Office Supply Expense 521 35 Ref Description Debit Credit Balance - Tablournal Entries Tab 2 Ledger Tab 3 Worksheet Tab 4 Austing Utilities Expense 533 Ref Description Debit Credit Balan Rent Expense 520 Ref Description Debit beg balance Credit 101 Phone Expense-523 Ref Description Debit Credit 2 Credit 103 Depreciation Expense - 550 104 Ref Description Debit 105 106 107 108 109 110 111 Income Summary-313 112 Ref Description Debit 113 e Fees Income 114f Expenses Postage Expense 540 Ret Description Debit Credit Credit Balance L ances from the 2. Preparesting jouissies in tabd de post to the balanc Net the bases from the head s to get a sta Parrots Trial Balance DR Adjustmeots DR Ref Adjusted Trial Balance DR CR CR Income Statement DR CR CR Cash-101 Accounts Receivable-120 Office Supplies - 130 Food Supplies 150 Prepaid Insurance 160 Equipment - Fishing Boats - 180 Accumulated Depreciation 181 Accounts Payable-200 wages Payable-210 Capital-300 Draw-310 - Registration Fees-400 Wage Expense -501 20 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense-523 Utilities Expense 533 insurance Expense 532 Postage Expense 540 Depreciation Expense. 550 Page 1 Tabl e Table Tab Worksheet come simt aces will es from the the stres to eaque Dance .debas s balances will leam from ched ou t the check Adjusted Trial Balance DR CR Once the existe e bere posted in 152 Pul bottom door Bobce. Che best the ches Post dosing Trial Balance is DR CR READ THIS DR Income Statement CR DR This is the accounting worksheet Normally, the accountant completes the columns as a verification in the accounting closing process You do not need to do anything on this workshe It is provided as a means to check your work. Notice the blue check figures in line 38, If your totals agree with the check figures then you are in balance and can prepare the the financial statements, closing entries and the post closing trial balance. Page et Income Entries TRD SF Statements Taboclo entries O port Lapualu B14 X fx Adjusting Entries a Office Supplies on hand $400 Food Supplies remaining on hand $6000 Insurance expired during the month of May $2000 Depreciation on Fishing Boats for May $1000 Wages earned but not yet paid at the end of May $1900 REQUIRED 1. Prepare the adjusting journal entries in the General Journal 2 post the adjusting entries in the General Ledger Tab 2 in the Orange lines. 3 Post the adjusting entries in Col. D and E 4 Prepared and adjusted trial balance in Tab 3 Ref # Accounts Debit Credit Page Column Totals Check figure Difference 35,500 35,500 (35,500) (35,500) If this total is more than 0, then your have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly Tab 1 Journal Entries Tab 2 Ledger Tab 3 Worksheet Tab 4 Adjusting Entries Tab 5 F FA :X fix 1 A Financial Statements 1 Complete the Financial Statements in tab 5 2 Then prepare the closing entries in tab 6 Post the closing entries on the green lines the 3 Ledger in Tab 3 Income Statement 30-Apr Parrots Revenue Total Revenue Expenses ... + READY Tablournal Entries Tab 2 Ledge Tab Worheet Tab Actin Entries Tab 5 F Clipboard A A = Total Expenses Net Income 30-Apr Parrots 2 Owner Equity Beginning Equity Net Income Draw Ending Equity Balance READY Tablournal tries 2 Ledger TabsWorthe a s t Entes Tab 5 Fin State raw nding Equity Balance Parrots Balance Sheet Assets Liabilities Accounts Payable-200 wages Payable - 210 Total Liabilities Equity Net Equipment Total Assets Total Liabilities and Equity Check figure 234,475 Entries Two Lodour Tabs worksheet THD & Adjusting Entries Tabs Fin Statements Tab & closing entries Tab 7 post dosing - SAMSUNG COPY $ % Number BIU. . . A. Es Merge & Center - Clipboard Font Alignment X & fx C D E Steps 1 Close Revenue to Income Summary - prepare journal entry F 2 Close All expenses to income Summary - prepare journal entry 6 3 Close Net income (Income - expenses) to Capital prepare journal entry 4 Close Drawing to Capital - prepare journal entry 8 9 10 5 Post these entries to the general ledger in tab 2 using the green lines to post these entries 12 6 Prepare a Post closing trail balance in Tab 3 Col M and N Complete the closing entries to income summary here CR to close revenue to income summary list all expenses here to close expenses to income summary Tab Journal Entries Tab 2 Ledger Tab 3 Worksheet Tab Acusting Entries Tabs in statements Post these entries to the general ledger in tab 2 using the green lines to post these entries 5 Prepare a Post closing trail balance in Tab 3 Col Mand N Complete the closing entries to income summary here DR CR to close revenue to income summary WERS list all expenses here to close expenses to income summary To close net income to capital 38 39 40 To close Draw to Capital account . .. Tab journal Entries Tab 2 Ledger Tab worksheet Tab & Adjusting Entries Tabs in Statements Tab & Closine C D E Prepare the Post Closing Trial Balance Parrots Campground Post Closing Trail Balance Debit Accounts Credit Page 1 Total Check Figure 235,225 Tab 2 Ledoer Tab 3 Worksheet Tab & Adjusting Entries Tab S in Statements Tabs closing entries READY Tab Polly Parrot opened Parrots Campgrounds. I week, arriving on Sunday afternoon and pack meals, the use of fishing boats, and other activ is provided below. Parrots Campgrounds Assets 101 Cash 120 Accounts Receivable 130 Office Supplies 150 Food Supplies 160 Prepaid Insurance 180 Equipment 181 Accum. Depr.-Equipment Liabilities 200 Accounts Payable 210 Wages Payable Owner's Equity 300 Polly Parrot Capital 310 Polly Parrot Drawing 390 Income Summary Revenues 400 Registration Fees Expenses 501 Wages Expense 520 Rent Expense 521 Office Supplies Expense 522 Food Supplies Expense 523 Phone Expense 531 Utilities Expense 532 Insurance Expense 540 Postage Expense 550 Depr. Exp.-Fishing Boats The camp is open from April through October. Campers typical king up the following Saturday afternoon. The registration fee il vities around the campgrounds. The chart of accounts for the ca REQUIRED: 1. Enter the April transactions in a general journal. Enter transactions on Ta 2. Post the entries to the general ledger in Tab 2. 3. Prepare a trial balance on a work sheet in Tab 3. 4. Complete the work sheet - Tab 3. 5. Journalize the adjusting entries in Tab 4 6. Post the adjusting entries to the general ledger in Tab 2 and in the Workshe 7. Prepare the income statement in Tab 5. 8. Prepare the statement of owner's equity in Tab 5. 9. Prepare the balance sheet in Tab 5. 10. Journalize the closing entries in tab 6 11. Post the closing entries to the general ledger in Tab 3 using the green highl 12. Prepare a post-closing trial balance in Tab 3 -il through October. Campers typically register for one day afternoon. The registration fee includes space and unds. The chart of accounts for the camping operations ons in a general journal. Enter transactions on Tab 1 - Journal Entries. meral ledger in Tab 2. na work sheet in Tab 3. - Tab 3. entries in Tab 4 to the general ledger in Tab 2 and in the Worksheet in Tab 3. ment in Tab 5. owner's equity in Tab 5. in Tab 5. ntries in tab 6 o the general ledger in Tab 3 using the green highlighted lines. rial balance in Tab 3 journal Entries This comprehensive problem is intended to serve to test your understanding of the entire accounting process. As such, students should plan on about three to six hours to complete this problem. The following transactions took place during April April 1 Parrot invested cash in business, $100.000 1 Paid insurance premium for seven-month camping season, S14,000 2 Paid rent for lodge and campgrounds for the month of April, $25,000 Deposited registration fees, $32,000. Purchased 10 fishing boats on account for 545,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in August 3 Purchased food supplies from Wendy's Food Market on account, $5,000. 5 Purchased office supplies from Petersons Office Supplies on account, $1250 7 Deposited registration fees, $48,300 10 Purchased food supplies from Wendy's Market on account, 57,200. 10 Paid wages to fishing guides, 59,500. 14 Deposited registration fees, $34,500. 16 Purchased food supplies from Wendy's Super Market on account, 89,200, 17 Paid wages to fishing guides, 59.500 18 Paid postage 5275 21 Deposited registration fees, 535,600 24 Purchased food supplies from Acme Super Market on account. $8,500 24 Paid wages to fishing guides, $10,000 28 Deposited registration fees, S41,000. 17 Paid wages to fishing guides, $9,500. 18 Paid postage, $275. 21 Deposited registration fees, $35,600. 24 Purchased food supplies from Acme Super Market on account, $8,500. 24 Paid wages to fishing guides, $10,000. 28 Deposited registration fees, $41,000. 29 Paid wages to fishing guides, S9,500. 30 Purchased food supplies from Wendy's Super Market on account, $6,300. 30 Paid Wendys Super Market on account, $32,700. 30 Paid utilities bill, $2,750. 30 Paid phone bill, $1,350. 30 Polly Parrot withdrew cash for personal use, $5,500. 2 Ledger Tab 3 Worksheet Tab 4 Adjusting Entries Tab 5 Fir General Journal Always list the Debit it first Date Accounts Debit Credit This is the total of all your entries. If it does Column Totals not match the next line you have journals that are posted incorrectly. Note this check figure Check figure 493,225 493,225| is arbitrary and it will not balance to any other Difference -493,225 -493,225 numbers in this problem. If this total is more than 0, then you have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly you probably have a transposition error meaning you entered 18 instead of 81 required Tab 1 Journal Entries Tab 2 Ledg I Post the transaction from General Journal in Tab 1 in the ledger accounts below Go to tab 3 and see if Col band balance. If they de, you have posted everything 2 correctly if they do not balance, you will need to find your posting error in the general ledger below. When you balance go to step 3 3 Go to Tab 4 and journal the adjusting entries 4 Come back to Tab 2 and post adjusting entries in the orange rows. 5 Check the Worksheet to make sure you are in balance 6 Prepare and post closing entries Parrots Campground Cash-101 Ref Description Debit Credit Balance Beginning Balance General leds Office Supplies - Equipment - Fishi thritis Accumulated Depr R hp 0 TO Accounts Receivable-20 Ref Description Debit Credit Balance Food Supplies 150 efter Capital-300 Ref Description Debit Credit Balance required Tab 1 Journal Entries Tab 2 Ledg Parrots Campground Cash-101 General Led Ref Description Debit Credit Balance Office Supplies - 1 Beginning Balane ol ol TO TO ol ol Equipment.Fishi lated Dep There ol Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 151 ol Ref Decripti 10 Capital 300 Ref Description Debit Credit Balance Prepaid Insurance Draw 310 Ref Description Debit Credit Balance O Wagd Expense -501 Ref Description Debit Credit Balance Prepaid Rent e scripti required Tab 1 Journal Entries Tab 2 Ledg Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 154 Der TO Capital-300 Ref Description Debit Credit Balance Prepaid Insurance Draw 310 Ref Description Debit Credit Balance Wage Expense -501 Ref Description Debit Credit Balance Prepaid Rent Descript Accounts Payable Food Supply Expense - 524 Ref Description Debit Credit Balance Insurance Expense 532 Ref Description Debit Credit Balance wages Payable - 2 Ref Description Registration Fees Ref Description Office Supply Expense 521 Ref Description Debit Credit Balance Rent Expense 520 Utilities Expense 533 Ref Description Debit Credit Balance Rob Description beg balanc Phone Expenses Depreciation Expense - 550 Ref Description Debit Credit Balance Ref Description Postage Expense: Bel Description Income Summary-313 Ref Description e Fees Income Expenses Debit Credit Balance Capital-300 Tab 1 Journal Entries Tab 2 Ledger Tab 3 unts below ted everything Tor in the general General Ledger Office Supplies - 130 Ref Descriptive Crede a lne Equipment - Fishing Boats - INO Rob Descriptive Crudu B alance Accumulated Depreciation 181 Nu Food Supplies 150 Ref Der Tab 1 Journal Entries Tab 2 Ledger Tab 3 0 Prepaid Insurance 160 Ref Descriptive Debit Credit Balance Prepaid Rent Ref D ry Balance Accounts Payable- 200 Rob Descriptive De Credit Balance wages Payable-210 Ref Description Credit Balance Registration Fees-400 Ref Drip Di LT C redit Balance Registration Fees-400 Ref Description Debit Credit Balance Rent Expense 520 Ref Description beg balance Debit Credit Balance Phone Expense-523 Rel Description Debit Credit Balance 0 0 Postage Expense 540 Ref Dewriti Di Credit required Tab 1 Journal Entries Tab 2 Ledg 1. Balances from tab 2 will come over automatica check your totals against Parrots Tria DR Cash-101 Accounts Receivable-120 Office Supplies - 130 Food Supplies 150 Prepaid Insurance 160 Equipment - Fishing Boats - 180 Accumulated Depreciation 181 Accounts Payable- 200 wages Payable - 210 Capital-300 Draw-310 Registration Fees-400 Wage Expense -501 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense- 523 Utilities Expense 533 Insurance Expense 532 Postage Expense 540 Registration Fees-400 Wage Expense -501 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense- 523 Utilities Expense 533 Insurance Expense 532 Postage Expense 540 Depreciation Expense - 550 Check figures b 1 Journal Entries Tab 2 Ledger Tab 3 Work 1. Balances from tab 2 will come over automatically check your totals against the check figure 2. Prepare adjusting journal entri tab 4 and then post to the ledger in ta lines and here in this worksheet Adjustn Ref DR Trial Balance DR CR 0 0 ob T oc old ole a b b 1 Journal Entries Tab 2 Ledger Tab 3 Work PO ole o le 0 0 0 0 0c 0d 0 Check figures 340,950 ab 1 Journal Entries Tab 2 Ledger Tab 3 Wor 2. Prepare adjusting journal entries in 13. Net the balances from the tab 4 and then post to the lodger in tab 2 in the orange lines and the adjustments to get adje lines and here in this worksheet balance - debits and credits m Adjustments DR Ref CR Adjusted DR 0 0 b 100 d To lbol b 1 Journal Entries Tab 2 Ledger Tab 3 Wor P lo a L ol 0 0 000 35500 343600 b 1 Journal Entries Tab 2 Ledger Tab 3 Wor P lo a L ol 0 0 000 35500 343600 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 3. Net the balances from the rial balance and the adjustments to get adjusted trial balance - debits and credits must equal 4. Income stmt accounts will fill automatically check your balances against the Adjusted Trial Balance DR Income Sta DR CR 0 0 To 0 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl | 0 | 0 | 0 elc|ol|ee|| 0 0 I net income . 0 0 33600 1914 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 4. Income stmt accounts will fill automatically check your balances against the ck figure 5. Balances will from from adjusted trial balance Check your balances against the ck figur Income Statement DR CR | Balance Sheet DR CR 0 0 0 0 0 1b 1 Journal Entries | Tab 2 Ledger | | Tab 3 Wori | | 0 10 1 | | | 10 10 191400 240.775 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 5. Balances will from from adjusted trial balance Check your balances a painst the ck figure 6 Once the closing entries have been poste Ipull the ending balances from all acounts to post closing trail balance. Check your bala Balance Sheet DR CR 0 0 Post Closing Trial Balanc DR CR 0 0 hool 1b 1 Journal Entries | Tab 2 Ledger Tab 3 Worl 0 110 10 10 10 0 | | 240,725 234825) b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 16 Once the closing entries have been posted in Tal 2 pull the ending balances from all acocunts to create a post closing trail balance. Check your balances against the check figures. Post Closing Trial Balance DR CR READ TI This is the a Normally, th as a verifica You do not It is provide 0 0 01 Notice the b If your total: you are in bu the financia and the pos tb 1 Journal Entries | Tab 2 Ledger Tab 3 Worl You do not It is provide 10 | | | | Notice the b If your total: you are in b: the financia and the pos | |||| - 17 234825) required Tab 1 Journal Entries Tab 2 Ledger Tab 3 W Financial Statements 1 Complete the Financial Statements in tab 5 2 Then prepare the closing entries in tab 6 Post the closing entries on the green lines the Ledger in Tab 3 Income Statement 30-Apr Parrots Revenue Total Revenue Expenses Total Expenses Net Income 30-Apr Parrots Owner Equity Beginning Equity Net Income Draw Ending Equity Balance Parrots Balance Sheet Assets Liat Parrots Balance Sheet Assets Liab Accc wag Equ Net Equipment Total Assets Tota Parrots Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234. Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234.475 0 Parrots Parrots Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234,475 required Tab 1 Journal Entries Tab 2 Le Steps I Close Revenue to Income Summary - prepare journal entry 2 Close All expenses to income Summary - prepare journal entry 3 Close Net income (Income - expenses) to Capital prepare journal entry 4 Close Drawing to Capital - prepare journal entry 5 Post these entries to the general ledger in tab 2 using the green lines to post these entries 6 Prepare a Post closing trail balance in Tab 3 Col M and N Complete the closing entries to income summary here DR CR to close revenue to income Summary to close expenses to income summary To close net income to capital To close Draw to Capital account ab 1 Journal Entries Tab 2 Ledger Tab 3 Summary - prepare journal entry come Summary - prepare journal entry me - expenses) to Capital prepare journal entry 1 - prepare journal entry general ledger in tab 2 most these entries nil balance in Tab 3 Col M and N ries to income summary here DR ne kummary L l ist all expenses here me summary pal account required Tab 1 Journal Entries Tab 2 L Prepare the Post Closing Trial Balance Parrots Campground Post Closing Trail Balance Debit Accounts Credit Total Check Figure 235,225 H ABC G journal Entries understanding of the entire accounting process. As such, students should plan on about three to six hours to complete this problem General Journal Always list the Debit item first. Debit Date Accounts Credit The following transactions took place during April Apri1 Parrot invested cash in business, $100,000. 1 Paid Insurance premium for seven-month camping season, $14,000 2 Paid rent for lodge and campgrounds for the month of April, $25.000 2 Deposited registration fees, $32,000 Purchased 10 fishing boats on account for $45.000 The boats have estimated useful lives of five years, at which time they will be donated to local day camp. Arrangements were made to pay for the boats in August 3 Purchased food supplies from Wendy's Food Market on account, $5,000 Purchased office supplies from Petersons Office Supplies on account $1 7 Deposited registration fees, 348 300. 1 Purchased food supplies from Wendy's Market RRR 10 Paid wages to fishing guides, 59,500 14 Deposited registration fees, 534 500 15 Purchased food supplies from Wendy's Super Marken accounts 12 Paid was to fishing guides, 59.500 5275 Tablournal Entries Tab 2 Ledger Tab 3 Worksheet T4 Auto Entries Tab 5 in Statements Taboclog post dosing- Clipboard Font Alignment Number F G H I J K 17 Paid wapes to fishing guides, $9,500 18 Paid postage, $275 21 Deposited registration fees, $35,600 24 Purchased food supplies from Acme Super Market on account, $8,500. 24 Paid wages to fishing guides, $10,000 28 Deposited registration fees, $41,000. 29 Paid wages to fishing guides, $9,500 30 Purchased food supplies from Wendy's Super Market 30 Paid Wendys Super Market on account, 532,700 S 30 Paid utilities bill, $2,750. 30 Paid phone bill, $1 350. 30 Polly Parrot withdrew cash for personal use. 55.500 This is the tal of your en t Check figure OBSEBB journals that are posted incorrectly. Note this check figures arbitrary and it will not balance to any other numbers in this problem Column Totals 493,225 193,225 Difference (493,225) (493.225) If this total is more than 0, then you have transactions that do not balance. I 1 F G H Post the transaction from General Journal in Tab 1 in the ledger accounts below. 1 Go to tab 3 and see if Col band balance. If they do, you have posted everything correctly if they do not balance, you will need to find your 2 posting error in the general ledger below. When you balance go to step 3 3 Go to Tab 4 and journal the adjusting entries 4 Come back to Tab 2 and post adjusting entries in the orange rows. 10 5 Check the Worksheet to make sure you are in balance. 6 Prepare and post closing entries 12 Parrots Campground 13 Cash- 101 3 14 Ref Description Debit Credit Balance 15 Beginning Balance General Ledger Office Supplies - 130 Ref Description Debit Credit Balance Equipment - Fishing Boats - 130 e Descrizion e Credit Balance Accumulated Depreciation 181 Ret Description Cat a lan 158 XL GH Accumulated Depreciation 181 Ref Description Debit Credit Balance Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 150 Ret Description Debit Credit 40 Capital-300 41 Ref Description Debit Credit Balance - 48 Draw-310 Ref Description Prepaid Insurance 160 Ret Description Debit Debit Credit Balance Credit Balance 4 Wage Expense -501 Ref Description Debit Credit Balance Prepaid Rent Rat Description Debit Credit Balance S853 158 x fx C D E F G H I B SS Wage Expense-501 56 Ret Description Debit Credit Balance Prepaid Rent Ref Description Debit Credit Balance Accounts Payable-200 Description Debit Credit Balance Food Supply Expense - 524 67 Ref Description Debit Credit Balance Debit Insurance Expense 532 74 Ref Description 75 76 Credit Balance wages Payable - 210 Set Design Dela Credit Rolan 28 30 Registration Fees-400 Description et Credit Office Supply Expense 521 35 Ref Description Debit Credit Balance - Tablournal Entries Tab 2 Ledger Tab 3 Worksheet Tab 4 Austing Utilities Expense 533 Ref Description Debit Credit Balan Rent Expense 520 Ref Description Debit beg balance Credit 101 Phone Expense-523 Ref Description Debit Credit 2 Credit 103 Depreciation Expense - 550 104 Ref Description Debit 105 106 107 108 109 110 111 Income Summary-313 112 Ref Description Debit 113 e Fees Income 114f Expenses Postage Expense 540 Ret Description Debit Credit Credit Balance L ances from the 2. Preparesting jouissies in tabd de post to the balanc Net the bases from the head s to get a sta Parrots Trial Balance DR Adjustmeots DR Ref Adjusted Trial Balance DR CR CR Income Statement DR CR CR Cash-101 Accounts Receivable-120 Office Supplies - 130 Food Supplies 150 Prepaid Insurance 160 Equipment - Fishing Boats - 180 Accumulated Depreciation 181 Accounts Payable-200 wages Payable-210 Capital-300 Draw-310 - Registration Fees-400 Wage Expense -501 20 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense-523 Utilities Expense 533 insurance Expense 532 Postage Expense 540 Depreciation Expense. 550 Page 1 Tabl e Table Tab Worksheet come simt aces will es from the the stres to eaque Dance .debas s balances will leam from ched ou t the check Adjusted Trial Balance DR CR Once the existe e bere posted in 152 Pul bottom door Bobce. Che best the ches Post dosing Trial Balance is DR CR READ THIS DR Income Statement CR DR This is the accounting worksheet Normally, the accountant completes the columns as a verification in the accounting closing process You do not need to do anything on this workshe It is provided as a means to check your work. Notice the blue check figures in line 38, If your totals agree with the check figures then you are in balance and can prepare the the financial statements, closing entries and the post closing trial balance. Page et Income Entries TRD SF Statements Taboclo entries O port Lapualu B14 X fx Adjusting Entries a Office Supplies on hand $400 Food Supplies remaining on hand $6000 Insurance expired during the month of May $2000 Depreciation on Fishing Boats for May $1000 Wages earned but not yet paid at the end of May $1900 REQUIRED 1. Prepare the adjusting journal entries in the General Journal 2 post the adjusting entries in the General Ledger Tab 2 in the Orange lines. 3 Post the adjusting entries in Col. D and E 4 Prepared and adjusted trial balance in Tab 3 Ref # Accounts Debit Credit Page Column Totals Check figure Difference 35,500 35,500 (35,500) (35,500) If this total is more than 0, then your have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly Tab 1 Journal Entries Tab 2 Ledger Tab 3 Worksheet Tab 4 Adjusting Entries Tab 5 F FA :X fix 1 A Financial Statements 1 Complete the Financial Statements in tab 5 2 Then prepare the closing entries in tab 6 Post the closing entries on the green lines the 3 Ledger in Tab 3 Income Statement 30-Apr Parrots Revenue Total Revenue Expenses ... + READY Tablournal Entries Tab 2 Ledge Tab Worheet Tab Actin Entries Tab 5 F Clipboard A A = Total Expenses Net Income 30-Apr Parrots 2 Owner Equity Beginning Equity Net Income Draw Ending Equity Balance READY Tablournal tries 2 Ledger TabsWorthe a s t Entes Tab 5 Fin State raw nding Equity Balance Parrots Balance Sheet Assets Liabilities Accounts Payable-200 wages Payable - 210 Total Liabilities Equity Net Equipment Total Assets Total Liabilities and Equity Check figure 234,475 Entries Two Lodour Tabs worksheet THD & Adjusting Entries Tabs Fin Statements Tab & closing entries Tab 7 post dosing - SAMSUNG COPY $ % Number BIU. . . A. Es Merge & Center - Clipboard Font Alignment X & fx C D E Steps 1 Close Revenue to Income Summary - prepare journal entry F 2 Close All expenses to income Summary - prepare journal entry 6 3 Close Net income (Income - expenses) to Capital prepare journal entry 4 Close Drawing to Capital - prepare journal entry 8 9 10 5 Post these entries to the general ledger in tab 2 using the green lines to post these entries 12 6 Prepare a Post closing trail balance in Tab 3 Col M and N Complete the closing entries to income summary here CR to close revenue to income summary list all expenses here to close expenses to income summary Tab Journal Entries Tab 2 Ledger Tab 3 Worksheet Tab Acusting Entries Tabs in statements Post these entries to the general ledger in tab 2 using the green lines to post these entries 5 Prepare a Post closing trail balance in Tab 3 Col Mand N Complete the closing entries to income summary here DR CR to close revenue to income summary WERS list all expenses here to close expenses to income summary To close net income to capital 38 39 40 To close Draw to Capital account . .. Tab journal Entries Tab 2 Ledger Tab worksheet Tab & Adjusting Entries Tabs in Statements Tab & Closine C D E Prepare the Post Closing Trial Balance Parrots Campground Post Closing Trail Balance Debit Accounts Credit Page 1 Total Check Figure 235,225 Tab 2 Ledoer Tab 3 Worksheet Tab & Adjusting Entries Tab S in Statements Tabs closing entries READY Tab Polly Parrot opened Parrots Campgrounds. I week, arriving on Sunday afternoon and pack meals, the use of fishing boats, and other activ is provided below. Parrots Campgrounds Assets 101 Cash 120 Accounts Receivable 130 Office Supplies 150 Food Supplies 160 Prepaid Insurance 180 Equipment 181 Accum. Depr.-Equipment Liabilities 200 Accounts Payable 210 Wages Payable Owner's Equity 300 Polly Parrot Capital 310 Polly Parrot Drawing 390 Income Summary Revenues 400 Registration Fees Expenses 501 Wages Expense 520 Rent Expense 521 Office Supplies Expense 522 Food Supplies Expense 523 Phone Expense 531 Utilities Expense 532 Insurance Expense 540 Postage Expense 550 Depr. Exp.-Fishing Boats The camp is open from April through October. Campers typical king up the following Saturday afternoon. The registration fee il vities around the campgrounds. The chart of accounts for the ca REQUIRED: 1. Enter the April transactions in a general journal. Enter transactions on Ta 2. Post the entries to the general ledger in Tab 2. 3. Prepare a trial balance on a work sheet in Tab 3. 4. Complete the work sheet - Tab 3. 5. Journalize the adjusting entries in Tab 4 6. Post the adjusting entries to the general ledger in Tab 2 and in the Workshe 7. Prepare the income statement in Tab 5. 8. Prepare the statement of owner's equity in Tab 5. 9. Prepare the balance sheet in Tab 5. 10. Journalize the closing entries in tab 6 11. Post the closing entries to the general ledger in Tab 3 using the green highl 12. Prepare a post-closing trial balance in Tab 3 -il through October. Campers typically register for one day afternoon. The registration fee includes space and unds. The chart of accounts for the camping operations ons in a general journal. Enter transactions on Tab 1 - Journal Entries. meral ledger in Tab 2. na work sheet in Tab 3. - Tab 3. entries in Tab 4 to the general ledger in Tab 2 and in the Worksheet in Tab 3. ment in Tab 5. owner's equity in Tab 5. in Tab 5. ntries in tab 6 o the general ledger in Tab 3 using the green highlighted lines. rial balance in Tab 3 journal Entries This comprehensive problem is intended to serve to test your understanding of the entire accounting process. As such, students should plan on about three to six hours to complete this problem. The following transactions took place during April April 1 Parrot invested cash in business, $100.000 1 Paid insurance premium for seven-month camping season, S14,000 2 Paid rent for lodge and campgrounds for the month of April, $25,000 Deposited registration fees, $32,000. Purchased 10 fishing boats on account for 545,000. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements were made to pay for the boats in August 3 Purchased food supplies from Wendy's Food Market on account, $5,000. 5 Purchased office supplies from Petersons Office Supplies on account, $1250 7 Deposited registration fees, $48,300 10 Purchased food supplies from Wendy's Market on account, 57,200. 10 Paid wages to fishing guides, 59,500. 14 Deposited registration fees, $34,500. 16 Purchased food supplies from Wendy's Super Market on account, 89,200, 17 Paid wages to fishing guides, 59.500 18 Paid postage 5275 21 Deposited registration fees, 535,600 24 Purchased food supplies from Acme Super Market on account. $8,500 24 Paid wages to fishing guides, $10,000 28 Deposited registration fees, S41,000. 17 Paid wages to fishing guides, $9,500. 18 Paid postage, $275. 21 Deposited registration fees, $35,600. 24 Purchased food supplies from Acme Super Market on account, $8,500. 24 Paid wages to fishing guides, $10,000. 28 Deposited registration fees, $41,000. 29 Paid wages to fishing guides, S9,500. 30 Purchased food supplies from Wendy's Super Market on account, $6,300. 30 Paid Wendys Super Market on account, $32,700. 30 Paid utilities bill, $2,750. 30 Paid phone bill, $1,350. 30 Polly Parrot withdrew cash for personal use, $5,500. 2 Ledger Tab 3 Worksheet Tab 4 Adjusting Entries Tab 5 Fir General Journal Always list the Debit it first Date Accounts Debit Credit This is the total of all your entries. If it does Column Totals not match the next line you have journals that are posted incorrectly. Note this check figure Check figure 493,225 493,225| is arbitrary and it will not balance to any other Difference -493,225 -493,225 numbers in this problem. If this total is more than 0, then you have transactions that do not balance. Hint: if either of these red numbers can be divided by 9 evenly you probably have a transposition error meaning you entered 18 instead of 81 required Tab 1 Journal Entries Tab 2 Ledg I Post the transaction from General Journal in Tab 1 in the ledger accounts below Go to tab 3 and see if Col band balance. If they de, you have posted everything 2 correctly if they do not balance, you will need to find your posting error in the general ledger below. When you balance go to step 3 3 Go to Tab 4 and journal the adjusting entries 4 Come back to Tab 2 and post adjusting entries in the orange rows. 5 Check the Worksheet to make sure you are in balance 6 Prepare and post closing entries Parrots Campground Cash-101 Ref Description Debit Credit Balance Beginning Balance General leds Office Supplies - Equipment - Fishi thritis Accumulated Depr R hp 0 TO Accounts Receivable-20 Ref Description Debit Credit Balance Food Supplies 150 efter Capital-300 Ref Description Debit Credit Balance required Tab 1 Journal Entries Tab 2 Ledg Parrots Campground Cash-101 General Led Ref Description Debit Credit Balance Office Supplies - 1 Beginning Balane ol ol TO TO ol ol Equipment.Fishi lated Dep There ol Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 151 ol Ref Decripti 10 Capital 300 Ref Description Debit Credit Balance Prepaid Insurance Draw 310 Ref Description Debit Credit Balance O Wagd Expense -501 Ref Description Debit Credit Balance Prepaid Rent e scripti required Tab 1 Journal Entries Tab 2 Ledg Accounts Receivable-120 Ref Description Debit Credit Balance Food Supplies 154 Der TO Capital-300 Ref Description Debit Credit Balance Prepaid Insurance Draw 310 Ref Description Debit Credit Balance Wage Expense -501 Ref Description Debit Credit Balance Prepaid Rent Descript Accounts Payable Food Supply Expense - 524 Ref Description Debit Credit Balance Insurance Expense 532 Ref Description Debit Credit Balance wages Payable - 2 Ref Description Registration Fees Ref Description Office Supply Expense 521 Ref Description Debit Credit Balance Rent Expense 520 Utilities Expense 533 Ref Description Debit Credit Balance Rob Description beg balanc Phone Expenses Depreciation Expense - 550 Ref Description Debit Credit Balance Ref Description Postage Expense: Bel Description Income Summary-313 Ref Description e Fees Income Expenses Debit Credit Balance Capital-300 Tab 1 Journal Entries Tab 2 Ledger Tab 3 unts below ted everything Tor in the general General Ledger Office Supplies - 130 Ref Descriptive Crede a lne Equipment - Fishing Boats - INO Rob Descriptive Crudu B alance Accumulated Depreciation 181 Nu Food Supplies 150 Ref Der Tab 1 Journal Entries Tab 2 Ledger Tab 3 0 Prepaid Insurance 160 Ref Descriptive Debit Credit Balance Prepaid Rent Ref D ry Balance Accounts Payable- 200 Rob Descriptive De Credit Balance wages Payable-210 Ref Description Credit Balance Registration Fees-400 Ref Drip Di LT C redit Balance Registration Fees-400 Ref Description Debit Credit Balance Rent Expense 520 Ref Description beg balance Debit Credit Balance Phone Expense-523 Rel Description Debit Credit Balance 0 0 Postage Expense 540 Ref Dewriti Di Credit required Tab 1 Journal Entries Tab 2 Ledg 1. Balances from tab 2 will come over automatica check your totals against Parrots Tria DR Cash-101 Accounts Receivable-120 Office Supplies - 130 Food Supplies 150 Prepaid Insurance 160 Equipment - Fishing Boats - 180 Accumulated Depreciation 181 Accounts Payable- 200 wages Payable - 210 Capital-300 Draw-310 Registration Fees-400 Wage Expense -501 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense- 523 Utilities Expense 533 Insurance Expense 532 Postage Expense 540 Registration Fees-400 Wage Expense -501 Rent Expense 520 Office Supply Expense 521 Food Supply Expense - 524 Phone Expense- 523 Utilities Expense 533 Insurance Expense 532 Postage Expense 540 Depreciation Expense - 550 Check figures b 1 Journal Entries Tab 2 Ledger Tab 3 Work 1. Balances from tab 2 will come over automatically check your totals against the check figure 2. Prepare adjusting journal entri tab 4 and then post to the ledger in ta lines and here in this worksheet Adjustn Ref DR Trial Balance DR CR 0 0 ob T oc old ole a b b 1 Journal Entries Tab 2 Ledger Tab 3 Work PO ole o le 0 0 0 0 0c 0d 0 Check figures 340,950 ab 1 Journal Entries Tab 2 Ledger Tab 3 Wor 2. Prepare adjusting journal entries in 13. Net the balances from the tab 4 and then post to the lodger in tab 2 in the orange lines and the adjustments to get adje lines and here in this worksheet balance - debits and credits m Adjustments DR Ref CR Adjusted DR 0 0 b 100 d To lbol b 1 Journal Entries Tab 2 Ledger Tab 3 Wor P lo a L ol 0 0 000 35500 343600 b 1 Journal Entries Tab 2 Ledger Tab 3 Wor P lo a L ol 0 0 000 35500 343600 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 3. Net the balances from the rial balance and the adjustments to get adjusted trial balance - debits and credits must equal 4. Income stmt accounts will fill automatically check your balances against the Adjusted Trial Balance DR Income Sta DR CR 0 0 To 0 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl | 0 | 0 | 0 elc|ol|ee|| 0 0 I net income . 0 0 33600 1914 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 4. Income stmt accounts will fill automatically check your balances against the ck figure 5. Balances will from from adjusted trial balance Check your balances against the ck figur Income Statement DR CR | Balance Sheet DR CR 0 0 0 0 0 1b 1 Journal Entries | Tab 2 Ledger | | Tab 3 Wori | | 0 10 1 | | | 10 10 191400 240.775 b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 5. Balances will from from adjusted trial balance Check your balances a painst the ck figure 6 Once the closing entries have been poste Ipull the ending balances from all acounts to post closing trail balance. Check your bala Balance Sheet DR CR 0 0 Post Closing Trial Balanc DR CR 0 0 hool 1b 1 Journal Entries | Tab 2 Ledger Tab 3 Worl 0 110 10 10 10 0 | | 240,725 234825) b 1 Journal Entries Tab 2 Ledger Tab 3 Worl 16 Once the closing entries have been posted in Tal 2 pull the ending balances from all acocunts to create a post closing trail balance. Check your balances against the check figures. Post Closing Trial Balance DR CR READ TI This is the a Normally, th as a verifica You do not It is provide 0 0 01 Notice the b If your total: you are in bu the financia and the pos tb 1 Journal Entries | Tab 2 Ledger Tab 3 Worl You do not It is provide 10 | | | | Notice the b If your total: you are in b: the financia and the pos | |||| - 17 234825) required Tab 1 Journal Entries Tab 2 Ledger Tab 3 W Financial Statements 1 Complete the Financial Statements in tab 5 2 Then prepare the closing entries in tab 6 Post the closing entries on the green lines the Ledger in Tab 3 Income Statement 30-Apr Parrots Revenue Total Revenue Expenses Total Expenses Net Income 30-Apr Parrots Owner Equity Beginning Equity Net Income Draw Ending Equity Balance Parrots Balance Sheet Assets Liat Parrots Balance Sheet Assets Liab Accc wag Equ Net Equipment Total Assets Tota Parrots Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234. Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234.475 0 Parrots Parrots Liabilities Accounts Payable- 200 wages Payable - 210 Total Liabilities Equity Total Liabilities and Equity Check figure 234,475 required Tab 1 Journal Entries Tab 2 Le Steps I Close Revenue to Income Summary - prepare journal entry 2 Close All expenses to income Summary - prepare journal entry 3 Close Net income (Income - expenses) to Capital prepare journal entry 4 Close Drawing to Capital - prepare journal entry 5 Post these entries to the general ledger in tab 2 using the green lines to post these entries 6 Prepare a Post closing trail balance in Tab 3 Col M and N Complete the closing entries to income summary here DR CR to close revenue to income Summary to close expenses to income summary To close net income to capital To close Draw to Capital account ab 1 Journal Entries Tab 2 Ledger Tab 3 Summary - prepare journal entry come Summary - prepare journal entry me - expenses) to Capital prepare journal entry 1 - prepare journal entry general ledger in tab 2 most these entries nil balance in Tab 3 Col M and N ries to income summary here DR ne kummary L l ist all expenses here me summary pal account required Tab 1 Journal Entries Tab 2 L Prepare the Post Closing Trial Balance Parrots Campground Post Closing Trail Balance Debit Accounts Credit Total Check Figure 235,225