Wiley Homework Week 4 Strayer. CYU - Ch 4 Homework Brief Exercise 4-4 Brief Exercise 4-6 Brief Exercise 4-9 Exercise 4-7 Exercise 4-8
Brief Exercise 4-4 The ledger of Rios Company contains the following balances: Owner's Capital $28,456; Owner's Drawings $2,447; Service Revenue $49,784; Salaries and Wages Expense $27,385; and Supplies Expense $6,038. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 (To close revenue account.) 31 (To close expense accounts.) 31 (To close net income/ (loss).) 31 (To close drawings.) Debit Credit Brief Exercise 4-6 The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $17,132, Salaries and Wages Expense $8,120, Maintenance and Repairs Expense $2,103, and Net Income $6,909. Prepare the entries to close the revenue and expense accounts. automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 (To close revenue accou July 31 (To close expense accounts.) Show List of Accounts Link to Text Post the entries to the revenue and expense accounts, and compl these accounts using the three-column form of account. Service Revenue Date Explanation Ref Debit Credit 7/31 Balance 7/31 Closing entry Salaries and Wages Expense Date Explanation Ref Debit Credit 7/31 Balance 7/31 Closing entry Maintenance and Repairs Expense Date Explanation Ref 7/31 Balance 7/31 Closing entry Brief Exercise 4-9 Debit Credit At Creighton Company, the following errors were discovered after the transactions had been journalized and posted. 1 . 2 . A collection on account from a customer for $969 was recorded as a debit to Cash $969 and a credit to Service Revenue $969. The purchase of store supplies on account for $1,580 was recorded as a debit to Supplies $1,850 and a credit to Accounts Payable $1,850. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. Exercise 4-7 Kay Magill Company had the following adjusted trial balance. KAY MAGILL COMPANY Adjusted Trial Balance For the Month Ended June 30, 2014 Adjusted Trial Balance Account Titles Debit Credit Cash $3,618 Accounts Receivable 4,083 Supplies Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable Total 497 $1,563 199 4,413 534 5,336 1,269 229 1,881 $12,111 600 $12,111 Prepare closing entries at June 30, 2014. when amount is entered. Do not indent manually.) No. 1. (To close revenue account.) 2. (To close expense accounts) 3. (To close net income / (loss).) 4. (To close drawings) Show List of Accounts Link to Text Prepare a post-closing trial balance. KAY MAGILL COMPANY PostClosing Trial Balance For the Month Ended June 30, 2014 Debit Credit $ Total $ $ $ Exercise 4-8 Plevin Company ended its fiscal year on July 31, 2014. The company's adjusted trial balance as of the end of its fiscal year is as shown below. No. 101 112 157 158 201 208 301 306 400 429 711 726 732 Total PLEVIN COMPANY Adjusted Trial Balance July 31, 2014 Account Titles Cash Accounts Receivable Equipment Accumulated DepreciationEquip. Accounts Payable Unearned Rent Revenue Owner's Capital Owner's Drawings Service Revenue Rent Revenue Depreciation Expense Salaries and Wages Expense Utilities Expense Debit $9,830 9,309 15,580 Credit $7,852 4,364 2,035 44,366 16,080 64,976 6,383 8,241 56,073 14,863 $129,976 $129,976 Prepare the closing entries. (Credit account titles are automatically indented wh amount is entered. Do not indent manually.) Date July Account Titles and Explanation 31 (To close revenue accounts.) July 31 (To close expense accounts.) July 31 (To close net income / ( loss).) July 31 (To close drawings.) Show List of Accounts Link to Text Post to Owner's Capital and Income Summary accounts. journal entries presented in the previous part.) Owner No. 301 's Capital Date Explanation Ref Debit Credit Balance July 31 J15 July 31 J15 July 31 J15 Income Summary Date Explanation July 31 J15 July 31 J15 July 31 J1 5 No. 350 Ref Debit Credit Balance Show List of Accounts Link to Text Prepare a post-closing trial balance at July 31. PLEVIN COMPANY PostClosing Trial Balance July 31, 2014 Debit Credit $ Total $ $ $
