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Module 5 HW Prob - PR 04-5A - Format

Trying to complete balance sheet / Closing journals/ Income statement and end of period spreadsheet

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Ross
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156 views

Module 5 HW Prob - PR 04-5A - Format

Trying to complete balance sheet / Closing journals/ Income statement and end of period spreadsheet

Uploaded by

Ross
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 17

Problem 4-5A

Name: Solution
Section:

1. and 2.
General JOURNAL Page 1
Post.
Date Description Ref. Debit Credit
2018
July 1 Cash 11 13,500
Accounts Receivable 12 20,800
Supplies 14 3,200
Office Equipment 18 7,500
Common Stock 31 45,000

1 Prepaid Rent 15 4,800


Cash 11 4,800

2 Prepaid Insurance 16 4,500


Cash 11 4,500

4 Cash 11 5,500
Unearned Fees 23 5,500

5 Office Equipment 18 6,500


Accounts Payable 21 6,500

6 Cash 11 15,300
Accounts Receivable 12 15,300

10 Miscellaneous Expense 59 400


Cash 11 400

12 Accounts Payable 21 5,200


Cash 11 5,200

12 Accounts Receivable 12 13,300


Fees Earned 41 13,300

14 Salary Expense 51 1,750


Cash 11 1,750
General JOURNAL Page 2
Post.
Date Description Ref. Debit Credit
2018
July 17 Cash 11 9,450
Fees Earned 41 9,450

18 Supplies 14 600
Cash 11 600

20 Accounts Receivable 12 6,650


Fees Earned 41 6,650

24 Cash 11 4,000
Fees Earned 41 4,000

26 Cash 11 12,000
Accounts Receivable 12 12,000

27 Salary Expense 51 1,750


Cash 11 1,750

29 Miscellaneous Expense 59 325


Cash 11 325

31 Miscellaneous Expense 59 675


Cash 11 675

31 Cash 11 5,200
Fees Earned 41 5,200

31 Accounts Receivable 12 3,000


Fees Earned 41 3,000

31 Dividends 33 12,500
Cash 11 12,500
6. ADJUSTING JOURNAL Page 3
Post.
Date Description Ref. Debit Credit
2018 Adjusting Entries
July 31 Insurance Expense 55 375
Prepaid Insurance 16 375

31 Supplies Expense 53 2,275


Supplies 14 2,275

31 Depreciation Expense 54 750


Accumulated Depreciation 19 750

31 Salary Expense 51 175


Salaries Payable 22 175

31 Rent Expense 52 2,400


Prepaid Rent 15 2,400

31 Unearned Fees 23 2,750


Fees Earned 41 2,750
9. Closing JOURNAL Page 4
Post.
Date Description Ref. Debit Credit
2018 Closing Entries
July 31

31

31

31
Problem 4-5A
Name:
Section:

L GENERAL LEDGER
Cash 11
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 13,500 13,500
1 1 4,800 8,700
2 1 4,500 4,200
4 1 5,500 9,700
6 1 15,300 25,000
10 1 400 24,600
12 1 5,200 19,400
14 1 1,750 17,650
17 2 9,450 27,100
18 2 600 26,500
24 2 4,000 30,500
26 2 12,000 42,500
27 2 1,750 40,750
29 2 325 40,425
31 2 675 39,750
31 2 5,200 44,950
31 2 12,500 32,450

Accounts Receivable 12
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 20,800 20,800
6 1 15,300 5,500
12 1 13,300 18,800
20 2 6,650 25,450
26 2 12,000 13,450
31 2 3,000 16,450

Supplies 14
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 3,200 3,200
18 2 600 3,800
31 Adjusting 3 2,275 1,525
Prepaid Rent 15
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 4,800 4,800
31 Adjusting 3 2,400 2,400

Prepaid Insurance 16
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 2 1 4,500 4,500
31 Adjusting 3 375 4,125

Office Equipment 18
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 7,500 7,500
5 1 6,500 14,000

Accumulated Depreciation 19
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 750 750

Accounts Payable 21
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 5 1 6,500 6,500
12 1 5,200 1,300

Salaries Payable 22
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 175 175

Unearned Fees 23
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 4 1 5,500 5,500
31 Adjusting 3 2,750 2,750

Common Stock 31
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 1 45,000 45,000

Retained Earnings 32
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 1 Balance 0
31
31

Dividends 33
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 2 12,500 12,500
31

Income Summary 34
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31
31
31

Fees Earned 41
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 12 1 13,300 13,300
17 2 9,450 22,750
20 2 6,650 29,400
24 2 4,000 33,400
31 2 5,200 38,600
31 2 3,000 41,600
31 Adjusting 3 2,750 44,350
31
Salary Expense 51
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 14 1 1,750 1,750
27 2 1,750 3,500
31 Adjusting 3 175 3,675
31

Rent Expense 52
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 2,400 2,400
31

Supplies Expense 53
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 2,275 2,275
31

Depreciation Expense 54
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 750 750
31

Insurance Expense 55
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 31 Adjusting 3 375 375
31

Miscellaneous Expense 59
Post. Balance
Date Item Ref. Debit Credit Debit Credit
2018
July 10 1 400 400
29 2 325 725
31 2 675 1,400
31
Problem 4-5A
Name:
Section:

3. DIAMOND CONSULTING
Unadjusted Trial Balance
July 31, 2018
Debit Credit
Balances Balances
Cash 32,450 -
Accounts Receivable 16,450 -
Supplies 3,800 -
Prepaid Rent 4,800 -
Prepaid Insurance 4,500 -
Office Equipment 14,000 -
Accumulated Depreciation - -
Accounts Payable - 1,300
Salaries Payable - -
Unearned Fees - 5,500
Common Stock - 45,000
Retained Earnings - -
Dividends 12,500 -
Fees Earned - 41,600
Salary Expense 3,500 -
Rent Expense - -
Supplies Expense - -
Depreciation Expense - -
Insurance Expense - -
Miscellaneous Expense 1,400 -
93,400 93,400
7. DIAMOND CONSULTING
Adjusted Trial Balance
July 31, 2018
Debit Credit
Balances Balances
Cash 32,450 -
Accounts Receivable 16,450 -
Supplies 1,525 -
Prepaid Rent 2,400 -
Prepaid Insurance 4,125 -
Office Equipment 14,000 -
Accumulated Depreciation - 750
Accounts Payable - 1,300
Salaries Payable - 175
Unearned Fees - 2,750
Common Stock - 45,000
Retained Earnings - -
Dividends 12,500 -
Fees Earned - 44,350
Salary Expense 3,675 -
Rent Expense 2,400 -
Supplies Expense 2,275 -
Depreciation Expense 750 -
Insurance Expense 375 -
Miscellaneous Expense 1,400 -
94,325 94,325

10. DIAMOND CONSULTING


Post-Closing Trial Balance
July 31, 2018
Debit Credit
Balances Balances
Cash
Accounts Receivable
Supplies
Prepaid Rent
Prepaid Insurance
Office Equipment
Accumulated Depreciation
Accounts Payable
Salaries Payable
Unearned Fees
Common Stock
Retained Earnings
Problem 4-5A
Name:
Sec:

5. DIAMOND CONSULTING
End-of-Period Spreadsheet (Work Sheet)
For the Month Ended July 31, 2018
Adjusted Income Balance
Unadjusted Trial Balance Adjustments Trial Balance Statement Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 32,450 - - 32,450 -
Accounts Receivable 16,450 - - 16,450 -
Supplies 3,800 - (B) 2,275 1,525 -
Prepaid Rent 4,800 - (E) 2,400 2,400 -
Prepaid Insurance 4,500 - (A) 375 4,125 -
Office Equipment 14,000 - - 14,000 -
Accum. Depreciation - (C) 750 - 750
Accounts Payable 1,300 - - - 1,300
Salaries Payable - (D) 175 - 175
Unearned Fees 5,500 (F) 2,750 - - 2,750
Common Stock 45,000 - - - 45,000
Retained Earnings 0 - - - -
Dividends 12,500 - - 12,500 -
Fees Earned 41,600 - (F) 2,750 - 44,350
Salary Expense 3,500 (D) 175 - 3,675 -
Rent Expense (E) 2,400 - 2,400 -
Supplies Expense (B) 2,275 - 2,275 -
Depreciation Expense (C) 750 - 750 -
Insurance Expense (A) 375 - 375 -
Miscellaneous Expense 1,400 - - 1,400 -
93,400 93,400 8,725 8,725 94,325 94,325
Net income
Problem 4-5A
Name:
Section:

8. DIAMOND CONSULTING
Income Statement
For the Month Ended July 30, 2018

Revenues:

Expenses:

Total expenses
Net income

DIAMOND CONSULTING
Retained Earnings Statement
For the Month Ended July 31, 2018

Retained earnings, July 1, 2018

Retained earnings, July 31, 2018


DIAMOND CONSULTING
Balance Sheet
July 31, 2018
Assets
Current assets:

Total current assets


Property, plant, and equipment:

Total property, plant, and equipment


Total assets

Liabilities
Current liabilities:

Total liabilities

Stockholders' Equity

Total stockholders' equity

Total liabilities and stockholders' equity

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