ACC102 Final Examination Problem
ACC102 Final Examination Problem
Mikel Chodas has decided this year to put up a business aligned with cleaning glass windows for custom
Window Washing" The following transactions pertain to his business fo
July 1
1
3
5
12
18
20
21
25
31
31
July 31
31
31
a
b
c
d
e
Mr. Mikel Chodas has decided this year to put up a business aligned with cleaning glass windows for customer homes and propertie
Window Washing" The following transactions pertain to his business for the year 2022.
Additional Information:
Provided services to Brent Inc. worth P1,500 on account
Unused cleaning supplies worth P600.
Unpaid salaries amounted to P600.
Required:
Complete the sheet (a-Effects) for the effects of the transaction to the expanded general equation.
Complete the sheet (b-General Journal) for the transactions above. Journalize them in the sheet.
Complete the sheet (c-General Ledger) for the transactions above. Post the transaction from your general journal.
Complete the sheet (d-Worksheet). Even though optional in the accounting cycle, utilize worksheet to ease the preparation
Complete the sheet (e-Financial Statement). Prepare the financial statements and Post-closing trial balance as indicated.
Chart of Accounts
Cash
Accounts Receivable
Cleaning Supplies
Truck
Accumulated Depre'n-Truck
Prepaid Insurance
Cleaning Supplies
Accounts Payable
Salaries Payable
Chodas, Capital
Chodas, Drawings
Service Revenue
Depreciation Expense
Insurance Expense
Cleaning Supplies Expense
Salaries Expense
Profit and Loss Summary
Assets = Liabilities + Owner's Equity Revenue - Expenses = Net Income
(e.g.) Decrease No Effect Decrease No effect No Effect No effect
*66 Points
JOURNAL ENTRIES
Adjustments:
July 1 Cash 12,000 1 Depreciation Expense 200
Accumulated
Chodas, Capital 12,000 Depreciation - Truck 200
To record investment made by Chodas To record depreciation for the month of July
1 Truck 6,000 2 Insurance Expense 100
Cash 3,000 Prepaid Insurance 100
Accounts Payable 3,000 To record insurance expense for month of July
Cleaning Supplies
To record purchase of truck 3 Expense 700
3 Cleaning Supplies 1,300 Cleaning Supplies 700
Accounts Payable 1,300 To record used supplies
To record purchase of supplies on account 4 Salaries Expense 600
5 Prepaid Insurance 1,200 Salaries Payable 600
Cash 1,200 To record accrual of salary
To record purchase of insurance of 1 year 5
12 Accounts Receivable 2,500
Service Revenue 2,500
To record service rendered to Kairoh Inc.
18 Accounts Payable 1,800 Closing entries:
Cash 1,800
To record payment on accounts payable - truck 1 Service Revenue 7,000
20 Salaries Expense 1,200 Profit and Loss Summary 7,000
Cash 1,200 To close revenue account
To record payment of salaries 2 Profit and Loss Summary 2,800
21 Cash 1,400 Salaries Expense 1,800
Accounts Receivable 1,400 Depreciation Expense 200
To record collection of receivables - Kairoh Inc. Insurance Expense 100
25 Accounts Receivable 3,000 Cleaning Supplies Expense 700
Service Revenue 3,000
To record service rendered to Brenda Inc. To close expense accounts
31 Chodas, Drawings 900 3 Profit and Loss Summary 4,200
Cash 900 Chodas, Capital 4,200
To record withdrawal by Chodas To record profit transferred to capital
31 Accounts Receivable 1,500 4 Chodas, Capital 900
Service Revenue 1,500 Chodas, Drawings 900
To record service rendered to Brent Inc. To record withrawal to capital account
GENERAL LEDGER
Salaries Expense
Chodas's Window Washing
Worksheet
31-Jul-22
Unadjusted Adjusted
Trial Balance Adjustments Trial Balance Income Statement Balance Sheet
Account Titles Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr
Cash 5,300
Accounts Receivable 5,600
Cleaning Supplies 1,300
Truck 6,000
Accumulated Depre'n-Truck
Prepaid Insurance 1,200
Cleaning Supplies 1,300
Accounts Payable 2,500
Salaries Payable
Chodas, Capital 12,000
Chodas, Drawings 900
Service Revenue 7,000
Depreciation Expense
Insurance Expense
Cleaning Supplies Expense
Salaries Expense 1,200
ASSETS: LIABILITIES:
REVENUE: Cash Accounts Payable
Service Revenue Accounts Receivable Salaries Payable
EXPENSES: Cleaning Supplies TOTAL LIABILITIES
Salaries Expense Prepaid Insurance
Cleaning Supplies Expense Truck OWNERS' EQUITY:
Petrol Expense Accumulated Depreciation-Truck Chodas, Capital
Depreciation Expense TOTAL ASSETS TOTAL LIABILITIES & OWNERS' EQUITY
Insurance Expense
NET INCOME