Acct 100 homework Ch04 wileyPlus (Part level Submission Only)

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Exercise 4-9 (Part level Submission)

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The adjusted trial balance for Plevin Company.

PLEVIN COMPANY Adjusted Trial Balance July 31, 2014

No.

Account Titles

Debit

Credit

101

Cash

$9,840

112

Accounts Receivable

8,780

157

Equipment

15,900

158

Accumulated Depreciation-Equip.

$7,400

201

Accounts Payable

4,220

208

Unearned Rent Revenue

1,800

301

Owner’s Capital

45,200

306

Owner’s Drawings

16,000

400

Service Revenue

64,000

429

Rent Revenue

6,500

711

Depreciation Expense

8,000

726

Salaries and Wages Expense

55,700

732

Utilities Expense

14,900

  

 

 

$129,120

$129,120

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(a1)

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Your answer is correct.

 

 

Prepare an income statement for the year.

PLEVIN COMPANY Income Statement For the Year Ended July 31, 2014

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Service Revenue

$

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64000

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Rent Revenue

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6500

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res_EAT_1354256524140_0_1641511617394673_028

$

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70500

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Salaries and Wages Expense

$

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55700

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Utilities Expense

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14900

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Depreciation Expense

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8000

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res_EAT_1354256524140_0_1641511617394673_061

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78600

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res_EAT_1354256524140_0_1641511617394673_069

$

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(8,100)

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(a2)

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Prepare an owner’s equity statement for the year. Plevin did not make any capital investments during the year. (List items that increase owner's equity first.)

PLEVIN COMPANY Owner’s Equity Statement For the Year Ended July 31, 2014

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$

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:

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$

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Exercise 4-11 (Part level Submission)

Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

June 30

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Service Revenue

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18100

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Income Summary

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18100

(To close revenue account.)

June 30

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Income Summary

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13100

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Salaries and Wages Expense

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8800

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Supplies Expense

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1300

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Rent Expense

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3000

(To close expense account.)

June 30

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Income Summary

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5000

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Owner's Capital

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5000

(To close net income / (loss).)

June 30

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Owner's Capital

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2500

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Owner's Drawings

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2500

(To close drawings.)

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(b)

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Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.)

Income Summary

June 30

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June 30

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June 30

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June 30

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Salaries and W

8800

Supplies Expe

1300

Rent Expense

3000

Income Summa

5000

res_EAT_135425

Owner's Capit

5000

Owner's Capit

2500

Owner's Draw

2500

Revenues

Service Reven

64000

Rent Revenue

6500

res_EAT_135425

Total Revenues

70500

res_EAT_135425

Expenses

Salaries and W

55700

Utilities Expens

14900

Depreciation E

8000

res_EAT_135425

Total Expenses

78600

res_EAT_135425

Net Income / (Loss)

(8,100)

Service Reven

18100

Income Summa

18100

Income Summa

13100