comprehensive

Comprehensive Accounting Cycle Review Problem

Acct2310

Student Name____________________________

Complete the Comprehensive Problem, beginning on page 2, on the included work papers.

Submit the assignment to your instructor by uploading on to Connect on the link on Chapter 2 part 3.

Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters 2-4 in your Financial Accounting book (from acct1110) to continue on and have a successful experience in this course. Please give it your best shot!

A solution to this problem is not available for your reference. The following check figures are provided:

Unadjusted Trial Balance	$117,430
Adjusted Trial Balance	$117,690
Net Income	$16,060
Ending Capital	$75,560
Post-Closing Trial Balance	$106,450

Comprehensive Accounting Cycle Review Problem

On December 1st Gary Walton began an auto repair shop, Walton Quality Automotive. The following information about December’s transactions, accounts, and adjustment data is available.

Transactions

Accounts

Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; Accumulated

Depreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable; Walton, Capital; Walton, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment.

Adjustment Data

a. Office Supplies used during the month, $600.

b. Depreciation for the month, $200.

c. One month insurance has expired.

d. Accrued Interest Expense, $60.

Requirements:

Complete the following on the attached work papers

1. Prepare the journal entries and post to the T-accounts.

2. Prepare an unadjusted trial balance.

3. Prepare the adjusting entries and post to the T-accounts.

4. Prepare an adjusted trial balance.

5. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use proper formatting techniques including headings, dollar signs, and underlining.

6. Prepare the closing entries and post to the T-accounts.

7. Prepare a post-closing trial balance.

8. Submit to your instructor via Connect.

GENERAL JOURNAL

DATE	ACCOUNT TITLES AND EXPLANATION	DEBIT	CREDIT
	Record Transactions, Adjusting Entries, Closing Entries in this journal

1

DATE	ACCOUNT TITLES AND EXPLANATION	DEBIT	CREDIT

( GENERAL JOURNAL )

Cash Accts. Rec Office Supplies Prepaid Insurance

Equipment Accum. Deprec. – Equip. Land Accounts Payable

Utilities Payable Interest Payable Unearned Revenue Notes Payable

Capital-Walton Withdrawals-Walton Service Revenue Salaries Expense

( GENERAL LEDGER )

Rent Expense Utilities Expense Advertising Expense Supplies Expense

Insurance Expense Interest Expense Depreciation Exp. Equip. Income Summary

	Debits	Credits

( Unadjusted Trial Balance )

	Debits	Credits

( Adjusted Trial Balance )

Statement of Changes in Owner’s Equity

( Income Statement )

Assets	Liabilities
	Owner’s Equity

( Balance Sheet )

	Debits	Credits

( Post-Closing Trial Balance )