Design Studio assessment

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Chart of Accounts

Chart of Accounts
Cash	111
Accounts Receivable	113
Office Supplies	115
Prepaid Rent	117
Office Equipment	145
Accumulated Depreciation—Office Equipment	146
Accounts Payable	212
Unearned Design Revenue	213
Wages Payable	214
J. Miller, Capital	311
J. Miller, Withdrawals	312
Income Summary	313
Design Revenue	411
Wages Expense	511
Utilities Expense	512
Rent Expense	514
Office Supplies Expense	517
Depreciation Expense—Office Equipment	519

Ch4 CP 1

Name:
Course:
Date:
Chapter 4, Comprehensive Problem
General Journal				Page 5
Date	Description	Post Ref	Debit	Credit
1.	Reversing entries
2011
Aug 01
	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter amounts as positive whole numbers.	Aug 01
2.
Aug 01
Aug 02
Aug 07
Aug 08
Aug 12
Aug 13
Billed for design services performed
Cash investment by J. Miller
Paid for office equipment purchased in July
Purchased office equipment
Purchased office supplies
Received advance fee for design services
To reverse the adjusting entry for accrued design revenue earned
To reverse the adjusting entry for accrued wages

Ch4 CP 2

Chapter 4, Comprehensive Problem (continued)
General Journal				Page 6
Date	Description	Post Ref	Debit	Credit
2.	Entries (continued)
2011
Aug 15
	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter amounts as positive whole numbers.	Aug 16
Aug 19
Aug 20
Aug 21
Aug 22
Aug 23
Aug 26
Aug 30
For design services performed for Rave Department Stores
Paid amount due for utility bill received and recorded in July
Paid assistant four weeks' wages
Paid September rent in advance
Paid utilities bill for August
Received cash payment for design services
Received payment for design services performed last month
Withdrawal of cash by J. Miller

Ch4 CP 3

Chapter 4, Comprehensive Problem (continued)
1. Post Reversing Entries in General Ledger
3. Post August Entries in General Ledger
7. Post Adjusting Entries in General Ledger
8. Post Closing Entries in General Ledger
General Ledger
Cash					Account No. 111
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31				2,800	22,480
Aug 01
			Emily Philippe: Enter amounts as positive whole numbers.	Aug 02
Aug 07
Aug 12
Aug 13
Aug 15
Aug 16
Aug 19
Aug 21
Aug 22
Aug 23
Aug 26
Aug 30
Accounts Receivable					Account No. 113
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31			400		5,000
Aug 01
	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Aug 16
Aug 20
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10
Adjusting
Closing
Reversing

Ch4 CP 4

Chapter 4, Comprehensive Problem (continued)
1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)
General Ledger
Office Supplies					Account No. 115
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31					3,660
Aug 07
			Emily Philippe: Enter amounts as positive whole numbers.	Emily Philippe: Choose answers from dropdown list.	Aug 31
	Emily Philippe: Choose answers from dropdown list.	Prepaid Rent					Account No. 117
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31				1,600	1,600
Aug 26
Aug 31
Office Equipment					Account No. 145
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31			16,320		16,320
Aug 02
Accumulated Depreciation - Office Equipment					Account No. 146
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31				300		300
Aug 31
Acounts Payable					Account No. 212
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31						6,280
Aug 12
Aug 19
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10
Adjusting
Closing
Reversing

Ch4 CP 5

Chapter 4, Comprehensive Problem (continued)
1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)
General Ledger
Unearned Design Revenue					Account No. 213
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31			800			600
Aug 08
			Emily Philippe: Enter amounts as positive whole numbers.	Aug 13
Aug 31	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.				1,100
Wages Payable					Account No. 214
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31				720		720
Aug 01
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10
Adjusting
Closing
Reversing

Ch4 CP 6

Chapter 4, Comprehensive Problem (continued)
1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)
General Ledger
J. Miller, Capital					Account No. 311
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Jul 31						41,160
Aug 01
				Emily Philippe: Enter amounts as positive whole numbers.	Emily Philippe: Choose answers from dropdown list.	Aug 31
	Emily Philippe: Choose answers from dropdown list.	Aug 31
J. Miller, Withdrawals					Account No. 312
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 30
Aug 31
Income Summary					Account No. 313
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 31
Aug 31
Aug 31
Design Revenue					Account No. 411
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 01
Aug 08
Aug 15
Aug 20
Aug 21
Aug 31
Aug 31
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10
Adjusting
Closing
Reversing

Ch4 CP 7

Chapter 4, Comprehensive Problem (continued)
1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)
General Ledger
Wages Expense					Account No. 511
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 01
				Emily Philippe: Enter amounts as positive whole numbers.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Aug 23
Aug 31
Aug 31
Utilities Expense					Account No. 512
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 22
Aug 31
Rent Expense					Account No. 514
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 31
Aug 31
Office Supplies Expense					Account No. 517
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 31
Aug 31
Depreciation Expense - Office Equipment					Account No. 519
		Post			Balance
Date	Item	Ref	Debit	Credit	Debit	Credit
2011
Aug 31
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10
Adjusting
Closing
Reversing

Ch4 CP 8

Chapter 4, Comprehensive Problem (continued)

4. Trial Balance amounts entered on the work sheet

Miller Design Studio

Work Sheet

For the Month Ended August 31, 2011

Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Name

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

Emily Philippe: Enter all amounts in the debit and credit columns for each section as positive whole numbers.

Emily Philippe: For columns D and F, choose answers from dropdown list that correspond with respective adjustment debit and credit amounts.

Accounts Receivable

Office Supplies

Prepaid Rent

Office Equipment

Accumulated Depreciation - Office Equipment

Accounts Payable

Unearned Design Revenue

J. Miller, Capital

J. Miller, Withdrawals

Design Revenue

Wages Expense

Utilities Expense

Rent Expense

Depreciation Expense - Office Equipment

Wages Payable

Office Supplies Expense

Net Loss

(a)

(b)

(c)

(d)

(e)

(f)

Ch4 CP 9

Chapter 4, Comprehensive Problem (continued)
6. Income Statement, Statement of Owner's Equity, and Balance Sheet prepared
Miller Design Studio
Income Statement
For the Month Ended August 31, 2011
Revenues
	Emily Philippe: Choose answers from dropdown list.		Emily Philippe: Enter all amounts as positive whole numbers.	Expenses
		Total expenses
Net Loss
Miller Design Studio
Statement of Owner's Equity
For the Month Ended August 31, 2011
J. Miller, Capital, August 1, 2011
J. Miller, Capital, August 31, 2011
Less Withdrawals
Net Loss
Plus Investment by Owner
Subtotal

Ch4 CP 10

Chapter 4, Comprehensive Problem (continued)
6. Income Statement, Statement of Owner's Equity, and Balance Sheet prepared
Miller Design Studio
Balance Sheet
August, 31 2011
Assets
Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter all amounts as positive whole numbers.	Total assets
Liabilities
Total liabilities
Owner's Equity
Total owner's equity
Total liabilities and owner's equity

Ch4 CP 11

Chapter 4, Comprehensive Problem (continued)
7. Record the Adjusting Entries on August 31, 2011, in Journal Form
General Journal				Page 7
Date	Description	Post Ref	Debit	Credit
	Adjusting entries:
2011
Aug 31
	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter amounts as positive whole numbers.	Aug 31
Aug 31
Aug 31
Aug 31
Aug 31
To accrue unrecorded wages
To recognize expiration of one month's rent
To recognize office supplies used during the month
To recognize performance of services paid for in advance
To record depreciation of equipment for the month
To record revenue earned, but not billed until September

Ch4 CP 12

Chapter 4, Comprehensive Problem (continued)
8. Record the Closing Entries on August 31, 2011, in Journal Form
General Journal				Page 8
Date	Description	Post Ref	Debit	Credit
	Closing entries:
2011
Aug 31
	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter amounts as positive whole numbers.	Aug 31
Aug 31
Aug 31
To close the expense accounts into the income summary account
To close the income summary account
To close the revenue account into the income summary account
To close the withdrawals account

Ch4 CP 13

Chapter 4, Comprehensive Problem (continued)
9. Prepare a Post-Closing Trial Balance at August 31, 2011
Miller Design Studio
Post-Closing Trial Balance
August 31, 2011
	Emily Philippe: Enter total debits.	Emily Philippe: Enter total debits.	Emily Philippe: Choose answers from dropdown list.	Emily Philippe: Enter amounts as positive whole numbers.