rubyCpaMba- Accounting Principles, Homework Ch04

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Brief Exercise 4-5

The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. The closing entries are as follows:

(1)	Close revenue accounts.
(2)	Close expense accounts.
(3)	Close net income/(loss).
(4)	Close drawings.

Post the closing entries in the order presented in the problem and use the numbers as a reference.

Salaries and Wages Expense

Supplies Expense

Service Revenue

Owner’s Drawings

Income Summary



Owner’s Capital

Brief Exercise 4-7

The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance.

Accumulated Depreciation
Depreciation Expense
Owner’s Capital
Owner’s Drawings
Service Revenue
Supplies
Accounts Payable

Brief Exercise 4-8

The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9.

(a)		Prepare a trial balance.
(b)		Journalize the transactions.
(c)		Journalize and post closing entries.
(d)		Prepare financial statements.
(e)		Journalize and post adjusting entries.
(f)		Post to ledger accounts.
(g)		Prepare a post-closing trial balance.
(h)		Prepare an adjusted trial balance.
(i)		Analyze business transactions.

Brief Exercise 4-10

The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $4,100; Supplies $5,200, and Debt Investments (short-term) $6,700. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.)

HAMIDI COMPANY Partial Balance Sheet

			$




			$

Exercise 4-1

The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.

NANDURI COMPANY Worksheet For the Month Ended June 30, 2014
	Trial Balance
Account Titles	Dr.	Cr.
Cash	2,320
Accounts Receivable	2,440
Supplies	1,880
Accounts Payable		1,120
Unearned Service Revenue		240
Owner’s Capital		3,600
Service Revenue		2,400
Salaries and Wages Expense	560
Miscellaneous Expense	160
Total	7,360	7,360

Other data:

1.		A physical count reveals $500 of supplies on hand.
2.		$100 of the unearned revenue is still unearned at month-end.
3.		Accrued salaries are $210.

Complete the worksheet.

NANDURI COMPANY Worksheet For the Month Ended June 30, 2014

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Account Titles

Cr.

Cash

2,320

Accounts Receivable

2,440

Supplies

1,880

Accounts Payable

1,120

Unearned Service Revenue

240

Owner's Capital

3,600

Service Revenue

2,400

Salaries and Wages Expense

560

Miscellaneous Expense

160

Totals

7,360

Supplies Expense

Salaries and Wages Payable

Totals

Net Income

Totals

Exercise 4-9 (Part level Submission)

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)

Prepare an income statement for the year.

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

	$

		$

	$



		$

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Exercise 4-11 (Part level Submission)

Selected accounts for Heather’s Salon are presented below. All June 30 postings are from closing entries.

Salaries and Wages Expense
6/10	3,200	6/30	8,800
6/28	5,600
Supplies Expense
6/12	600	6/30	1,300
6/24	700
Service Revenue
6/30	18,100	6/15	9,700
		6/24	8,400
Rent Expense
6/1	3,000	6/30	3,000
Owner’s Capital
6/30	2,500	6/1	12,000
		6/30	5,000
		Bal.	14,500
Owner’s Drawings
6/13	1,000	6/30	2,500
6/25	1,500

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(a)

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

	(To close revenue account.)
June 30



	(To close expense account.)
June 30

	(To close net income / (loss).)
June 30

	(To close drawings.)

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