Accounting Cycle

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ACR B (Inst 1 of 17)

ACCOUNTING CYCLE REVIEW PROBLEM 201
Index
General Journal Tabs 2 - 6
General Ledger Tabs 7 - 13
Trial Balance (Worksheet Tab 14
Income Statement Tab 15
Statement of Stockholders' Equity Tab 15
Balance Sheet Tab 16
Post Closing Trial Balance Tab 17
Question Tab Question
Page &P of &N

ACR B (GJ 2 of 17)

Last Name: First
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL JOURNAL PAGE 1
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 2014 1
2 Sept 1 Cash 83,200.00 2
3 Common Stock 83,200.00 3
4 4
5 2 Sailboats 20,800.00 5
6 Fan System 8,500.00 6
7 Pool Structure 144,000.00 7
8 Land 40,000.00 8
9 Cash 64,400.00 9
10 Mortgage payable 148,900.00 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
&LNAME __________________________&CDATE _________________&RCLASS _________________
Page &P of &N

ACR B (GJ 3 of 17)

129
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
41 41
&L NAME __________________________&CDATE _________________&RCLASS _________________
Page &P of &N

ACR B (GJ 4 of 17)

130
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
41 41
42 42
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 130&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (5 of 17)

131
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
41 41
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 131

ACR B (GJ 6 of 16)

132
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 132&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (111 7 of 17)

133
ACCOUNTING CYCLE REVIEW PROBLEM 201
GENERAL LEDGER
ACCOUNT Cash ACCOUNT NO. 111
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Accounts Receivable ACCOUNT NO. 112
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Prepaid Insurance ACCOUNT NO. 114
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 133

ACR B (121 8 of 17)

134
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Land ACCOUNT NO. 121
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Pool Structure ACCOUNT NO. 125
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Accumulated Depreciation, Pool Structure ACCOUNT NO. 126
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Fan System ACCOUNT NO. 127
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Accumulated Depreciation, Fan System ACCOUNT NO. 128
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 134&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (129 9 of 17)

135
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Sailboats ACCOUNT NO. 129
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Accumulated Depreciation, Sailboats ACCOUNT NO. 130
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Accounts Payable ACCOUNT NO. 221
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Wages Payable ACCOUNT NO. 222
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Mortgate Payable 223
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 135

ACR B (224 10 of 17)

136
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Unearned Concessions Income ACCOUNT NO. 224
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Common Stock ACCOUNT NO. 311
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Retained Earnings ACCOUNT NO. 312
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Dividends ACCOUNT NO. 313
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 136&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (411 11 of 17)

137
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Income from Services ACCOUNT NO. 411
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Concessions Income ACCOUNT NO. 412
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Sailboat Rental Expense ACCOUNT NO. 511
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Wages Expense ACCOUNT NO. 512
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Advertising Expense ACCOUNT NO. 513
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 137

ACR B (514 12 of 17)

138
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Utilities Expense ACCOUNT NO. 514
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Interest Expense ACCOUNT NO. 515
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Insurance Expense ACCOUNT NO. 516
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Depreciation Expense, Pool Structure ACCOUNT NO. 517
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Depreciation Expense, Fan System ACCOUNT NO. 518
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 138&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (519 13 of 17)

139
ACCOUNTING CYCLE REVIEW PROBLEM 201
ACCOUNT Depreciation Expense, Sailboats ACCOUNT NO. 519
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
ACCOUNT Miscellaneous Expense ACCOUNT NO. 522
DATE ITEM POST. REF. DEBIT CREDIT BALANCE
DEBIT CREDIT
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 139

ACR B (WS 14 of 17)

140
ACCOUNTING CYCLE REVIEW PROBLEM 201
Company Name?
Worksheet
Date?
ACCOUNT NAME TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 140&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B (IS 15 of 16)

142
ACCOUNTING CYCLE REVIEW PROBLEM 201
Income Statement
Revenue
Net Income $ 1,379.42
Statement of Stockholders' Equity
Common Stock Retained Earnings Total Stockholders' Equity
Beginning Balance
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 142&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

BS ACR B (16 of 17)

143
ACCOUNTING CYCLE REVIEW PROBLEM 201
Balance Sheet
Assets
Cash 14,002.42
Liabilities
Stockholders' Equity
&L NAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Regular" Copyright © Houghton Mifflin Company. All rights reserved. &R&"Times New Roman,Bold"&12 143

ACR B (17 of 17)

140
ACCOUNTING CYCLE REVIEW PROBLEM 201
Post Closing Trial Balance
ACCOUNT NAME TRIAL BALANCE
DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
&LNAME __________________________&CDATE _________________&RCLASS _________________
&L&"Times New Roman,Bold"&12 140&R&"Times New Roman,Regular"Copyright © Houghton Mifflin Company. All rights reserved.

ACR B Question

Based on the information you have developed, what is your opinion of the possible success of this company in the future? Why?