acc101

acc101.xls

Instructions

ACC 101 Comprehensive Problem
Greene's Cleaning Service
REQUIRED
(a)	Journalize and post the October transactions. Use page J1 for the journal
(b)	Prepare a trial balance at October 31
(c)	Journalize and post the adjusting entries. Use page J2 for the journal
(d)	Prepare an adjusted trial balance at October 31
(e)	Prepare the Income Statement and Retained Earnings Statement for October, and a classified Balance
	Sheet at October 31, 2014
(f)	Journalize and post the closing entries. Use page J3 for the journal.
(g)	Prepare a post-closing trial balance at October 31

ACC101 Comprehensive Problem
Greene's Cleaning Service
Fred Greene opened Greene's Cleaning Service on October 1, 2014. During October, the company completed the following transactions:
Oct	1	Invested $20,000 cash in the business in exchange for common stock.
	1	Purchased a used truck for $12,000, paying $3,000 cash and the balance on account.
	3	Purchased cleaning supplies for $1,500 on account.
	5	Paid $1,800 on a one-year insurance policy, effective October 1.
	12	Billed customers $5,600 for cleaning services.
	18	Paid $2,000 of amount owed on truck, and $500 of amount owed on cleaning supplies.
	20	Paid $1,950 for employee salaries.
	21	Collected $2,400 from customers billed on October 12.
	25	Billed customers $2,500 for cleaning services.
	31	Paid gasoline for the month on the truck, $350.
	31	Paid dividends of $500.
Adjustments:
Oct	31	Earned but unbilled fees at October 31 were $1,500.
		Depreciation on equipment for the month was $300.
		One-twelfth of the insurance expired.
		An inventory count shows $500 of cleaning supplies on hand at October 31.
		Accrued but unpaid employee salaries were $500.


GENERAL LEDGER
Account: Cash					Account No. 101
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Accounts Receivable					Account No. 112
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Cleaning Supplies					Account No. 128
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Prepaid Insurance					Account No. 130
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit


GENERAL LEDGER
Account: Truck					Account No. 157
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Accumulated Depreciation - Truck					Account No. 158
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Accounts Payable					Account No. 201
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Salaries Payable					Account No. 212
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Common Stock					Account No. 311
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Retained Earnings					Account No. 320
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Dividends					Account No. 332
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit


GENERAL LEDGER
Account: Income Summary					Account No. 350
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Cleaning Revenue					Account No. 400
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Gasoline Expense					Account No. 633
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Cleaning Supplies Expense					Account No. 634
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit
Account: Depreciation Expense					Account No. 711
		Post.			Balance
Date	Item	Ref.	Debit	Credit	Debit	Credit

Income Statement

Retained Earnings Statement

Assets