professor simons week 9 final

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a) General Journal

XACC290 Problem: P4-8A
Journalize Transactions
Use this template to journalize and post the July transactions for Pro Window Washing, Inc.
GENERAL JOURNAL J1
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT CREDIT
March 1 Cash $12,000
Common Stock $12,000
1 Equipment $8,000
Cash $2,000
Accounts Payable $6,000
3 Supplies $900
Accounts Payable $900
5 Prepaid Insurance $1,800
Cash $1,800
14 Accounts Receivable $3,700
Service Revenue $3,700
18 Accounts Payable $1,500
Cash $1,500
20 Salaries and Wages Expense $2,000
Cash $2,000
21 Cash $1,600
Accounts Receivable $1,600
28 Accounts Receivable $2,500
Service Revenue $2,500
31 Maintenance Expense $290
Cash $290
31 Dividends $600
Dividends Payable $600

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b) e) & h) Posting to Accounts

Associate Level Material
Appendix G
Comprehensive Problem
Post Accounts
Post the March accounts for Eddy's Carpet Cleaners Service, Inc. You have 18 accounts altogether.
GENERAL LEDGER
Cash No. 101
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,1,2012 common stock $12,000
July,1,2012 Equipment 2,000
July,5,2012 prepaid insurance $1,800
July,18,2012 accounts payable $1,000
July,18,2012 Cleaning services $500
July,20,2012 salaries $2,000
July,21,2012 Accounts receivable $1,600
July,31,2012 Maintainance $290
July 31,2012 Dividend paid $600
$13,600 8,190 5,410
Accounts Receivable No. 112
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,12,2012 service revenue 3,700
July,21,2012 cash 1,600
July,25,2012 service revenue 2,500
July,31,2012 service revenue 1,700 6,300
Cleaning Supplies No. 128
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,3,2012 Accounts payable 900.00
July,31,2012 supplies expense 580.00 320.00
Prepaid Insurance No. 130
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,5,2012 cash 1,800.00 1,650.00
July,31,2012 Insurance expense 150.00
Equipment No. 157
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,1,2012 cash 2,000.00
July,1,2012 Accounts receivable 6,000.00 8,000.00
Accumulated Depreciation - Equipment No. 158
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 Depreciation 180.00 180.00
Accounts Payable No. 201
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,1,2012 Equipment 6,000
July,3,2012 cleaning supplies 900
July,18,2012 cash 1,500 5,400
Salaries Payable No. 212
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 salaries and wages 400 400
Common Stock No. 311
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,1,2012 cash 12,000 12,000
Retained Earnings No. 320
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 Income summary 4,300
July,31,2012 dividends 600 3,700
Dividends No. 332
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 cash 600 600
Income Summary No. 350
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 All expenses 3,600
July,31,2012 All revenues 7,900 4,300
Service Revenue No. 400
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,12,2012 Accounts receivable 3,700
July,25,2012 Accounts receivable 2,500
July,31,2012 Accounts receivable 1,700 7,900
Maintenance and Repairs Expense No. 633
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 cash 290 290
Supplies Expense No. 634
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 supplies 580 580
Depreciation Expense No. 711
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 Acc depreciation 180 180
Insurance Expense No. 722
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,31,2012 prepaid insurance 150 150
Salaries and Wages Expense No. 726
DATE EXPLANATION REF. DEBIT CREDIT BALANCE
July,20,2012 cash 2,000
July,31,2012 salaries payable 400 2,400

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c) Trial Bal

XACC290 Problem: P4-8A
Prepare aTrial Balance as of July 31, 2012
Prepare a Trial Balance for Pro Window Washing, Inc. as of July 31, 2012.
Pro Window Washing Inc.
Trial Balance
July 31, 2012
ACCOUNTS DEBIT CREDIT
Cash 5,410
Accounts Receivable 4,600
Supplies 900
Prepaid Insurance 1,800
Equipment 8,000
Accumulated Depreciation—Equipment
Accounts Payable 5,400
Salaries and Wages Payable
Common Stock 12,000
Retained Earnings
dividends 600
Service Revenues 6,200
Salaries and Wages expenses 2,000
Supplies Expense
Maintenance and Repairs 290
Depreciation Expense
Insurance Expense
Totals 23,600 23,600

d) Adj Ent & h) Closing Ent

XACC290 Problem: P4-8A
Journalize Adjusting and Closing Entries
For Pro Window Washing Inc.
General Journal - Adjusting Entries
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT CREDIT
July,31,2012 Accounts receivable 1,700
service revenue 1,700
To record service revenue earned
July,1,2012 Depreciation expense 180
Acc depreciation 180
To record depreciation for the month
July,31,2012 Insurance expense 150
Prepaid insurance 150
To record expired insurance
July,31,2012 Supplies expense (900-320)=580 580
Supplies 580
To record supplies expense
July ,31,2012 salaries and wages 400
salaries and wages payable 400
To record accrued salaries and wages
General Journal Closing Entries
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT CREDIT
July,31,2012 Income summary 3,600
maintainance and repairs 290
supplies expense 580
Depreciation 180
Insurance expense 150
salaries and wages expense 2,400
To record the closing entry for expenses
July ,31,2012 service revenue 7,900
Income summary 7,900
To record the closing entry for revenues
11,500 11,500

f) adj T-B

XACC290 Problem: P4-8A
Prepare an Adjusted Trial Balance as of July 31, 2012
Prepare a Trial Balance for Pro Window Washing, Inc. as of July 31, 2012. This is prepared
after the initial journal entries a) are posted to the Ledger Accounts b)
Pro Window Washing Inc.
Adjusted Trial Balance
July 31, 2012
ACCOUNTS DEBIT CREDIT
Cash 5,410
Accounts Receivable 6,300
Supplies 320
Prepaid Insurance 1,650
Equipment 8,000
Accumulated Depreciation—Equipment 180
Accounts Payable 5,400
Salaries and Wages Payable 400
Common Stock 12,000
Retained Earnings 3,700
Service Revenues 7,900
Salaries and Wages expense 2,400
Supplies Expense 580
Maintenance and Repairs 290
Depreciation Expense 180
Dividends 600
Insurance Expense 150
Totals 29,580 25,880

g) Financial Statements

Associate Level Material
Closing Entries and a Post-closing Trial Balance
Prepare Income and Retained Earnings Statements, and a Balance Sheet
Prepare an Income Statement and a Retained Earnings Statement for March. Also complete the classified Balance Sheet at July 31, 2012 for Pro Window Washing Inc.
Pro Window Washing Inc.
Income Statement
For the Month Ended July 31, 2012
Revenues
Service revenue 7,900
Expenses
Salaries and Wages expense 2,400
Supplies expense 580
Maintenance and Repairs expense 290
Depreciation expense 180
Insurance expense 150
Total expenses 3,600 3,600
Net income 4,300
Retained Earnings Statement
For the Month Ended July 31, 2012
Retained earnings, July 1
Add: Net income 4,300
Less: Dividends 600
Retained earnings, July 31 3,700
EDDY'S CARPET CLEANERS, INC.
Balance Sheet
July 31st
Assets
Current assets
Cash 5,410
Accounts receivable 6,300
Supplies 320
Prepaid insurance 1,650
Total current assets 13,680 13,680
Capital assets
Equipment 8,000
Less: Accumulated depreciation 180 7,820
Total assets 21,500
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable 5,400
Salaries and Wages payable 400
Total current liabilities 5,800
Stockholders’ equity
Common stock 12,000
Retained earnings 3,700
Total stockholders’ equity 15,700
Total liabilities and stockholders’ equity 21,500

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i) Post-Closing T-B

Associate Level Material
Appendix G
Comprehensive Problem
Preparing a Post Closing Trial Balance
Prepare a post-closing trial balance at March 31. (This is the trial balance after all income & expenses accounts
have been closed to zero balances.
Pro Window Washing Inc.
Post-Closing Trial Balance
July 31, 2012
ACCOUNTS DEBIT CREDIT
Cash 5,410
Accounts Receivable 6,300
Supplies 320
Prepaid Insurance 1,650
Equipment 8,000
Accumulated Depreciation—Equipment 180
Accounts Payable 5,400
Salaries and Wages Payable 400
Common Stock 12,000
Retained Earnings 3,700
Totals 21,680 21,680