Rachael lanaghan 4058811

Accy 111 Tutorial Homework

Week 7: Ex5.1 Record the closing entries for Robs Pet washing Services
Service Fee Revenue P & L Summary Interest Revenue P & L Summary 86 665 P & L Summary Salaries Expense Rent Expense Advertising Expense Depreciation Expense Sundry Expense P & L Summary Capital, Rob P & L Summary Capital, Rob Capital, Rob Drawings, Rob 18 000 18 000 27 350 27 350 11 259 11 259 75 406 42 150 11 240 8 316 9 800 3 900 9 400 9 400 86 665 77 265 77 265

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Ex5.2 A) Record the closing entries that affected the accounts.

P & L Summary Capital, Bogart Advertising Capital, Bogart Advertising Drawings 25 140 16 230 16 230 25 140 41 370 41 370

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B) Prepare a statement of changes in equity as at 30 June

Statement in changes in equity: opening balance + profit drawings = ending balance 41370 + 25140 16230 = 50 280 Equity Share Capital Retained Earnings TOTAL EQUITY Total equity = 41 370 25 140 66 510 drawings of 16230 $50 280

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Ex5.7 A) Prepare closing entries

Share capital $550 000 Retained earnings $308 000 Cash dividend $ 80 000 Balance in revenues account was $840 000 Balance in expenses was $637 000 Sales revenue P & L Summary P & L Summary Expenses P & L Summary Capital, Brentwood Capital, Brentwood Retained earnings Retained earnings Capital, Brentwood 308 000 308 000 550 000 550 000 203 000 203 000 637 000 637 000 840 000 840 000

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B) Show the Retained Earnings account at the end of 2013

C) Calculate the total equity of the company as it would appear in the balance sheet at the end of 2013