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BUS 591 WEEK 6 FINAL POSTING FINAL

A
B

Summative Assignment Project Instructions and Templates

Name:

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Final Project

Due by Day 7 of Week 6

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This project is worth _20_ points

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MAKE SURE TO COMPLETE ALL GRADED


REQUIREMENTS LISTED BELOW.

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It is recommended that you complete the nongraded requirements for additional practice

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All of the templates you need for the


Assignment are located in this Workbook.

15

The instructions and data for the problem is in


your Textbook.

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Use the arrow buttons (lower left corner of the


window) to navigate through the tabs.

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Submit the ENTIRE Workbook (file) to your


instructor for the Week 6 Final Project

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Requirements

Sheet in Workbook

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23

Week One
Chapter 1 and 2 - Review the problem and make notes of

24 your answers.

Chapter 1 & 2
Notes
(PRACTICE)

25

Week Two
Chapter 3 - Part A, prepare journal entries to record the

26 November transactions

Chapter 3 - part B, post the journal entries to the general

27 ledger accounts

Chapter 3 - Part C, prepare a trial balance at November

28 30, 2011
29

Journal
Entries
(PRACTICE)
General
Ledger
(PRACTICE)
Trial
Balance
(PRACTICE)

Week Three

30 Chapter 4 - Part A, journalize the transactions


Chapter 4 - Part B, post the december transactions to the

31 general ledger accounts

Chapter 4 - Part C, prepare a trial balance at December

32 31, 2011

Chapter 4 - Part D, prepare and post adjusting journal

33 entries for December

For Part D, Post the adjusting entries to the general ledger

34 accounts adding to the balances you did in Part B.

Chapter 4 - Part E, prepare adjusted trial balance at

35 December 31, 2011

Journal Entries (GRADED)


General Ledger (GRADED)
Trial Balance (GRADED)
Adjusting Entires (GRADED)
General Ledger (GRADED)
Adjusted Trial Balance
(GRADED)

Chapter 4 - Part F, prepare an income statement, retained Financial Statements


(GRADED)

36 earning statement and balance sheet

Chapter 4 - Part G, prepare and post closing entires as of

37 December 31, 2011


38 Chapter 4 - Part H, prepare a post-closing trial balance

Closing Entries (GRADED)


Post Closing TB (GRADED)

39
40 Chapter 13 - Financial Statement Analysis

Chapter 1 & 2 Notes


A
Make any
notes from
1
Chapters 1
or 2 here.
2
3 NOTES
4
5

Financial Statement Analysis


(GRADED)

6
7
8

1 (a)

Natalie should
open her
business as a
sole
proprietorship
at first. She is
the only

10

Owner and is
putting in her
own funds. The
benefits are that
she is the only
member.

11

The downfall is
that she
absorbs all of
the liabilities
and
consequences
personally.

12

A sole
proprietorship is
simple to
establish and
has tax
advantages that
the other

13

Forms of
business do not
offer.

14
15

1 (b)

Natalie will
indeed need
accounting
information for
tax purposes.

16

Accounting is
the information
that identifies,
records, and
communicates
the

17

Economic
events.

18

Accounting
information
system keeps

track of results
of each various
business
activity financing,
investing and
operating.

19
20

21

1 (c )

Natalie will
need the
following asset,
liability,
revenue, and
expense
accounts:

22

assets:
property, plant,
equipment,
cash, accounts
receivable,
supplies,
investments;

23

liabilities: notes
payable,
accounts
payable, sales
tax payable,
income taxes
payable

24

revenue: sales
revenue,
service
revenue;

25

Expenses:
costs of goods
sold, selling,
marketing,
interest, income
taxes.

26

27

28

1 (d)

Natalie should
open a
separate bank
account for her
business. Rule
No. 1 in owning
a business is
keeping
personal and
business
information and

accounts
separate.

29

1 (e )

Natalie can still


claim her
vehicle as a
business
expense as
long
as she keeps
records of
mileage to and
from regarding
her business.

30
31
32

2 (a)

Balance Sheet:
assets =
liabilities +
stockholders'
equity.
Income
Statement:
Revenues Expenses = Net
Income.

33
34
35

2 (b)

Natalie will
need to see
Biscuits Income
Statement to
evaluate the

36

Companys
ability to pay its
current
liabilities. She
should look for

37

The liability
ratio.

38

39

40

2 (c )

Natalie will
need to see
Biscuits
Balance Sheet
to evaluate the
company's
ability
To sustain long
term. She
should look for
the solvency
ratio.

41

42

2 (d)

Natalie will use


the Income
Statement to
measure the
company's
profitability by
using
the profitability
ratio =
measures the
operating
success.

43
44

45

2 (e )

Natalie would
want to see the
company's
solvency ratio
and debt to total
assets
ratio. This
information is in
the Cash Flows
Statement.

46
47

48

2 (f)

If Natalie's
company has
more cash than
it has valuable
opportunities it
should

49

Distribute its
excess cash as
a dividend.

50

Free cash flow


= cash by
operations capital
expenditures cash dividends.

51

52

53

2 (g)

Natalie also
needs to look at
the ratios,
which
expresses the
mathematical
Relationship
between one
quantity and

another.

Journal Entries (PRACTICE)


A
1

REQUIREMENT
#1:

2
During its first
month of
operation, the
Rawls Repair
3
Corporation,
which
specializes in
bicycle repairs,
completed the
4 following
transactions:
5
6 Oct. 1

Began business by making a


deposit in a company bank
account of $12,000, in exchange

For 1,200 shares of $10 par


value common stock.

8
9 Oct. 1

Paid the premium on a one-year


insurance policy, $1,200.

10
11 Oct. 1

Paid the current month's rent,


$1,040.

12
13 Oct. 3

Purchased repair equipment from


Conklin Company, $4,400. Paid
$600 down and the balance was

14

Placed on account. Payments


will be $200.00 per month for
nineteen months. The first
payment is due 11/1.

15
Use the
following
Template for
the Journal
16 Entries from
Chapter 3:
Continuing
Cookie
Chronicle
17
18
19
20
a) Prepare
journal entries
21 to record the
November
transactions
22
23
General Journal

24
25 Date
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Description(Account Name)
8-Nov Cash

Debit

Credit
500

Common Stock
11-Nov Supplies

500
95

Cash
14-Nov Supplies

95
125

Cash
15-Nov Equipment

125
300

Common Stock
16-Nov Cash

300
2,000

Notes Payable
17-Nov Equipment

2,000
900

Cash
25-Nov Cash
Unearned Service Revenue

900
60
60

40
41
42
43
44
45
46
47
48
49

29-Nov Cash

100

Service Revenue

100

30-Nov Website

600

Accounts Payable
30-Nov Prepaid Insurance

600
1,200

Cash
30-Nov Accounts Receivable

1,200
300

Service Revenue
30-Nov Utilities Expense

300
50

Accounts Payable

50

Nov. 8Natalie cashes in her U.S. Savings Bonds and receives $520, which she
deposits in her personal bank account.
8

Natalie opens a bank account for Cookie Creations Inc.

Natalie purchases $500 of Cookie Creations common stock.

11
Cookie Creations purchases paper and other office supplies for $95. (Use
Supplies.)
14
Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar,
butter, and chocolate chips. (Use Supplies.)
15
Natalie starts to gather some baking equipment to take with her when
teaching the cookie classes. She has an excellent top-of-the-line food processor and
mixer that originally cost her $550. Natalie decides to start using it only in her new
business. She estimates that the equipment is currently worth $300, and she
transfers the equipment into the business in exchange for additional common stock.
16
The company needs more cash to sustain its operations. Natalies
grandmother lends the company $2,000 cash, in exchange for a two-year, 9% note
payable. Interest and the principal are repayable at maturity.
17

Cookie Creations pays $900 for additional baking equipment.

18
Natalie schedules her first class for November 29. She will receive $100 on
the date of the class.
25
Natalie books a second class for December 5 for $150. She receives a $60
cash down payment, in advance.
29
Natalie teaches her first class, booked on November 18, and collects the $100
cash.

30
Natalies brother develops a website for Cookie Creations Inc. that the
company will use for advertising. He charges the company $600 for his work,
payable at the end of December. (Because the website is expected to have a useful
life of two years before upgrades are needed, it should be treated as an asset called
Website.)
30

Cookie Creations pays $1,200 for a one-year insurance policy.

30
Natalie teaches a group of elementary school students how to make Santa
Claus cookies. At the end of the class, Natalie leaves an invoice for $300 with the
school principal. The principal says that he will pass it along to the business office
and it will be paid sometime in December.
30
Natalie receives a $50 invoice for use of her cell phone. She uses the cell
phone exclusively for Cookie Creations Inc. business. The invoice is for services provided in November, and payment is due on December 15.
To record business cell phone December 15 amount payable

General Ledger (PRACTICE)


A
This Sheet
will be used
1
for Part B of
Chapter 3
2
3 NOTE
4
Post the
journal
entries to the
following
general
5
ledger
accounts and
compute the
account
balances
6
7

Cash

8
9 Nov. 8

500

Nov. 11

10 Nov. 16 2000 Nov.14


11 Nov. 25

60

Nov. 17

12 Nov. 29

100

Nov. 30
1200

13

Equipment
95

Nov. 15

300

125

Nov. 17

900

900

Nov. 30 Bal.
340

Nov. 30 Bal.
1,200

14
15
16
17
18
19

Accounts Receivable

20 Nov. 30

300

Website
Nov. 30

600

21
22
23
24

Nov. 30 Bal.
300

Nov. 30 Bal.
600

25
26
27
28
29

Accounts Payable

Supplies

30

Nov. 30

600

Nov. 11 95

31

Nov. 30

50

Nov. 14 125

32
33
34
35
36
37
38
39

Nov. 30 Bal.
650

Nov. 30 Bal.
220

40 Unearned Service Revenue


Nov. 25

41

Prepaid Insurance
Nov. 30
1200

60

42
43
44
Nov. 30 Bal.
60

45

Nov. 30 Bal.
1200

46
47
48
49
50

Notes Payable

Common Stock

Nov. 16
2000

51
52

Nov. 8

500

Nov. 15

300

53
54
Nov. 30 Bal.
2000

55

Nov. 30 Bal.
800

56
57
58
59

Service Revenue

Utilities Expense

60

Nov. 29

100

61

Nov. 30

300

Nov. 30

50

62
63
Nov. 30 Bal.
400

64

Nov. 30 Bal.
50

Trial Balance (PRACTICE)


A
1 Part C (Chapter 3)

2
Prepare a Trial
3 Balance for
November 30, 2011
4
5
6
7

Cookie Creations, Inc.

Trial Balance

November 30, 2011

10
11
Debit

12

Credit

13 Cash

340

14 Accounts Receivable

300

15 Supplies

220

16 Prepaid Insurance

1,200

17 Equipment

1,200

18 Website

600

19 Accounts Payable

650

Unearned Service
Revenue

60

20

21 Notes Payable

2,000

22 Common Stock

800

23 Service Revenue

400

24 Utilities Expense

50

25
26
27 Total

3,910

3,910

28
29

Journal Entries (GRADED)


A

REQUIREMEN
T #1:

2
During its first
month of
operation, the
Rawls Repair
3 Corporation,
which
specializes in
bicycle
repairs,
completed the
4 following
transactions:
5
6 Oct. 1

Began business by making a


deposit in a company bank
account of $12,000, in exchange

For 1,200 shares of $10 par value


common stock.

8
9 Oct. 1

Paid the premium on a one-year


insurance policy, $1,200.

10
11 Oct. 1

Paid the current month's rent,


$1,040.

12
13 Oct. 3

Purchased repair equipment from


Conklin Company, $4,400. Paid
$600 down and the balance was

14

Placed on account. Payments will


be $200.00 per month for
nineteen months. The first
payment is due 11/1.

15
16 Use the
following
Template for
the Journal
Entries from

Chapter 4:
Continuing
Cookie
Chronicle
17
a) Prepare
journal
entries to
18
record the
November
transactions
19
20
21
General Journal

22
23 Date
24
25
26
27
28
29

Description(Account Name)
5-Dec Cash
8-Dec Cash
9-Dec Cash

Cash

32

16-Dec Accounts Payable

33

Cash

37
38
39
40
41
42
43

90
300
300
750

Unearned Service Revenue

31

36

90

Accounts Receivable

15-Dec Accounts Payable

35

Credit

Service Revenue

30

34

Debit

19-Dec Cash

750
50
50
600
600
60

Unearned Service Revenue


23-Dec Cash

60
3,000

Service Revenue
23-Dec Accounts Receivable

3,000
1,000

Service Revenue
23-Dec Supplies

1,000
1,250

Cash
23-Dec Salaries / Wages Expense
Cash

1,250
800
800

28-Dec Dividends

44

500

Cash

45

500
8,400

46

8,400

Dec. 1
Natalie hires an assistant at an hourly wage of $8 to help with cookie
making and some administrative duties.
5
Natalie teaches the class that was booked on November 25. The
balance out- standing is received.
8
Cookie Creations receives a check for the amount due from the
neighborhood school for the class given on November 30.
9
Cookie Creations receives $750 in advance from the local school board
for five classes that the company will give during December and
January.
15

Pays the cell phone invoice outstanding at November 30.

16
Issues a check to Natalies brother for the amount owed for the design
of the website.
19

Receives a deposit of $60 on a cookie class scheduled for early January.

23
Additional revenue earned during the month for cookie-making classes
amounts to $4,000. (Natalie has not had time to account for
each
class individually.) $3,000 in cash has been collected and $1,000
is still outstanding. (This is in addition to the December 5 and December 9
transactions.) SEE PAGE 173-174
23 Additional baking supplies purchased during the month for sugar, flour,
and chocolate chips amount to $1,250 cash.
23 Issues a check to Natalies assistant for $800. Her assistant worked
approximately 100 hours from the time in which she was hired until December 23.

28 Pays a dividend of $500 to the common shareholder (Natalie).


As of December 31, Cookie Creations year-end, the following adjusting entry data
are provided.

1. A count reveals that $45 of brochures and posters were used.

2. Depreciation is recorded on the baking equipment purchased in November. The


baking equipment has a useful life of 5 years. Assume that 2 months worth of
depreciation is required.

3. Amortization (which is similar to depreciation) is recorded on the website. (Credit


the Website account directly for the amount of the amortization.) The website is
amortized over a useful life of 2 years and was available for use on December 1.

4. Interest on the note payable is accrued. (Assume that 1.5 months of interest
accrued during November and December.) Round to nearest dollar.

5. One months worth of insurance has expired.


6. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the
neighborhood community center on December 31. In early January Cookie Creations
sends an invoice for $450 to the community center.

7. A count reveals that $1,025 of baking supplies was used.

8. A cell phone invoice is received for $75. The invoice is for services provided
during the month of December and is due on January 15.

9. Because the cookie-making class occurred unexpectedly on December 28 and is


for such a large group of children, Natalies assistant helps out. Her assistant
worked 7 hours at a rate of $8 per hour.

10. An analysis of the unearned revenue account reveals that two of the five classes
paid for by the local school board on December 9 still have not been taught by the
end of December. The $60 deposit received on December 19 for another class also
remains unearned.

General Ledger (GRADED)

A
1

This Sheet will be used


for Part B of Chapter 3

2
3

REQUIREMENT #2:

Post the journal entries to


the following general
ledger accounts and
compute the account
balances

6
7
8
Cash

Dividends

10

Nov. 30 Bal. 340

Dec. 15

50

Dec. 23

500

11

Dec. 5

90

Dec. 16

600

Dec. 31 Bal. 500

12

Dec. 8

300

Dec. 23
1250

13

Dec. 9

750

Dec. 23

800

14

Dec. 19

60

Dec. 28

500

15

Dec. 23

3000

16

Dec. 31 Bal. 1340

17
18
19
Accounts Receivable

20
21

Nov. 30 Bal. 300

22

Dec. 23

1000

23

Dec. 31

1000

Dec. 8 300

Income Summ

24

Dec. 31 Adj. 450

25

Dec. 31 Bal. 1450

26
27
28
29
Service Revenue

30

Supplies

Nov. 30 Bal. 400

Nov. 30 Bal. 220

Dec.
50

32

Dec. 5

Dec. 23
1250

Dec.
1025

33

Dec. 23
3000

34

Dec. 23
1000

35

Dec. 31. Adj. 450

36

Dec. 31 Bal.
4580

31

Dec. 31 Adj. 360

90

Dec. 31 Bal. 395

37
38
39
40
Utilities Expense

41

Prepaid Insura

42

Nov. 30 Bal.

50

Dec. 1
1200

Dec.
100

43

Dec. 31

75

Dec. 31 Bal.
1100

44

Dec. 31

125

45
46
47
48
49
50
Salaries & Wages Expense

51
52

Dec. 23

800

Equipment
Nov. 30 Bal.

1200
53

Dec. 31 Adj. 56

54

Dec. 31 Bal. 856

Dec. 31 Bal.
1200

55
56
57
58
59
60

Accumulated Depreciation Equipment

Website

61

Dec. 31 Adj.

40

Nov. 30 Bal. 600

62

Dec. 31 Bal.

40

Dec. 31 Bal. 575

Dec.
25

63
64
65
66
67
68
69
70
Insurance Expense

71

Interest Expen

72

Dec. 31 Adj.

100

Dec. 31 Adj.

23

73

Dec. 31 Bal.

100

Dec. 31 Bal.

23

74
75
76
77
78
79
Accounts Payable

80

Depreciation Exp

81

Dec. 15

50

Nov. 30 Bal. 650

Dec. 31 Adj. 40

82

Dec. 16

600

Dec. 31 Adj. 75

Dec. 31 Bal. 40

83
84

Dec. 31 Bal. 75

85
86
87
88
Interest Payable

89

Notes Payab

90

Dec. 31 Adj.

23

Nov.
2000

91

Dec. 31 Bal.

23

Dec.
2000

92
93
94
95
96
97
Common Stock

98

Salaries & Wages

99

Nov. 30 Bal. 800

Dec.
56

100

Dec. 31 Bal. 800

Dec.
56

Trial Balance (GRADED)


A

1 Part C (Chapter 4)
2
3
4
Prepare a Trial
5 Balance for
November 30, 2011
6
7
8

Cookie Creations, Inc.

Trial Balance

10

31-Dec

11
12
Debit

13

Credit

14 Cash

1,340

15 Accounts Receivable

1,000

16 Supplies

1,470

17 Prepaid Insurance

1,200

18 Equipment

1,200
600

19 Website

20 Accounts Payable

870

21 Unearned Service Revenue


22 Notes Payable

2,000

23 Common Stock

800
4,490

24 Service Revenue
50

25 Utilities Expense
26 Salaries and Wages Expense

800

27 Dividends

500

28 Total

8,160

8,160

29
30

Adjusting Entries (GRADED)


A
Chapter
4, Part
D:
Prepare
and
post
1
adjusti
ng
entries
for
Decem
ber
2

3
4
5
6
General Journal

7
8 Date
9

Description(Account Name)

Debit

Credit

31-Dec Supplies Expense

50

10
11

31-Dec

12
13

16

Depreciation
Expense

40
Accumulated
Depreciation
of Equipment

14
15

50

Supplies

40
31-Dec Amortization Expense

25

17
18

31-Dec

19
20

23

Interest
Expense

23
Interest
Payable

21
22

25

Website

23
31-Dec Insurance Expense

100

24
25

Prepaid
Insuranc
e

31-Dec

26
27

100

450

Accounts
Receivable

Service Revenue

28

450
31-Dec

29
30

1025

Supplies
1025

31
32

31-Dec Utilities Expense

75
Accounts
Payable

33
75

34
35

31-Dec Salaries and Wages Expense

56
Salaries and
Wages Payable

36
56

37
38

Supplies
Expense

31-Dec Service Revenue

360
Unearned
Service
Revenue

39
360

40

2204

41

2204

42
43
44
45
46
47
48
49

Adjusted TB (GRADED)
A
1
2
3
4

Chapter 4, Part E: Prepare


an adjusted trial balance

Cookie Creations Inc

Adjusted Trial Balance

December 31, 2011

8
9
10 Cash

1340

11 Accounts Receivable

1450

12 Supplies

395

13 Prepaid Insurance

1100

14 Equipment

1200

15 Website

575

16 Accounts Payable

75

17 Unearned Service Revenue

1230

18 Notes Payable

2000

19 Common Stock

800

20 Service Revenue

4580

21 Utilities Expense

125

22 Salaries and Wages Expense

856

23 Dividends

500

24 Supplies Expense
25 Depreciation Expense
26

1075
40

Accumulated Depreciation of
Equip

27 Amortization Expense

40
25

28 Interest Payable
29 Interest Expense
30 Insurance Expense

23
23
100

31 Salaries and Wages Payable


32

56
8804

33
34

Financial Statements (GRADED)

8804

Chapter 4, Part F:
Prepare financial
statement

2
3
4

You will only be


preparing the Income
Statement, Statement of
Retained Earning and
the Balance Sheet.

6
7
8

Cookie Creations Inc

Cookie Creations

Income Statement

Statement of Retained Ea

10

For the Month Ending December 31, 2011

For the Month Ending Decem


2011

11
12

Revenues:

Retained Earnings, November

13

Add: Net Income

14

Subtotal

15

Operating Expenses:

Less: Dividends
Retained Earnings, December
31

16
17
18
19
20
21
22
23

Total Operating Expenses

24
25
26
27
28

Net Income

$-

29
30
31
32
33
34
35
36
37
38
39
40

Closing Entries (GRADED)


A
Chapter 4
- Part G:
1 Prepare
closing
entries
2
3
4
use the
balances
for each
account
which
appear on
5 the
Adjusted
Trial
Balance
for your
closing
entries.

6
7
General
Journal

8
9 Date

Description (Account Name)

Debit

Credit

Post Closing TB (GRADED)


A
Chapter 4 - Part H:
1 Prepare post-closing
trial balance
2
3
4
5
6
7

Cookie Creations

Post-Closing Trial Balance

December 31, 2011

Journal Entries Solutions


A
Solutions
for the
Practice
Exercise
1 (From
Chapter 3
of Cookie
Chronicle
s)
2 Solutions
3
4
5 a)

Prepare
journal
entries to
record
the
Novembe
r
transacti
ons
6
7
General Journal

8
9 Date

Description(Account Name)

Debit

Credit

10
11 Nov. 8

No journal entry required

12
13 Nov 8.

No journal entry required

14
15 Nov. 8
16

Cash

500

Common Stock

500

17
18 Nov. 11
19

Supplies

95

Cash

95

20
21 Nov. 14
22

Supplies

125

Cash

125

23
24 Nov. 15
25

Equipment

300

Common Stock

300

26
27 Nov. 16
28

Cash

2,000

Notes Payable

2,000

29
30 Nov. 17
31
32

Equipment
Cash

900
900

33 Nov. 18

No journal entry required

34
35 Nov. 25

Cash

60

Unearned Service Revenue

36

60

37
38 Nov. 29

Cash

100

Service Revenue

39

100

40
41 Nov. 30

Website

600

Accounts Payable

42

600

43
44 Nov. 30

Prepaid Insurance

1,200

Cash

45

1,200

46
47 Nov. 30

Accounts Receivable

300

Service Revenue

48

300

49
50 Nov. 30

Utilities Expense

50

Accounts Payable

51

50

52
53
Total

54

6,230

6,230

General Ledger Solutions


A
This Sheet will
be used for
1
Part B of
Chapter 3
2

Solutions

3
4

Post the
journal entries
to the
following

general ledger
accounts and
compute the
account
balances
5
6
Cash

7
8 Nov. 8

95

Nov. 15

300

2,000 Nov. 14

125

Nov. 17

900

10 Nov. 25

60

Nov. 17

900

Nov. 30 Bal
1,200

11 Nov. 29

100

Nov. 30

1,200

12

500

Nov. 16

Nov. 11

Equipment

Nov. 30 Bal.
340

13
14
15
16
17
18

Accounts Receivable

19 Nov. 30
20

Website

300

Nov. 30

Nov. 30 Bal.
300

600

Nov. 30 Bal.

600

21
22
23
24
25
26
27
28

Accounts Payable

Supplies

29

Nov. 30

600

Nov. 11

95

30

Nov. 30

50

Nov. 11

125

31

Nov. 30. Bal

32

650

Nov. 30 Bal

220

33
34
35
36
37
38
39

Unearned Service Revenue

40

Nov. 25

60

41

Nov. 30. Bal.

Prepaid Insurance
Nov. 30

60

1,200

Nov. 30 Bal.
1,200

42
43
44
45
46
47
48
49

Notes Payable

Common Stock

50

Nov. 16

2,000

51

Nov. 30. Bal.


2,000

Nov. 8
Nov. 15

300

Nov. 30. Bal


800

52
53
54
55
56
57
58

500

Service Revenue

Utilities Expense

59

Nov. 29

100

Nov. 30

60

Nov. 30

300

Nov. 30 Bal.

61

Nov. 30 Bal.

400

Trial Balance Solutions

50
50

1 Part C (Chapter 3)
2 Solutions
3

Prepare a Trial Balance for


November 30, 2011

4
5

Cookie Creations, Inc.

Trial Balance

November 30, 2011

8
9
10
11 Cash

Debit

Credit

$ 340

12 Accounts Receivable

300

13 Supplies

220

14 Prepaid Insurance

1,200

15 Equipment

1,200

16 Website

600

17 Accounts Payable

$ 650

18 Unearned Service Revenue

60

19 Notes Payable

2,000

20 Common Stock

800

21 Service Revenue

400

22 Utilities Expense
23 Total
24
25

50
$ 3,910

$ 3,910