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5/14/2017 Reversingentries

ManualAccountingPracticeSet
BallMart,USGAAPEdition3

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TodayisthefirstdayofJuly.Tosimplifytherecordingoftransactionsinthenewaccountingperiod,youarerequiredto
journalizeappropriatereversingentriesintothegeneraljournalandpostthesetothegeneralledger.

Instructionsforreversingentries

1) UsingtheadjustingentriesinformationandthepostclosingtrialbalanceforthemonthofJune,recordinthegeneral
journalanyentriesthatarerequiredtoreversethefollowingadjustingentriesfromthatmonth:

Electricityexpenseincurredbutnotpaid
Waterexpenseincurredbutnotpaid
Wagesowedtotheemployeesbuthavenotyetbeenpaidincash
Interestexpenseincurredbutnotpaidtothelender
Interestearnedbutnotreceivedincash

Notethatallledgeraccountspresentedonthispagehavenormalopeningbalances.

2) Postthereversingentriesfromthegeneraljournaltotherelevantgeneralledgeraccounts.

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5/14/2017 Reversingentries

Remember:

Enterallanswerstothenearestwholedollar.
Youarealsorequiredtoapplythejournalsandledgersinstructionsprovidedinthepreviousweeks.

BeforepressingtheSubmitanswersbutton,werecommendthatyouclicktheShowAlltabandcheckthatallrelevant
accountingrecordshavebeencompleted.

ShowAll SpecialJournals GeneralJournal SubsidiaryLedgers GeneralLedger

(Q=981.generalJournal)

GeneralJournal

Post
Date AccountandExplanation Debit Credit
Ref.

Jul 1 InterestRevenue 403 120 0

Jul 1 InterestReceivable (select) 112 0 120

Jul 1 WagesPayable 220 1520 0

Jul 1 WagesExpense (select) 516 0 1520

Jul 1 ElectricityPayable 221 896 0

Jul 1 ElectricityExpense (select) 541 0 896

Jul 1 WaterPayable 222 218 0

Jul 1 WaterExpense (select) 542 0 218

Jul 1 InterestPayable 225 260 0

Jul 1 InterestExpense (select) 571 0 260

Jul 1

Jul 1 (select)

Jul 1

Jul 1 (select)

Feedback

GENERALJOURNAL

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Date AccountandExplanation Post Debit Credit


Ref.
Jul 1 ElectricityPayable 221 896
Jul 1 ElectricityExpense 541 896
(reversingentry)

Jul 1 WaterPayable 222 218
Jul 1 WaterExpense 542 218
(reversingentry)

Jul 1 WagesPayable 220 1,520
Jul 1 WagesExpense 516 1,520
(reversingentry)

Jul 1 InterestPayable 225 260
Jul 1 InterestExpense 571 260
(reversingentry)

Jul 1 InterestRevenue 403 120
Jul 1 InterestReceivable 112 120
(reversingentry)

(Q=982110.acctsRecControl)

GENERALLEDGER
Account:ARCAccountsReceivableControl
AccountNo.110

Date Description Ref. Debit Credit Balance

Jun 30 Balance 5,748

Jul

Jul

Feedback

TherearenorelevantentriesintheAccountsReceivableControlledgerforthisquestion.

(Q=982112.interestReceivable)
Account:InterestReceivable
AccountNo.112

Date Description Ref. Debit Credit Balance


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Jun 30 Balance 120

Jul 1 reversing GJ 0 120 0 DR

Jul

Feedback

Account:InterestReceivable
AccountNo.112

Date Description Ref. Debit Credit Balance

Jun 30 Balance 120


Jul 1 Reversingentry GJ 120 0

(Q=982140.prepaidRent)
Account:PrepaidRent
AccountNo.140

Date Description Ref. Debit Credit Balance

Jun 30 Balance 2,500

Jul

Jul

Feedback

TherearenorelevantentriesinthePrepaidRentledgerforthisquestion.

(Q=982141.prepaidAdvertising)
Account:PrepaidAdvertising
AccountNo.141

Date Description Ref. Debit Credit Balance

Jun 30 Balance 8,000

Jul

Jul

Feedback

TherearenorelevantentriesinthePrepaidAdvertisingledgerforthisquestion.

(Q=982142.prepaidInsurance)
Account:PrepaidInsurance
AccountNo.142

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Date Description Ref. Debit Credit Balance


Jun 30 Balance 2,320

Jul

Jul

Feedback

TherearenorelevantentriesinthePrepaidInsuranceledgerforthisquestion.

(Q=982210.acctsPayControl)
Account:APCAccountsPayableControl
AccountNo.210

Date Description Ref. Debit Credit Balance

Jun 30 Balance 1,026

Jul

Jul

Feedback

TherearenorelevantentriesintheAccountsPayableControlledgerforthisquestion.

(Q=982220.wagesPayable)
Account:WagesPayable
AccountNo.220

Date Description Ref. Debit Credit Balance

Jun 30 Balance 1,520

Jul 1 reversing GJ 1520 0 0 CR

Jul

Feedback

Account:WagesPayable
AccountNo.220

Date Description Ref. Debit Credit Balance

Jun 30 Balance 1,520


Jul 1 Reversingentry GJ 1,520 0

(Q=982221.electricityPayable)
Account:ElectricityPayable
AccountNo.221

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Date Description Ref. Debit Credit Balance

Jun 30 Balance 896

Jul 1 reversing GJ 896 0 0 CR

Jul

Feedback

Account:ElectricityPayable
AccountNo.221

Date Description Ref. Debit Credit Balance

Jun 30 Balance 896


Jul 1 Reversingentry GJ 896 0

(Q=982222.waterPayable)
Account:WaterPayable
AccountNo.222

Date Description Ref. Debit Credit Balance

Jun 30 Balance 218

Jul 1 reversing GJ 218 0 0 CR

Jul

Feedback

Account:WaterPayable
AccountNo.222

Date Description Ref. DR CR Balance

Jun 30 Balance 218


Jul 1 Reversingentry GJ 218 0

(Q=982225.interestPayable)
Account:InterestPayable
AccountNo.225

Date Description Ref. Debit Credit Balance

Jun 30 Balance 260

Jul 1 reversing GJ 260 0 0 CR

Jul

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Account:InterestPayable
AccountNo.225

Date Description Ref. Debit Credit Balance

Jun 30 Balance 260


Jul 1 Reversingentry GJ 260 0

(Q=982403.interestRevenue)
Account:InterestRevenue
AccountNo.403

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul 1 reversing GJ 120 0 120 DR

Jul

Feedback

Account:InterestRevenue
AccountNo.403

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0
Jul 1 Reversingentry GJ 120 120DR

(Q=982511.advertisingExpense)
Account:AdvertisingExpense
AccountNo.511

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul

Jul

Feedback

TherearenorelevantentriesintheAdvertisingExpenseledgerforthisquestion.

(Q=982516.wagesExpense)
Account:WagesExpense
AccountNo.516

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

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Jul 1 reversing GJ 0 1520 1520 CR

Jul

Feedback

Account:WagesExpense
AccountNo.516

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0
Jul 1 Reversingentry GJ 1,520 1,520CR

(Q=982540.rentExpense)
Account:RentExpense
AccountNo.540

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul

Jul

Feedback

TherearenorelevantentriesintheRentExpenseledgerforthisquestion.

(Q=982541.electricityExpense)
Account:ElectricityExpense
AccountNo.541

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul 1 reversing GJ 0 896 896 CR

Jul

Feedback

Account:ElectricityExpense
AccountNo.541

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0
Jul 1 Reversingentry GJ 896 896CR

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(Q=982542.waterExpense)
Account:WaterExpense
AccountNo.542

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul 1 reversing GJ 0 218 218 CR

Jul

Feedback

Account:WaterExpense
AccountNo.542

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0
Jul 1 Reversingentry GJ 218 218CR

(Q=982543.insuranceExpense)
Account:InsuranceExpense
AccountNo.543

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul

Jul

Feedback

TherearenorelevantentriesintheInsuranceExpenseledgerforthisquestion.

(Q=982571.interestExpense)
Account:InterestExpense
AccountNo.571

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0

Jul 1 reversing GJ 0 260 260 CR

Jul

Feedback

Account:InterestExpense
AccountNo.571

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5/14/2017 Reversingentries

Date Description Ref. Debit Credit Balance

Jun 30 Balance 0
Jul 1 Reversingentry GJ 260 260CR

ManualAccountingPracticeSet
BallMart,USGAAPEdition3(VCU3q)
20092014Perdisco/latin/.v.,learnthoroughly
http://www.perdisco.com
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