Name: Answer Key

PROBLEM #1 Date 10/1 Accounts & Explanations Cash Clay, Capital 10/2 Equipment Cash Notes Payable 10/3 Supplies A/P 10/4 Rent Expense Cash A/R Professional Fees 10/10 A/P Cash 10/14 Repair Expense A/P Salaries Expense Cash Clay, Drawing Cash Cash Professional Fees 10/20 Cash A/R 10/28 Cash Unearned Professional Fees 10/31 Utilities Expense Cash 900 900 3,000 3,000 7,000 7,000 2,500 2,500 3,000 3,000 800 800 2,000 2,000 500 500 1,000 1,000 15,000 15,000 500 500 12,000 4,000 8,000 Debit 50,000 Credit 50,000

10/8

10/15

10/17

10/18

Problem #2

Account: Date 5/1 5/1 5/12 5/15 5/20 5/31

Cash Explanation Balance

Ref. J33 J33 J33 J33 J33

Debit 500 3,000

Credit

#11 Balance 80,000 80,500 83,500 1,000 82,500 800 81,700 750 80,950

Dr. Dr. Dr. Dr. Dr. Dr.

Account: Service Revenue Date Explanation 5/1 5/5

Ref. J33 J33

Debit

Credit 500 2,000

#41 Balance 500 Cr. 2,500 Cr.

Account: Date 5/1 5/5

Accounts Receivable Explanation Ref. Debit Balance J33 2,000

Credit

#12 Balance 12,000 Dr. 14,000 Dr.

Account: Salaries Expense Date Explanation 5/31

Ref. J33

Debit 750

Credit

#51 Balance 750 Dr.

Account: Date 5/1 5/7

Supplies Explanation Balance

Ref. J33

Debit 300

Credit

#14 Balance 2,000 Dr. 2,300 Dr.

Account: Rent Expense Date Explanation 5/15

Ref. J33

Debit 1,000

Credit

#52 Balance 1,000 Dr.

Account: Date 5/1 5/7

Office Equipment Explanation Ref. Balance J33

Debit 5,000

Credit

#18 Balance 6,000 Dr. 11,000 Dr.

Account: Advertising Expense Date Explanation

Ref.

Debit

Credit

#53 Balance

Account: Date 5/1 5/7

Accounts Payable Explanation Ref. Balance J33

Debit

Credit

#21 Balance 10,000 Cr. 5,300 15,300 Cr.

Account: Utilities Expense Date Explanation 5/20

Ref. J33

Debit 800

Credit

#55 Balance 800 Dr.

Account: Date 5/12

Unearned Service Revenue Explanation Ref. Debit J33

Credit 3,000

#25 Balance 3,000 Cr.

Account: Miscellaneous Expense Date Explanation Ref.

Debit

Credit

#59 Balance

Account: Date 5/1

Schultz, Capital Explanation Ref. Balance

Debit

Credit

#31 Balance 90,000 Cr.

B)

Schultz Company Trial Balance For the Month Ended 5/30/0X Debit 80,950 14,000 2,300 11,000 Credit

Cash Accounts Receivable Supplies Office Equipment Accounts Payable Unearned Service Revenue Shultz, Capital Service Revenue Salaries Expense Rent Expense Utilities Expense Totals

15,300 3,000 90,000 2,500 750 1,000 800 110,800

110,800

PROBLEM #3 Date 12/31 Accounts & Explanations Supplies Expense Supplies (Adj. Entry) Unearned Cleaning Fees Cleaning Fees (Adj. Entry) Depreciation Expense - Equip. A/D - Equipment (Adj. Entry) Salaries Expense Salaries Payable (Adj. Entry) A/R Cleaning Fees (Adj. Entry) 12/31 Insurance Expense Prepaid Insurance (Adj. Entry) 1,200 1,200 Debit 4,300 Credit 4,300

12/31

6,000 6,000

12/31

8,400 8,400

12/31

4,000 4,000

12/31

8,000 8,000

PROBLEM #4 Date 12/31 Accounts & Explanations Service Revenue Income Summary (Closing Entry) Income Summary Salaries Expense Rent Expense Supplies Expense Depreciation Expense - Store Equip. (Closing Entry) Income Summary PC Capital (Closing Entry) PC Capital PC Drawing (Closing Entry) Debit 104,000 Credit 104,000

12/31

70,600 36,600 24,000 8,000 2,000

12/31

33,400 33,400

12/31

8,000 8,000

Hank's Service Company Worksheet For the Month Ended 07/31/00 Trial Balance Adjustments Debit Credit Debit Credit 12,000 24,000 2,400 B) 400 1,000 A) 500 25,000 2,000 C) 400 5,000 8,000 D) 4,000 19,000 4,000 44,000 D) 4,000 8,000 E) 1,000 1,600 78,000 78,000 A) 500 B) 400 C) 400 E) 1,000 6,300 6,300 Adjusted Trial Bal. Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000 48,000 9,000 1,600 500 400 400 79,400 1,000 79,400 Income Statement Debit Credit Balance Sheet Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000

Accounts Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accum. Deprec.-Equip. Accounts Payable Unearned Service Fees Hank-Capital Hank-Drawing Service Revenue Salaries Expense Rent Expense Totals Supplies Expense Insurance Expense Depreciation Expense Salaries Payable Net Income

48,000 9,000 1,600 500 400 400 11,900 36,100 48,000 48,000 48,000 67,500 67,500 1,000 31,400 36,100 67,500

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