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NAME____________________________ SECTION__________ DATE _________ a.

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS

General Journal 2007 Dec 1

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© The McGraw-Hill Companies, Inc., 2008 CP1

(continued) General Journal Page 2 2007 Dec 26 27 28 29 29 31 31 (Use General Journal page 2 provided at the end of the working papers for this problem to record adjusting and closing entries.2) ..) © The McGraw-Hill Companies.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) a. Inc. 2008 CP1(p.

3) .COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) b. 2008 CP1(p. Date Dec 1 Explanation Cash Debit Credit Balance Date Dec 15 Explanation Accounts Receivable Debit Credit Balance Date Dec 1 Explanation Prepaid Rent Debit Credit Balance Date Dec 29 Explanation Unexpired Insurance Debit Credit Balance Date Dec 4 Explanation Office Supplies Debit Credit Balance © The McGraw-Hill Companies. Inc..

COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Date Dec 1 Explanation Rental Equipment Debit Credit Balance Date Dec 31 Accumulated Depreciation: Rental Equipment Explanation Debit Credit Balance Date Dec 1 Explanation Notes Payable Debit Credit Balance Date Dec 4 Explanation Accounts Payable Debit Credit Balance Date Dec 31 Explanation Interest Payable Debit Credit Balance © The McGraw-Hill Companies. Inc. 2008 CP1(p.4) ..

. Inc. 2008 CP1(p.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Date Dec 31 Explanation Salaries Payable Debit Credit Balance Date Dec 28 Explanation Dividends Payable Debit Credit Balance Date Dec 8 Explanation Unearned Rental Fees Debit Credit Balance Date Dec 31 Explanation Income Taxes Payable Debit Credit Balance Date Dec 1 Explanation Capital Stock Debit Credit Balance © The McGraw-Hill Companies.5) .

6) .COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Date Dec 31 Explanation Retained Earnings Debit Credit Balance Date Dec 28 Explanation Dividends Debit Credit Balance Date Dec 31 Explanation Income Summary Debit Credit Balance Date Dec 15 Explanation Rental Fees Earned Debit Credit Balance Date Dec 12 Explanation Salaries Expense Debit Credit Balance © The McGraw-Hill Companies. 2008 CP1(p.. Inc.

7) .. Inc.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Date Dec 17 Explanation Maintenance Expense Debit Credit Balance Date Dec 31 Explanation Utilities Expense Debit Credit Balance Date Dec 31 Explanation Rent Expense Debit Credit Balance Date Dec 31 Explanation Office Supplies Expense Debit Credit Balance © The McGraw-Hill Companies. 2008 CP1(p.

8) . 2008 CP1(p.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Date Dec 31 Explanation Depreciation Expense Debit Credit Balance Date Dec 31 Explanation Interest Expense Debit Credit Balance Date Dec 31 Explanation Income Taxes Expense Debit Credit Balance © The McGraw-Hill Companies.. Inc.

9) .: rental equip.. 2008 CP1(p. Inc. Salaries payable Income taxes payable Income statement accounts: Rental fees earned Salaries expense Maintenance expense Utilities expense Rent expense Interest expense Depreciation expense Office supplies expense Income taxes expense Net income Totals Adjustments* Debit Credit Adjusted Trial Balance Debit Credit COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) Income Statement Debit Credit Balance Sheet Debit Credit © The McGraw-Hill Companies.SUSQUEHANNA EQUIPMENT RENTALS Worksheet December 31. 2007 c. Dep. Trial Balance Debit Credit Balance sheet accounts : Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Notes payable Accounts payable Unearned rental fees Dividends payable Capital stock Retained earnings Dividends Interest payable Accum.

2008 CP1(p. 2007 Revenue: Expenses SUSQUEHANNA EQUIPMENT RENTALS Statement of Retained Earnings For the Year Ended December 31. Inc. SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31. 2007 Retained earnings. 2007 © The McGraw-Hill Companies.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) d..10) . December 1.

. 2008 CP1(p.11) . Inc. 2007 Assets Liabilities & Owners' Equity Liabilities: Stockholders' equity: Total liabilities and stockholders' equity e.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) d. Note 1.Depreciation policies Note 2.Maturity dates of liabilities Note 3. SUSQUEHANNA EQUIPMENT RENTALS Balance Sheet December 31.Pending litigation © The McGraw-Hill Companies.

2008 CP1(p. Inc.12) .COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) f. General Journal (Adjusting Entries) 2007 Dec 31 © The McGraw-Hill Companies..

2007 Cash Accounts receivable Prepaid rent Unexpired insurance Office supplies Rental equipment Accumulated depreciation: rental equipment Notes payable Accounts payable Interest payable Salaries payable Dividends payable Unearned rental fees Income taxes payable Capital stock Retained earnings Totals © The McGraw-Hill Companies. Inc. (continued) General Journal (Closing Entries) 2007 Dec 31 g..COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (continued) f. 2008 CP1(p.13) . SUSQUEHANNA EQUIPMENT RENTALS After-Closing Trial Balance December 31.

. 2008 CP1(p.14) . Inc.COMPREHENSIVE PROBLEM 1 SUSQUEHANNA EQUIPMENT RENTALS (concluded) h. i © The McGraw-Hill Companies.