Fin t04

Chapter 4
Please Note:
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whenever the position of data cells is not obvious on the spreadsheet.
Hint: When footnotes contain calculations, enter data into the footnote cells
first, before entering data elsewhere.
Chapter 4, P 1.
1. T accounts opened and balances entered

2. Closing entries entered in T accounts
Retained Earnings
(d) Dec. 31 Bal.
(c ) Dec. 31
Bal. —
Dividends
Bal. (d) Dec. 31
Bal. —
Income Summary
(b) Dec. 31 (a) Dec. 31
(c) 31
Bal. —
Revenues
(a) Dec. 31 Bal.
Bal. —
Wages Expense
Bal. (b) Dec. 31
Bal. —
Advertising Expense
Bal. (b) Dec. 31
Bal. —
Maintenance Expense
Bal. (b) Dec. 31
Bal. —
Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P1-1

Chapter 4, P 1. (Continued)
Supplies Expense
Bal. (b) Dec. 31
Bal. —
Insurance Expense
Bal. (b) Dec. 31
Bal. —
Depreciation Expense, Building

Bal. (b) Dec. 31
Bal. —
Depreciation Expense, Equipment

Bal. (b) Dec. 31
Bal. —
Utilities Expense
Bal. (b) Dec. 31
Bal. —
Miscellaneous Expense
Bal. (b) Dec. 31
Bal. —
Property Taxes Expense

Bal. (b) Dec. 31
Bal. —
Income Taxes Expense

Bal. (b) Dec. 31
Bal. —

3. Income statement, statement of retained earnings, and balance

sheet prepared
Zoom Carts, Inc.

Income Statement
For the Year Ended December 31, 20x2
Revenues $ —
Expenses
Wages Expense $ —
Advertising Expense —
Maintenance Expense —
Supplies Expense —
Insurance Expense —
Depreciation Expense, Building —
Depreciation Expense, Equipment —
Utilities Expense —
Miscellaneous Expense —
Property Taxes Expense —
Income Taxes Expense —
Total Expenses —
Net Income $ —
Zoom Carts, Inc.

Statement of Retained Earnings
For the Year Ended December 31, 20x2
Retained Earnings, December 31, 20x1 $ —

Net Income —
Subtotal $ —
Less Dividends —

Zoom Carts, Inc.

Balance Sheet
December 31, 20x2
Assets
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Land
Building
Less Accumulated Depreciation —
Equipment
Total Assets $ —
Liabilities
Accounts Payable
Notes Payable
Unearned Revenues
Wages Payable
Property Taxes Payable
Income Taxes Payable
Total Liabilities $ —
Stockholders' Equity
Common Stock
Retained Earnings —
Total Stockholders' Equity —
Total Liabilities and Stockholders' Equity $ —

Chapter 4, P 2.
1. Closing entries prepared
20x2
June 30 Trailer Rentals Revenue
Income Summary
To close the revenue account
30 Income Summary
Wages Expense
Insurance Expense
Supplies Expense
Depreciation Expense, Trailers
Other Expenses
To close the expense accounts
30 Income Summary
Retained Earnings
To close the Income Summary account
30 Retained Earnings
Dividends
To close the Dividends account

2. Income statement, statement of retained earnings, and balance sheet

prepared
Tempo Trailer Rental, Inc.

Income Statement
For the Year Ended June 30, 20x2
Revenues
Trailer Rentals Revenue $ —
Expenses
Wages Expense $ —
Depreciation Expense, Trailers —
Other Expenses
Total Expenses —
Net Income $ —

Retained Earnings, June 30, 20x1
Net Income —
Subtotal $ —
Less Dividends —
Retained Earnings, June 30, 20x2 $ —


Balance Sheet
June 30, 20x2
Assets
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Trailers
Total Assets $ —
Liabilities
Accounts Payable
Wages Payable
Common Stock

Chapter 4, P 3.
1. Journal entries for May prepared

3. Adjusting entries for May prepared
6. Closing entries for May prepared
General Journal Page 1

Post.
Date Description Ref. Debit Credit
20xx
May 1 Cash
Common Stock
Invested in business
1 Store Rent Expense

Cash
Paid one month's rent
1 Prepaid Insurance
Cash
Purchased one-year policy
2 Repair Equipment
Cash
Accounts Payable
Purchased repair equipment,
one-seventh down
5 Repair Supplies
Accounts Payable
Purchased repair supplies on
credit
8 Advertising Expense
Cash
Purchased newspaper
advertisement
15 Cash
Repair Revenue
Revenue for the first half of
the month


Post.
20xx
May 21 Accounts Payable
Cash
Paid on account to Don Company
31 Cash
Repair Revenue
Revenue for the last half of
the month
31 Dividends
Cash
Declared and paid dividend
Adjusting entries:
May 31 Insurance Expense #DIV/0!
Prepaid Insurance #DIV/0!
To record one month's
expired insurance
¸ = #DIV/0!
31 Repair Supplies Expense —

Repair Supplies —
To record supplies used
during May
– = $ —
31 Depreciation Expense,
Repair Equipment
Accumulated Depreciation,
Repair Equipment
To record depreciation for
one month


Post.
20xx
May 31 Income Taxes Expense
estimated income taxes
Closing entries:
May 31 Repair Revenue

Income Summary
31 Income Summary
Store Rent Expense
Advertising Expense
Insurance Expense
Repair Supplies Expense
Depreciation Expense,
Repair Equipment
31 Income Summary
Retained Earnings
To close the Income Summary
account
Dividends
To close the Dividends
account

4. May adjusted trial balance prepared
Suarez Repair Service, Inc.

Adjusted Trial Balance
May 31, 20xx
Cash
Prepaid Insurance
Repair Supplies
Repair Equipment
Accumulated Depreciation, Repair Equipment
Accounts Payable
Common Stock
Dividends
Repair Revenue —
Store Rent Expense —
Repair Supplies Expense —
Depreciation Expense, Repair Equipment —
$ — $ —

5. May income statement, statement of retained earnings, and

balance sheet prepared

Income Statement
For the Month Ended May 31, 20xx
Revenues
Repair Revenue $—
Expenses
Store Rent Expense $ —
Total Expenses —
Net Income $ —

For the Month Ended May 31, 20xx
Retained Earnings, May 1, 20xx —

Net Income $—
Subtotal $—
Less Dividends
Retained Earnings, May 31, 20xx $—


Balance Sheet
May 31, 20xx
Assets
Cash $—
Prepaid Insurance —
Repair Supplies —
Repair Equipment $—
Less Accumulated Depreciation — —
Total Assets $—
Liabilities
Accounts Payable $—
Income Taxes Payable —
Total Liabilities $—
Common Stock $—
Total Liabilities and Stockholders' Equity $—
7. May post-closing trial balance prepared

Post-Closing Trial Balance
May 31, 20xx
Cash $—
Repair Supplies —
Repair Equipment —
Accumulated Depreciation, Repair Equipment $—
Accounts Payable —
Common Stock
Retained Earnings — —
$— $—
8. Journal entries for June prepared

9. Adjusting entries for June prepared
12. Closing entries for June prepared

Post.
20xx
June 1 Store Rent Expense
Cash
Paid one month's rent
1 Accounts Payable
Cash
Monthly payment to Essa Company
6 Repair Supplies
Accounts Payable
Purchased repair supplies on
credit from Don Company
15 Cash
Repair Revenue
Revenue for the first half of
the month
20 Advertising Expense
Cash
Purchased additional
advertisement
23 Accounts Payable
Cash
Paid on account to Don Company
30 Cash
Repair Revenue
Revenue for the last half of
the month
30 Dividends
Cash
Declared and paid dividend


Post.
Adjusting entries:
20xx
June 30 Insurance Expense
Prepaid Insurance
expired insurance
30 Repair Supplies Expense —

Repair Supplies —
To record supplies used during
June
– = $ —
30 Depreciation Expense,
Repair Equipment
Repair Equipment
To record depreciation for
one month
30 Income Taxes Expense

To record one month's estimated
income taxes
Closing entries:
30 Repair Revenue
Income Summary


Post.
20xx
June 30 Income Summary
Store Rent Expense
Advertising Expense
Insurance Expense
Repair Supplies Expense
Repair Equipment
30 Income Summary
Retained Earnings
account
Dividends

2. Accounts opened and May entries posted

3. Adjusting entries for May posted
6. Closing entries for May posted
8. June entries posted
9. Adjusting entries for June posted
12. Closing entries for June posted
Cash Account No. 111

Post. Balance
Date Item Ref. Debit Credit Debit Credit
20xx
May 1 — —
1 — —
1 — —
2 — —
8 — —
15 — —
21 — —
31 — —
31 — —
June 1 — —
1 — —
15 — —
20 — —
23 — —
30 — —
30 — —
Prepaid Insurance Account No. 117

Post. Balance
20xx
May 1 — —
31 Adjustment #DIV/0! #DIV/0!
June 30 Adjustment — #DIV/0!
Repair Supplies Account No. 119

Post. Balance
20xx
May 5 — —
31 Adjustment — —
June 6 — —
30 Adjustment — —
Repair Equipment Account No. 144

Post. Balance
20xx
May 2 — —
Accumulated Depreciation, Repair Equipment Account No. 145

Post. Balance
20xx
May 31 Adjustment — —
June 30 Adjustment — —
Accounts Payable Account No. 212

Post. Balance
20xx
May 2 — —
5 — —
21 — —
June 1 — —
6 — —
23 — —

Income Taxes Payable Account No. 213

Post. Balance
20xx
Common Stock Account No. 311

Post. Balance
20xx
May 1 — —
Retained Earnings Account No. 312

Post. Balance
20xx
May 31 Closing entry — —
31 Closing entry — —
June 30 Closing entry — —
Dividends Account No. 313

Post. Balance
20xx
May 31 — —
June 30 — —

Income Summary Account No. 314

Post. Balance
20xx
May 31 Closing entry — —
June 30 Closing entry — —
Repair Revenue Account No. 411

Post. Balance
20xx
May 15 — —
31 — —
June 15 — —
30 — —
Store Rent Expense Account No. 511

Post. Balance
20xx
May 1 — —
June 1 — —

Advertising Expense Account No. 512

Post. Balance
20xx
May 8 — —
June 20 — —
Insurance Expense Account No. 513

Post. Balance
20xx
May 31 Adjustment #DIV/0! #DIV/0!
31 Closing entry — #DIV/0!
June 30 Adjustment — #DIV/0!
30 Closing entry — #DIV/0!
Repair Supplies Expense Account No. 514

Post. Balance
20xx
Depreciation Expense, Repair Equipment Account No. 515

Post. Balance
20xx


Income Taxes Expense Account No. 516

Post. Balance
20xx

10. June adjusted trial balance prepared

Adjusted Trial Balance
June 30, 20xx
Cash $ —
Repair Supplies —
Accumulated Depreciation, Repair Equipment $ —
Common Stock —
Dividends —
Repair Revenue —
Store Rent Expense —
Insurance Expense #DIV/0!
Income Taxes Expense — —
#DIV/0! $ —

11. June income statement, statement of retained earnings, and


Income Statement
For the Month Ended June 30, 20xx
Revenues
Repair Revenue $—
Expenses
Store Rent Expense $ —
Total Expenses —
Net Income $—

For the Month Ended June 30, 20xx
Retained Earnings, May 31, 20xx $—

Net Income —
Subtotal $—
Less Dividends —
Retained Earnings, June 30, 20xx $—


Balance Sheet
June 30, 20xx
Assets
Cash $—
Repair Supplies —
Repair Equipment $—
Total Assets #DIV/0!
Liabilities
Accounts Payable $—
Total Liabilities $—
Common Stock $—
13. June post-closing trial balance prepared

Post-Closing Trial Balance
June 30, 20xx
Cash $—
Repair Supplies —
Accumulated Depreciation, Repair Equipment $—
Common Stock —

#DIV/0! $—

Chapter 4, P 4.
1. Work sheet completed
Donald Leung, Consultant, Inc.

Work Sheet
Adjusted
Trial Balance Adjustments Trial Balance Income Statement Balance Sheet
Account Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash — —
Accounts Receivable — —
Office Supplies (a) — —
Office Equipment — —
Office Equipment (b) — —
Accounts Payable — —
Unearned Retainers (d) — —
Common Stock — —
Dividends — —
Consulting Fees (c)
(d) — —
Rent Expense — —
Utilities Expense — —
Wages Expense (e) — —
— —
Office Supplies Expense (a) — —
Office Equipment (b) — —
Consulting Fees Receivable (c) — —
Wages Payable (e) — —
Income Taxes Expense (f) — —
Income Taxes Payable (f) — —
0 0 — — — — — —
Net Income — —
— — — —


sheet prepared

Income Statement
Revenues
Consulting Fees $ —
Expenses
Rent Expense $ —
Wages Expense —
Office Supplies Expense —
Depreciation Expense, Office Equipment —
Total Expenses —
Net Income $ —

Retained Earnings, July 1, 20x2 —

Net Income $ —
Subtotal $ —
Less Dividends —


Balance Sheet
June 30, 20x3
Assets
Cash $ —
Accounts Receivable —
Consulting Fees Receivable —
Office Supplies —
Office Equipment $—
Total Assets $ —
Liabilities
Accounts Payable $ —
Unearned Retainers —
Wages Payable —
Common Stock $—

3. Adjusting, closing, and reversing entries prepared
Adjusting entries:
20x3
June 30 Office Supplies Expense —
Office Supplies
To record supplies used during
the year
$ — – $ — = $ —
30 Depreciation Expense, Office Equipment —

Office Equipment
To record depreciation for the year
30 Consulting Fees Receivable —

Consulting Fees
To record accrued consulting fees
30 Unearned Retainers —
Consulting Fees
To record service provided against
retainers
30 Wages Expense —
Wages Payable
To record accrued wages at year's
end
30 Income Taxes Expense —

To record accrued income taxes
for the year

ersing entries prepared

Closing entries:
20x3
June 30 Consulting Fees —
Income Summary —
30 Income Summary —
Rent Expense —
Wages Expense —
Office Equipment —
account
30 Retained Earnings —
Dividends —
Reversing entries:
July 1 Consulting Fees —

Consulting Fees Receivable —
To reverse the adjusting entry
for accrued fees from the
previous period
1 Wages Payable —
Wages Expense —
for accrued wages from the
previous period
1 Income Taxes Payable —

to accrue income taxes from the
previous period

Chapter 4, P 5.
Drexel Theater Corporation

Work Sheet
Adjusted
Cash — —
Accounts Receivable — —
Prepaid Insurance (a) — —
Office Supplies (b) — —
Cleaning Supplies (c) — —
Land — —
Building — —
Building (d) — —
Theater Furnishings — —
Theater Furnishings (e) — —
Office Equipment (f) — —
Gift Books Liability (g) — —
Mortgage Payable — —
Dividends — —
Ticket Sales Revenue (g) — —
Theater Rental Revenue — —
Usher Wages Expense (h) — —
Office Wages Expense — —
Interest Expense — —
— —
Insurance Expense (a) — —
Office Supplies Expense (b) — —
Cleaning Supplies Expense (c) — —
Building (d) — —
Theater Furnishings (e) — —
Office Equipment (f) — —
Wages Payable (h) — —
Income Taxes Expense (i) — —
Income Taxes Payable (i) — —
— — — — — — — —
Net Income — —
— — — —

2. Income statement, statement of retained earnings, and balance sheet

prepared

Income Statement
Revenues
Ticket Sales Revenue $ —
Theater Rental Revenue —
Total Revenues $ —
Expenses
Usher Wages Expense $ —
Office Wages Expense —
Interest Expense —
Cleaning Supplies Expense —
Depreciation Expense, Theater Furnishings —
Total Expenses —
Net Income $ —

Retained Earnings, July 1, 20x1 $ —
Net Income —
Subtotal $ —
Less Dividends —


Balance Sheet
June 30, 20x2
Assets
Cash $ —
Accounts Receivable —
Office Supplies —
Cleaning Supplies —
Land —
Building $ —
Theater Furnishings $ —
Office Equipment $ —
Total Assets $ —
Liabilities
Gift Books Liability —
Wages Payable —
Mortgage Payable —
Common Stock $ —

Adjusting entries:
20x2
June 30 Insurance Expense —
To record expired insurance
30 Office Supplies Expense —

Office Supplies —
To record office supplies used
$ — – $ — = $ —
30 Cleaning Supplies Expense —

Cleaning Supplies —
To record cleaning supplies used
$ — – $ — = $ —
30 Depreciation Expense, Building —

Accumulated Depreciation, Building —
To record depreciation on building
for the year
30 Depreciation Expense, Theater Furnishings —

Accumulated Depreciation, Theater
Furnishings —
To record depreciation on theater
furnishings for the year

Accumulated Depreciation, Office
Equipment —
To record depreciation on office
equipment for the year
30 Gift Books Liability —

Ticket Sales Revenue —
To record gift books redeemed
30 Usher Wages Expense —

Wages Payable —
To record accrued wages at the end
of the period

20x2
June 30 Income Taxes Expense —
To record estimated income taxes
Closing entries:
June 30 Ticket Sales Revenue —

Theater Rental Revenue —
Income Summary —
To close the revenue accounts
Usher Wages Expense —
Office Wages Expense —
Interest Expense —
Cleaning Supplies Expense —
Depreciation Expense, Theater Furnishings —
account
Dividends —

Reversing entries:
20x2
July 1 Wages Payable —
Usher Wages Expense —
To reverse the adjusting entry for
accrued wages from the previous period

To reverse the accrual of estimated
income taxes from the previous period

Chapter 4, P 6.
1. T accounts opened and balances entered

2. Closing entries entered in T accounts
Retained Earnings
(d) June 30 Bal.
(c ) June 30
Bal. —
Dividends
Bal. (d) June 30
Bal. —
Income Summary
(b) June 30 (a) June 30
(c) 30
Bal. —
Revenues from Court Fees

(a) June 30 Bal.
Bal. —
Revenues from Locker Fees

(a) June 30 Bal.
Bal. —
Wages Expense
Bal. (b) June 30
Bal. —
Maintenance Expense
Bal. (b) June 30
Bal. —

Advertising Expense
Bal. (b) June 30
Bal. —
Utilities Expense
Bal. (b) June 30
Bal. —
Supplies Expense
Bal. (b) June 30
Bal. —

Bal. (b) June 30
Bal. —
Depreciation Expense, Equipment

Bal. (b) June 30
Bal. —
Property Taxes Expense

Bal. (b) June 30
Bal. —
Miscellaneous Expense
Bal. (b) June 30
Bal. —

Bal. (b) June 30
Bal. —

3. Income statement, statement of retained earnings, and

Wolf Path Tennis Club, Inc.

Income Statement
Revenues
Revenues from Court Fees $ —
Revenues from Locker Fees —
Total Revenues $ —
Expenses
Wages Expense $ —
Maintenance Expense —
Depreciation Expense, Equipment —
Property Taxes Expense —
Miscellaneous Expense —
Total Expenses —
Net Income $ —


Net Income —
Subtotal $ —
Less Dividends —


Balance Sheet
June 30, 20x2
Assets
Cash
Prepaid Advertising
Supplies
Land
Building
Equipment
Total Assets $ —
Liabilities
Accounts Payable
Wages Payable
Property Taxes Payable
Unearned Revenues, Locker Fees
Common Stock

Chapter 4, P 7.
1. Closing entries prepared
20x1
March 31 Campsite Rentals
Income Summary
31 Income Summary
Wages Expense
Insurance Expense
Utilities Expense
Supplies Expense
31 Income Summary
Retained Earnings
To close the Income Summary account
Dividends

2. Income statement, statement of retained earnings, and

Raccoon Campgrounds, Inc.

Income Statement
For the Year Ended March 31, 20x1
Revenues
Campsite Rentals $—
Expenses
Wages Expense $—
Total Expenses —
Net Income $—

For the Year Ended March 31, 20x1
Retained Earnings, March 31, 20x0

Net Income —
Subtotal $—
Less Dividends —
Retained Earnings, March 31, 20x1 $—


Balance Sheet
March 31, 20x1
Assets
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Land
Building
Total Assets $ —
Liabilities
Accounts Payable
Wages Payable
Common Stock

Chapter 4, P 8.
Jones Executive Search Service, Inc.

Work Sheet
For the Six Months Ended December 31, 20x1
Adjusted
Cash — —
Prepaid Rent (a) — —
Office Supplies (b) — —
Office Equipment (c) — —
Unearned Revenue (d) — —
Dividends — —
Search Revenue (d)
(e) — —
Wages Expense (f) — —
— —
Rent Expense (a) — —
Office Supplies Expense (b) — —
Office Equipment (c) — —
Search Revenue Receivable (e) — —
Wages Payable (f) — —
Income Taxes Expense (g) — —
Income Taxes Payable (g) — —
0 0 — — — — — —
Net Income — —
— — — —


sheet prepared

Income Statement
Revenues
Search Revenue $ —
Expenses
Utilities Expense $—
Wages Expense —
Rent Expense —
Total Expenses —
Net Income $ —

Retained Earnings, July 1, 20x1 —

Net Income $ —
Subtotal $ —
Less Dividends —


Balance Sheet
December 31, 20x1
Assets
Cash $ —
Search Revenue Receivable —
Prepaid Rent —
Office Supplies —
Office Equipment $—
Total Assets $—
Liabilities
Unearned Revenue —
Wages Payable —
Common Stock $—

Adjusting entries:
20x1
Dec. 31 Rent Expense —
Prepaid Rent
To record six months' expired
rent
31 Office Supplies Expense —

Office Supplies
To record the office supplies
used
$ — – $ — = $ —

Accumulated Depreciation, Office
Equipment
To record six months' depreciation
on office equipment
31 Unearned Revenue —
Search Revenue
To record earned portion of
revenue received in advance
31 Search Revenue Receivable —

Search Revenue
To record revenue earned but
not yet billed
31 Wages Expense —
Wages Payable
To record accrued wages
31 Income Taxes Expense —

Accrued income taxes for six
months

ersing entries prepared

Closing entries:
20x1
Dec. 31 Search Revenue —
Income Summary —
Wages Expense —
Rent Expense —
Office Equipment —
account
Dividends —
Reversing entries:
20x2
Jan. 1 Search Revenue —
Search Revenue Receivable —
for unrecorded fees
1 Wages Payable —
Wages Expense —
for accrued wages

for accrued income taxes

Fin t04

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Fin t04

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Chapter 4

To determine which cells are involved in a formula, simply highlight the

1. T accounts opened and balances entered

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P1-1

Depreciation Expense, Building

Depreciation Expense, Equipment

Property Taxes Expense

Income Taxes Expense

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P1-2

3. Income statement, statement of retained earnings, and balance

Zoom Carts, Inc.

Zoom Carts, Inc.

Retained Earnings, December 31, 20x1 $ —

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P1-3

Zoom Carts, Inc.

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P1-4

1. Closing entries prepared

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P2-1

2. Income statement, statement of retained earnings, and balance sheet

Tempo Trailer Rental, Inc.

Tempo Trailer Rental, Inc.

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P2-2

Tempo Trailer Rental, Inc.

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P2-3

1. Journal entries for May prepared

General Journal Page 1

1 Store Rent Expense

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-1

General Journal Page 2

31 Repair Supplies Expense —

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-2

General Journal Page 3

May 31 Repair Revenue

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-3

4. May adjusted trial balance prepared

Suarez Repair Service, Inc.

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-4

5. May income statement, statement of retained earnings, and

Suarez Repair Service, Inc.

Suarez Repair Service, Inc.

Retained Earnings, May 1, 20xx —

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-5

Suarez Repair Service, Inc.

7. May post-closing trial balance prepared

Suarez Repair Service, Inc.

8. Journal entries for June prepared

General Journal Page 4

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-7

General Journal Page 5

30 Repair Supplies Expense —

30 Income Taxes Expense

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-8

General Journal Page 6

Copyright ã Houghton Mifflin Company. All rights reserved. Ch.4--P3-9

2. Accounts opened and May entries posted

Cash Account No. 111

Prepaid Insurance Account No. 117

Repair Supplies Account No. 119

Repair Equipment Account No. 144

Accumulated Depreciation, Repair Equipment Account No. 145

Accounts Payable Account No. 212

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Income Taxes Payable Account No. 213