QUESTION 1:

1)
GENERAL JOURNAL
Date Account Title and Explanation Ref. Debit Credit
a Cash 6,500
Dana Bowen, Capital 6,500
b Cash 900
Fees Earned 900
c Rent Expense 400
Cash 400
d Wages Expense 420
Cash 420
e Prepaid Insurance 1,940
Cash 1,940
f Cash 2,500
Fees Earned 2,500
g Miscellaneous Expense 50
Cash 50
h Dana Bowen, Drawing 350
Cash 350
i Cash 930
Unearned Revenue 930
j Account Receivable 1,250
Fees Earned 1,250
k Supplies 870
Account Payable 870
l Equipment 2,500
Dana Bowen, Capital 2,500
m Account Receivable 385
Fees Earned 385
n Wages Expense 225
Wages Payable 225
o Supplies Expense 540
Supplies 540
p Insurance Expense 725
Prepaid Insurance 725
q Depreciation Expense 130
Accumulated Depreciation 130
r Unearned Revenue 590
Fees Earned 590

2)
Dana Bowen Company
Income Statement
For the Month Ended April 30
Revenues
Fees Earned $5,625
Expenses
Wages Expense $645
Rent Expense 400
 Supplies Expense 540
Insurance Expense 725
Depreciation Expense 130
Miscellaneous Expense 50
Total expenses 2,490
Net income $3,135

Dana Bowen Company

Owner's Equity Statement
For the Month Ended April 30
Owner's capital, October 1 $ -0-
Add: Investments $9,000
Net income 3,135 12,135
12,135
Less: Drawing 350
Owner's capital, April 30 $11,785

Dana Bowen Company

Balance Sheet
April 30
Assets
Cash $7,670
Account Receivable 1,635
Supplies 330
Prepaid Insurance 1,215
Equipment $2,500
Less: Accumulated depreciation 130 2,370
Total assets $13,220
Liablities and Owner's Equity
Liabilities
Accounts Payable $870
Unearned Revenue 340
Wages Payble 225
Total liabilities $1,435
Owner's equity
Owner's capital 11,785
Total liabilities and owner's equity $13,220
3)
GENERAL JOURNAL
Date Account Title and Explanation Ref. Debit Credit
Closing Entries
(1)
Apr. 30 Fees Earned 5,625
Income Summary 5,625
(To close revenue account)
(2)
30 Income Summary 2,490
Wages Expense 645
Rent Expense 400
Supplies Expense 540
Insurance Expense 725
Depreciation Expense 130
Miscellaneous Expense 50
(To close expense accounts)
(3)
30 Income Summary 3,135
Owner's Capital 3,135
(To close net income to capital)
(4)
30 Owner's Capital 350
Owner's Drawings 350
(To close drawings to capital)

4)
Dana Bowen Cpmpany
Post-closing trial balance
April 30
Debit Credit
Cash $7,670
Account Receivable 1,635
Supplies 330
Prepaid Insurance 1,215
Equipment 2,500
Accumulated depreciation $130
Accounts Payable 870
Unearned Revenue 340
Wages Payable 225
Owner's Capital 11,785
$13,350 $13,350
 QUESTION 2:

Kirk Enterprises
End-of-period Spreadsheet
For the Year Ended July 31
Unadjusted Adjusted Trial
Adjustments
Trial Balance Balance
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 36 36
Prepaid Insurance 12 (e) 3 9
Fees Receivable 56 56
Supplies 12 (c) 4 8
Equipment 60 60
Accumulated Depriciation 12 (a) 1 13
Unearned Revenue 20 (d) 15 5
Accounts Payable 32 32
Wages Payable (b) 2 2
Ruben Ramon, Capital 84 84
Ruben Ramon, Drawing 4 4
Service Revenue 80 (d) 15 95
Advertising Expense 28 28
Wages Expense 20 (b) 2 22
Insurance Expense (e) 3 3
Supplies Expense (c) 4 4
Depreciation Expense (a) 1 1
228 228 25 25 231 231
 QUESTION 3:

GENERAL JOURNAL
Date Account Title and Explanation Ref. Debit Credit
a Depreciation Expense 1
Accumulated depriciation 1
b Wages Expense 2
Wages Payable 2
c Supplies Expense 4
Supplies 4
d Unearned Revenue 15
Service Revenue 15
e Insurance Expense 3
Prepaid Insurance 3
 Question 4

Austin Enterprises
Income Statement
For the Year Ended December 31
Revenues
Fees Earned $59,500
Expenses
Wages Expense $19,000
Rent Expense 7,000
Depreciation Expense 3,500
Total expenses 29,500
Net income $30,000

Austin Enterprises
Owner's Equity Statement
For the Year Ended December 31
Owner's capital, October 1 $ -0-
Add: Investments $8,000
Net income 30,000 38,000
38,000
Less: Drawing 2,000
Owner's capital, April 30 $36,000

Austin Enterprises
Balance Sheet
December 31
Assets
Cash $26,500
Account Receivable 7,000
Supplies 1,000
Equipment 18,500
Less: Accumulated depreciation 5,000 13,500
Total assets $48,000
Liablities and Owner's Equity
Liabilities
Accounts Payable $11,000
Wages Payble 1,000
Total liabilities $12,000
Owner's equity
Owner's capital 36,000
Total liabilities and owner's equity $48,000
 QUESTION 5:
a)
Good Landscape Services
End-of-period Spreadsheet
For the Month Ended January 31
Unadjusted Adjusted Trial
Adjustments
Trial Balance Balance
Account Tiltles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 6,750 6,750
Supplies 3,900 (a) 3000 900
Prepaid Insurance 8,400 (b) 1100 7,300
Equipment 41,750 41,750
Accumulated Depriciation 9,950 (c) 1600
Dalton Good, Capital 29,775
Dalton Good, Drawing 3,425 3,425
Service Revenue 56,300 11,550
Salary Expense 24,300 (d) 1650 25,950 29,775
Rent Expense 6,000 6,000
Miscellaneous Expense 1,500 1,500 56,300
Totals 96,025 96,025

Supplies Expense (a) 3000 3,000

Insurance Expense (b) 1100 1,100
Depreciation Expense (c) 1600 1,600
Salary Payable (d) 1650 1,650
Totals 7,350 7,350 99,275 99,275

Net Income
Totals

b) c)
Good Landscape Services
Income Statement Date
For the Month Ended January 31
Revenues
Service Revenue $56,300 Jan. 31
Expenses
Salary Expense $25,950
Rent Expense 6,000
Miscellaneous Expense 1,500 31
Supplies Expense 3,000
Insurance Expense 1,100
Depreciation Expense 1,600
Total expenses 39,150
Net income $17,150
 Good Landscape Services 31
Owner's Equity
For the Month Ended January 31
Owner's capital, January 1 $29,775
Add: Net income 17,150 31
46,925
Less: Drawing 3,425
Owner's capital, January 31 $43,500

Good Landscape Services

Balance Sheet
January 31
Assets
Cash $6,750
Supplies 900
Prepaid Insurance 7,300
Equipment $41,750
Less: Accumulated depreciation 11,550 30,200
Total assets $45,150
Liablities and Owner's Equity
Liabilities
Salary Payable $1,650
Total liabilities $1,650
Owner's equity
Owner's capital 43,500
Total liabilities and owner's equity $45,150
1

Income Statement Balance Sheet

Dr. Cr. Dr. Cr.
6,750
900
7,300
41,750
11,550
29,775
3,425
56,300
25,950
6,000
1,500

3,000
1,100
1,600
1,650
39,150 56,300 60,125 42,975

17,150 17,150
56,300 56,300 60,125 60,125

GENERAL JOURNAL
Account Title and Explanation Ref. Debit Credit
Closing Entries
(1)
Service Revenue 56,300
Income Summary 56,300
(To close revenue account)
(2)
Income Summary 39,150
Salary Expense 25,950
Rent Expense 6,000
Miscellaneous Expense 1,500
Supplies Expense 3,000
Insurance Expense 1,100
Depreciation Expense 1,600
(To close expense accounts)
 (3)
Income Summary 17,150
Owner's Capital 17,150
(To close net income to capital)
(4)
Owner's Capital 3,425
Owner's Drawings 3,425
(To close drawings to capital)