Comprehensive Problem d4r3r
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Comprehensive Problem 4-1 (Page 202) ing Cycle Worksheet s Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Net Income Total Balance
Unadjusted Trial Balance Adjusting Entries Debits Credits Debits Credits $ 32,915 $ 5,475 $ 1,950 $ 1,200 $ 3,200 $ 1,600 $ 1,500 $ 300 $ 14,500 $ 330 ### $ 1,000 $ $ 300 $ 5,500 $ 4,000 $ 42,300 $ 15,000 $ 27,500 $ 4,000 $ 1,380 $ 300 $ 1,600 $ 1,200 $ 330 $ 300 $ 710
$
76,630 $
76,630 $
7,730 $
Adjusted Trial Balance Debits Credits $ 32,915 $ 5,475 $ 750 $ 1,600 $ 1,200 $ 14,500 $ 660 ### ### $ 1,500 ### $ 15,000 $ 31,500 $ 1,680 $ 1,600 $ 1,200 $ 330 $ 300 $ 710
7,730 $
77,260 $
$ 77,260 $
Income Statement Debits Credits
$
Balance Sheet Debits Credits ### ### ### ### ### ### $ 660 $ 1,000 $ 300 $ 1,500 $ 42,300 ###
31,500
### ### ### ### ### ###
25,680 31,500 $
31,500 $
$ 71,440 $
25,680 71,440
Company General Ledger - Cash Date May May May May May May May May May May May May May May
Item 1 Beginning Balance 3 Unearned Fees 5 Accts Payable 9 Advertising 13 Paid 16 Paid Receptionist 17 Fees Earned 25 Cash from Clients 27 Cash From 28 Paid Receptionist 31 Phone Bill 31 Electricity Bill 31 Fees Earned 31 Kelly Draws
Post. Ref. ü
No. 11 Balance Debit 22,100 3,000 2,100
Credit
300 400 750 6,150 3,125 11,250 750 120 290 2,800 15,000 50,525
17,610
- s Receivable Date May May May May May
Item 1 Beginning Balance 15 Services on 20 Services on 27 Cash From 31 Fees Earned
Post. Ref. ü
Debit 22,100 25,100 27,200 26,900 26,500 25,750 31,900 35,025 46,275 45,525 45,405 45,115 47,915 32,915
No. 12 Balance Debit 3,400
Credit 2,100
8,350 6,175 1,900
11,250
Debit 3,400 1,300 8,650 14,825 3,575 5,475
19,825
- Supplies Date Item May 1 Beginning Balance May 20 Purchased Supplies 31 Adjust Supplies
Post. Ref. ü
No. 14 Balance Debit 1,350 600
Credit 1,200
- Prepaid Rent Date May
Item 1 Beginning Balance Ajdjust
Post. Ref. ü
Debit 1,350 1,950 750
No. 15 Balance Debit 3,200
Credit 1,600
Debit 3,200 1,600
- Prepaid Insurance Date May
Item 1 Beginning Balance Ajjust
Post. Ref. ü
No. 16 Balance Debit 1,500
Credit 300
Debit 1,500 1,200
- Office Equipment Date May
Item 1 Beginning Balance
Post. Ref. ü
No. 18 Balance Debit 14,500
Credit
Debit 14,500
- Accumulated Depreciation Date May
Item 1 Beginning Balance May Depreciation
Post. Ref. ü
No. 19 Balance Debit
Credit 330 330
Debit
- s Payable Date Item May 1 Beginning Balance May 5 Cash May 13 Paid May 20 Supplies
Post. Ref. ü
No. 21 Balance Debit
Credit 800
Debit
400 600
1,400
- Salaries Payable Date Item May 1 Beginning Balance May 16 Paid Receptionist ajust
Post. Ref. ü
No. 22 Balance Debit
Credit 120
Debit
120 300
- Unearned Fees Date May May
Item 1 Beginning Balance 3 Cash adjust
Post. Ref. ü
No. 23 Balance Debit 4,000
Credit 2,500 3,000
Debit
- Kelly Pitney, Capital Date May
Item 1 Beginning Balance Closing Entry Closing Draws
Post. Ref. ü
No. 31 Balance Debit
Credit 42,300 25,680
Debit
15,000
- Kelly Pitney, Draws Date Item May 1 Beginning Balance May 31 Kelly Draws
Post. Ref. ü
No. 32 Balance Debit
Credit
15,000
Debit 15,000
- Income Summary Date May
Item 1 Beginning Balance Closing Entry Closing Entry
Post. Ref. ü
No. 33 Balance Debit
Credit
Debit
31,500
- Fees Earned Date May May May May May May May
Item 1 Beginning Balance 15 Fees Earned 17 Cash 20 Services on 25 Cash from Clients 31 Fees Earned 31 Fees Earned Adjust
Post. Ref. ü
No. 41 Balance Debit
Credit
Debit
7,350 6,150 6,175 3,125 2,800 1,900 4,000 31,500
- Salary Expense Date Item May 1 Beginning Balance May 16 Paid Receptionist May 28 Pai Reetionist ajhyst
Post. Ref. ü
No. 51 Balance Debit
Credit
630 750
Debit 630 1,380
1,680
- Rent Expense Date May
Item 1 Beginning Balance Adjust Closing Entry
Post. Ref. ü
No. 52 Balance Debit
Credit
Debit
1,600 1,600
-
- Supplies Expense Date May
Item 1 Beginning Balance Adjust Closing
Post. Ref. ü
No. 53 Balance Debit
Credit
Debit
1,200 1,200
- Depreciation Date May
Item 1 Beginning Balance May Closing
Post. Ref. ü
No. 54 Balance Debit
Credit
Debit 300 -
300
- Insurance Expense Date May
Item 1 Beginning Balance Adjust
Post. Ref. ü
No. 55 Balance Debit
Credit
Debit
300 300
-
- Misc. Expense Date Item May 1 Beginning Balance May 9 Advertising May 31 Phone Bill May 31 Electricity Bill Closing Entry
Post. Ref. ü
No. 59 Balance Debit
Credit
300 120 290 710
Debit 320 420 710 -
No. 11 Balance Credit
No. 12 Balance Credit
No. 14 Balance Credit
No. 15 Balance Credit
No. 16 Balance Credit
No. 18 Balance Credit
No. 19 Balance Credit 330 660
No. 21 Balance Credit 800 400 1,000
No. 22 Balance Credit 120 300
No. 23 Balance Credit 2,500 5,500 1,500
No. 31 Balance Credit 42,300 67,980 52,980
No. 32 Balance Credit
No. 33 Balance Credit 31,500 25,680
No. 41 Balance Credit 7,350 13,500 19,675 22,800 25,600 27,500 31,500
No. 51 Balance Credit
No. 52 Balance Credit
No. 53 Balance Credit
No. 54 Balance Credit
No. 55 Balance Credit
No. 59 Balance Credit
May Journal Entries (Page 5) Date
Ref
Debit
3-May Cash
Credit 3,000
Unearned Fees
3,000 Received Cash for Unearned Fees
5-May Cash
2,100
s Receivable
2,100
Received Cash on 9-May Misc Exp
300
Cash
300 Cash for Advertising
13-May Payable
400
Cash
400 Paid Debt to Office Station Co
15-May s Receivable
7,350
Fees Earned
7,350 Services Listed on
16-May Salaries Exp
630
Salaries Payable
120
Cash
750 Paid Salary to Receptionist
May Journal Entries (Page 6) Date
Ref
17-May Cash
Debit
Credit 6,150
Fees Earned
6,150 Cash Earned
20-May Supplies
600
s Pay
600 Supplies on
21-May s Receivable
6,175
Fees Earned
6,175 Services on
25-May Cash
3,125
Fees Earned
3,125 Cash from Cash Clients
27-May Cash
11,250
s Receivable
11,250
Received Cash from 28-May Salaries Exp
750
Cash
750 Paid Receptionist
30-May Misc Exp
120
Cash
120 Telephone Bill
31-May Misc Exp
290
Cash
290 Electricity Bill
31-May Cash
2,800
Fees Earned
2,800 Recorded Cash from Clients
31-May s Receivable
1,900
Fees Earned
1,900 Recorded Services Rendered
31-May Kelly Draws
15,000
Cash
15,000 Kelly Draws
Kelly Consulting Post Closing Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 750 1,600 1,200 14,500 660 1,000 300 1,500 52,980
$
56,440 $
56,440
Kelly Consulting Balance Sheet As of 5 /31/2012 Current Assets: Cash
Total Current Assets
$ 32,915 $ 5,475 $ 750 $ 1,600 $ 1,200 $ 14,500 $ 56,440
Less Accumulated De $ (660) Total Assets $ 55,780
Current Liabilities: $ $ $ Total Liabilities
Revenue: $ 31,500 Expenses:
Total Expense
$
Net Income
1,680 1,600 1,200 330 300 710
Fees Earned $ 31,500
5,820 $
25,680
Kelly Consulting Statement of Owner's Equity For the Perion Ended 5/31/2012 Owner's Capital 5/1/12 Net Income (May) Less Owner's Draws Owner's Capital 5/31/12
2,800
Owner's Capital $ 52,980 Total Liab & Capital $ 55,780
Kelly Consulting Income Statement For the Period Ended 5/31/2012
$ $ $ $ $ $
$
1,000 300 1,500
$ $ $ $
42,300 25,680 (15,000) 52,980
Kelly Consulting Unadjusted Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 1,950 3,200 1,500 14,500
330 1,000 5,500 42,300 15,000 27,500 1,380
710
$
76,630 $
76,630
May Adjusting Journal Entries (Page 7) Date
Ref
Debit
30-May Insurance Expense
Credit 300
Prepaid Insurance
300 Insurance Expired
30-May Supplies Expense
1,200
Supplies
1,200 Supplies on Hand
30-May Depreciation Expense
330
Accumulated Depreciation-Equip
330
Depreciation on Office Equipment 30-May Salary Expense
300
Salaries Payable
300 Accrued Receptionist Salary
30-May Rent Expense
1,600
Prepaid Rent
1,600 Rent Expired
30-May Unearned Fees Fees Earned
4,000 4,000
Kelly Consulting Adjusted Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 750 1,600 1,200 14,500 660 1,000 300 1,500 42,300
15,000 31,500 1,680 1,600 1,200 330 300 710
$
77,260 $
77,260
May Closing Journal Entries (Page 8) Date
30-May Fees Earned
Ref
Debit
Credit 31,500
Income Summary
30-May Income Summary
31,500
5,820
Salary Expense
1,680
Rent Expense
1,600
Supplies Expense
1,200
Depreciation Expense
330
Insurance Expense
300
Misc Expense
710
30-May Income Summary
25,680
Capital
30-May Kelly Capital Kelly Draws
25,680
15,000 15,000
Net Income Total Balance
Unadjusted Trial Balance Adjusting Entries Debits Credits Debits Credits $ 32,915 $ 5,475 $ 1,950 $ 1,200 $ 3,200 $ 1,600 $ 1,500 $ 300 $ 14,500 $ 330 ### $ 1,000 $ $ 300 $ 5,500 $ 4,000 $ 42,300 $ 15,000 $ 27,500 $ 4,000 $ 1,380 $ 300 $ 1,600 $ 1,200 $ 330 $ 300 $ 710
$
76,630 $
76,630 $
7,730 $
Adjusted Trial Balance Debits Credits $ 32,915 $ 5,475 $ 750 $ 1,600 $ 1,200 $ 14,500 $ 660 ### ### $ 1,500 ### $ 15,000 $ 31,500 $ 1,680 $ 1,600 $ 1,200 $ 330 $ 300 $ 710
7,730 $
77,260 $
$ 77,260 $
Income Statement Debits Credits
$
Balance Sheet Debits Credits ### ### ### ### ### ### $ 660 $ 1,000 $ 300 $ 1,500 $ 42,300 ###
31,500
### ### ### ### ### ###
25,680 31,500 $
31,500 $
$ 71,440 $
25,680 71,440
Company General Ledger - Cash Date May May May May May May May May May May May May May May
Item 1 Beginning Balance 3 Unearned Fees 5 Accts Payable 9 Advertising 13 Paid 16 Paid Receptionist 17 Fees Earned 25 Cash from Clients 27 Cash From 28 Paid Receptionist 31 Phone Bill 31 Electricity Bill 31 Fees Earned 31 Kelly Draws
Post. Ref. ü
No. 11 Balance Debit 22,100 3,000 2,100
Credit
300 400 750 6,150 3,125 11,250 750 120 290 2,800 15,000 50,525
17,610
- s Receivable Date May May May May May
Item 1 Beginning Balance 15 Services on 20 Services on 27 Cash From 31 Fees Earned
Post. Ref. ü
Debit 22,100 25,100 27,200 26,900 26,500 25,750 31,900 35,025 46,275 45,525 45,405 45,115 47,915 32,915
No. 12 Balance Debit 3,400
Credit 2,100
8,350 6,175 1,900
11,250
Debit 3,400 1,300 8,650 14,825 3,575 5,475
19,825
- Supplies Date Item May 1 Beginning Balance May 20 Purchased Supplies 31 Adjust Supplies
Post. Ref. ü
No. 14 Balance Debit 1,350 600
Credit 1,200
- Prepaid Rent Date May
Item 1 Beginning Balance Ajdjust
Post. Ref. ü
Debit 1,350 1,950 750
No. 15 Balance Debit 3,200
Credit 1,600
Debit 3,200 1,600
- Prepaid Insurance Date May
Item 1 Beginning Balance Ajjust
Post. Ref. ü
No. 16 Balance Debit 1,500
Credit 300
Debit 1,500 1,200
- Office Equipment Date May
Item 1 Beginning Balance
Post. Ref. ü
No. 18 Balance Debit 14,500
Credit
Debit 14,500
- Accumulated Depreciation Date May
Item 1 Beginning Balance May Depreciation
Post. Ref. ü
No. 19 Balance Debit
Credit 330 330
Debit
- s Payable Date Item May 1 Beginning Balance May 5 Cash May 13 Paid May 20 Supplies
Post. Ref. ü
No. 21 Balance Debit
Credit 800
Debit
400 600
1,400
- Salaries Payable Date Item May 1 Beginning Balance May 16 Paid Receptionist ajust
Post. Ref. ü
No. 22 Balance Debit
Credit 120
Debit
120 300
- Unearned Fees Date May May
Item 1 Beginning Balance 3 Cash adjust
Post. Ref. ü
No. 23 Balance Debit 4,000
Credit 2,500 3,000
Debit
- Kelly Pitney, Capital Date May
Item 1 Beginning Balance Closing Entry Closing Draws
Post. Ref. ü
No. 31 Balance Debit
Credit 42,300 25,680
Debit
15,000
- Kelly Pitney, Draws Date Item May 1 Beginning Balance May 31 Kelly Draws
Post. Ref. ü
No. 32 Balance Debit
Credit
15,000
Debit 15,000
- Income Summary Date May
Item 1 Beginning Balance Closing Entry Closing Entry
Post. Ref. ü
No. 33 Balance Debit
Credit
Debit
31,500
- Fees Earned Date May May May May May May May
Item 1 Beginning Balance 15 Fees Earned 17 Cash 20 Services on 25 Cash from Clients 31 Fees Earned 31 Fees Earned Adjust
Post. Ref. ü
No. 41 Balance Debit
Credit
Debit
7,350 6,150 6,175 3,125 2,800 1,900 4,000 31,500
- Salary Expense Date Item May 1 Beginning Balance May 16 Paid Receptionist May 28 Pai Reetionist ajhyst
Post. Ref. ü
No. 51 Balance Debit
Credit
630 750
Debit 630 1,380
1,680
- Rent Expense Date May
Item 1 Beginning Balance Adjust Closing Entry
Post. Ref. ü
No. 52 Balance Debit
Credit
Debit
1,600 1,600
-
- Supplies Expense Date May
Item 1 Beginning Balance Adjust Closing
Post. Ref. ü
No. 53 Balance Debit
Credit
Debit
1,200 1,200
- Depreciation Date May
Item 1 Beginning Balance May Closing
Post. Ref. ü
No. 54 Balance Debit
Credit
Debit 300 -
300
- Insurance Expense Date May
Item 1 Beginning Balance Adjust
Post. Ref. ü
No. 55 Balance Debit
Credit
Debit
300 300
-
- Misc. Expense Date Item May 1 Beginning Balance May 9 Advertising May 31 Phone Bill May 31 Electricity Bill Closing Entry
Post. Ref. ü
No. 59 Balance Debit
Credit
300 120 290 710
Debit 320 420 710 -
No. 11 Balance Credit
No. 12 Balance Credit
No. 14 Balance Credit
No. 15 Balance Credit
No. 16 Balance Credit
No. 18 Balance Credit
No. 19 Balance Credit 330 660
No. 21 Balance Credit 800 400 1,000
No. 22 Balance Credit 120 300
No. 23 Balance Credit 2,500 5,500 1,500
No. 31 Balance Credit 42,300 67,980 52,980
No. 32 Balance Credit
No. 33 Balance Credit 31,500 25,680
No. 41 Balance Credit 7,350 13,500 19,675 22,800 25,600 27,500 31,500
No. 51 Balance Credit
No. 52 Balance Credit
No. 53 Balance Credit
No. 54 Balance Credit
No. 55 Balance Credit
No. 59 Balance Credit
May Journal Entries (Page 5) Date
Ref
Debit
3-May Cash
Credit 3,000
Unearned Fees
3,000 Received Cash for Unearned Fees
5-May Cash
2,100
s Receivable
2,100
Received Cash on 9-May Misc Exp
300
Cash
300 Cash for Advertising
13-May Payable
400
Cash
400 Paid Debt to Office Station Co
15-May s Receivable
7,350
Fees Earned
7,350 Services Listed on
16-May Salaries Exp
630
Salaries Payable
120
Cash
750 Paid Salary to Receptionist
May Journal Entries (Page 6) Date
Ref
17-May Cash
Debit
Credit 6,150
Fees Earned
6,150 Cash Earned
20-May Supplies
600
s Pay
600 Supplies on
21-May s Receivable
6,175
Fees Earned
6,175 Services on
25-May Cash
3,125
Fees Earned
3,125 Cash from Cash Clients
27-May Cash
11,250
s Receivable
11,250
Received Cash from 28-May Salaries Exp
750
Cash
750 Paid Receptionist
30-May Misc Exp
120
Cash
120 Telephone Bill
31-May Misc Exp
290
Cash
290 Electricity Bill
31-May Cash
2,800
Fees Earned
2,800 Recorded Cash from Clients
31-May s Receivable
1,900
Fees Earned
1,900 Recorded Services Rendered
31-May Kelly Draws
15,000
Cash
15,000 Kelly Draws
Kelly Consulting Post Closing Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 750 1,600 1,200 14,500 660 1,000 300 1,500 52,980
$
56,440 $
56,440
Kelly Consulting Balance Sheet As of 5 /31/2012 Current Assets: Cash
Total Current Assets
$ 32,915 $ 5,475 $ 750 $ 1,600 $ 1,200 $ 14,500 $ 56,440
Less Accumulated De $ (660) Total Assets $ 55,780
Current Liabilities: $ $ $ Total Liabilities
Revenue: $ 31,500 Expenses:
Total Expense
$
Net Income
1,680 1,600 1,200 330 300 710
Fees Earned $ 31,500
5,820 $
25,680
Kelly Consulting Statement of Owner's Equity For the Perion Ended 5/31/2012 Owner's Capital 5/1/12 Net Income (May) Less Owner's Draws Owner's Capital 5/31/12
2,800
Owner's Capital $ 52,980 Total Liab & Capital $ 55,780
Kelly Consulting Income Statement For the Period Ended 5/31/2012
$ $ $ $ $ $
$
1,000 300 1,500
$ $ $ $
42,300 25,680 (15,000) 52,980
Kelly Consulting Unadjusted Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 1,950 3,200 1,500 14,500
330 1,000 5,500 42,300 15,000 27,500 1,380
710
$
76,630 $
76,630
May Adjusting Journal Entries (Page 7) Date
Ref
Debit
30-May Insurance Expense
Credit 300
Prepaid Insurance
300 Insurance Expired
30-May Supplies Expense
1,200
Supplies
1,200 Supplies on Hand
30-May Depreciation Expense
330
Accumulated Depreciation-Equip
330
Depreciation on Office Equipment 30-May Salary Expense
300
Salaries Payable
300 Accrued Receptionist Salary
30-May Rent Expense
1,600
Prepaid Rent
1,600 Rent Expired
30-May Unearned Fees Fees Earned
4,000 4,000
Kelly Consulting Adjusted Trial Balance s Debits Cash s Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation s Payable Salaries Payable Unearned Fees Kelly Pitney, Capital Kelly Pitney, Draws Fees Earned Salary Expense Rent Expense Supplies Expense Depreciation Expense Insurance Expense Miscellaneous Expense
Total Balance
Credits
32,915 5,475 750 1,600 1,200 14,500 660 1,000 300 1,500 42,300
15,000 31,500 1,680 1,600 1,200 330 300 710
$
77,260 $
77,260
May Closing Journal Entries (Page 8) Date
30-May Fees Earned
Ref
Debit
Credit 31,500
Income Summary
30-May Income Summary
31,500
5,820
Salary Expense
1,680
Rent Expense
1,600
Supplies Expense
1,200
Depreciation Expense
330
Insurance Expense
300
Misc Expense
710
30-May Income Summary
25,680
Capital
30-May Kelly Capital Kelly Draws
25,680
15,000 15,000
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