会计学原理Chapter4

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会计学原理Chapter4
本文由5025399贡献
Chapter 4
QS4-1
Income Summary balance after closing revenues and expenses
Revenues: $42,000 + $8,000=$50,000Cr.
Expenses: $31,000 + $11,000 + $5,000=- 47,000Dr.
Credit balance (equal to net income)=$3,000Cr.
M. Gloriosa, Capital account balance after all closing entries Beginning balance$35,000
Plus net income 3,000
38,000
Less withdrawals 9,200
Ending balance$28,800
Quick Study 4-3
1.E
2.C
3.E
4.A
5.B
6.F
7.A
8.D
Quick Study 4-6
a.Id.B
b.Be.S
c.If.B
Quick Study 4-7
a.1d.5
b.3e.4
c.2
Quick Study 4-8
CLAUDELL COMPANY
Work Sheet
Unadjusted
Trial Balance
AdjustmentsAdjusted
Trial BalanceIncome
Statement
Balance Sheet
Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr. Prepaid Rent4,000(a)8003,2003,200 Services Revenue65,000(b)95065,95065,950 Wages expense30,000(c)75030,75030,750 Accounts Receivable(b)950950950 Wages Payable(c)750750750
Rent Expense(a)800800800
Quick Study 4-9
Dec. 31Services Revenue26,000
Income Summary26,000
To close the revenue account.
31Income Summary20,000
Wages Expense16,800
Rent Expense3,200
To close the expense accounts.
31Income Summary 6,000
D. Mai, Capital 6,000
To close Income Summary.
31D.Mai, Capital1,600
D. Mai, Withdrawals 1,600
To close the withdrawals account.
Quick Study 4-10
The only account from QS 4-9 that would appear in post-closing trial balance is D. Mai, Capital.
Exercise 4-1
Closing entries
(1)Services Revenue401 114,530
Income Summary901114,530
To close the revenue account.
(2)Income Summary901 63,360
Depreciation Expense60317,000
Salaries Expense62232,500
Insurance Expense6374,420
Rent Expense6409,440
To close the expense accounts.
(3)Income Summary901 51,170
M. Muncel, Capital30151,170
To close income summary.
(4)M. Muncel, Capital301 46,770
M. Muncel, Withdrawals30246,770
To close the withdrawals account.
Posted accounts
M. Muncel, CapitalNo. 301Salaries ExpenseNo. 622
DatePRDebitCreditBalanceDatePRDebitCreditBalance
Mar.3165,000Mar.3132,500
(3)51,170116,170(2)32,5000
(4)46,77060,400
M. Muncel, WithdrawalsNo. 302Insurance ExpenseNo. 637 DatePRDebitCreditBalanceDatePRDebitCreditBalance Mar.3146,770Mar.314,420
(4)467700(2)4,4200
Services RevenueNo. 401Rent ExpenseNo. 640 DatePRDebitCreditBalanceDatePRDebitCreditBalance Mar.31114,530Mar.319,440
(1)114,5300(2)9,4400
Depreciation ExpenseNo. 603Income SummaryNo. 901 DatePRDebitCreditBalanceDatePRDebitCreditBalance Mar.3117,000(1)114,530114,530
(2)17,0000(2)63,36051,170
(3)51,1700
Exercise 4-2
Salonika Marketing Company
Work Sheet
Adjusted
Trial Balance
Closing Entry InformationPost-Closing
Trial Balance
No.Account TitleDr.Cr.Dr.Cr.Dr.Cr.
101Cash 11,90011,900
106Accounts receivable24,00024,000
153Equipment41,00041,000
154Accumulated depre-
ciation—Equipment
16,500
16,500
193Franchise30,00030,000
201Accounts payable14,00014,000
209Salaries payable3,2003,200
233Unearne
d fees2,6002,600
301E. Salonika, Capital66,701(4)14,400(3)18,29970,600 302E. Salonika, Withdrawals14,400(4)14,400
401Marketing fees earned83,000(1)83,000
611Depreciation expense—
Equipment.
11,000
(2)
11,000
622Salaries expense33,034(2)33,034
640Rent expense12,616(2)12,616
677Miscellaneous expense8,051(2)8,051
901Income summary(2)64,701(1)83,000
____________(3) 18,299__________________
Totals186,001186,001180,400180,400106,900106,900
Exercise 4-3
WILSON TRUCKING COMPANY
Income Statement
For Year Ended December 31, 2009
Trucking fees earned$121,000
Expenses
Depreciation expense—Trucks$20,727
Salaries expense56,749
Office supplies expense6,655
Repairs expense—Trucks 10,406
Total expenses 94,537
Net income$ 26,463
WILSON TRUCKING COMPANY
Statement Owner’s Equity
For Year Ended December 31, 2009
K. Wilson, Capital, December 31, 2008$161,901 Add:Net income 26,463
188,364
Less:Withdrawals (20,000)
K. Wilson, Capital, December 31, 2009$168,364
Exercise 4-4
(a)Insurance Expense—Office Equipment470 Insurance Expense—Store Equipment507 Prepaid Insurance979
To record expired insurance.
(b)Office Supplies Expense1,729
Office Supplies1,729
To record consumed supplies.
(c)Depreciation Expense—Office Equipment.3,300 Accumulated Depreciation—Office Equip3,300 To record depreciation of office equip.
(d)Interest Receivable636
Interest Revenue636
To record accrued interest income.
(e)Office Salaries Expense716
Salaries Payable716
To record accrued salaries.
Exercise 4-5
Planta Company
Work Sheet
Adjusted
Trial Balance
Income StatementBalance Sheet &; Statement of
Owner’s Equity
No.AccountDr.Cr.Dr.Cr.Dr.Cr.
101Cash8,2008,200
106Accounts receivable35,83435,834
153Trucks41,50041,500
154Accumulated depreciation—
Trucks16,68316,683
183Land30,00030,000
201Accounts payable19,10619,106
209Salaries payable4,3704,370
233Unearned fees3,7703,770
301F. Planta, Capital69,01269,012
302F. Planta, Withdrawals15,53415,534
401Plumbing fees earned84,00084,000
611Depreciation expense—
Trucks5,5615,561
622Salaries expense39,31239,312
640Rent expense12,76812,768
677Miscellaneous expense 8,232______ 8,232___________________
Totals196,941196,94165,87384,000131,068112,941
Net income18,127_____________ 18,127
Totals84,00084,000131,068131,068
Exercise 4-6
1.
Work Sheet
Account TitleDebitCredit
Rent earned90,000
Salaries expense39,960
Insurance expense5,670
Office supplies expense13,230
Bike repair expense2,790 Depreciation expense—Bikes 17,190 Totals78,84090,000
Net income 11,160
Totals90,00090,000
2. Closing entries
(1)Rent Earned90,000
Income Summary90,000
To close the revenue account. (2)Income Summary78,840 Salaries Expense39,960
Insurance Expense5,670
Office Supplies Expense13,230 Bike Repair Expense2,790 Depreciation Expense—Bikes17,190 To close the expense accounts. (3)Income Summary11,
160
H. Brown, Capital 11,160
To close Income Summary. Exercise 4-7 Part 1
DYLAN DELIVERY COMPANY
Work Sheet
For Year Ended December 31, 2008 Unadjusted
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
StatementBalance Sheet and Statement of Owner’s Equtiy Account TitleDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.
Cash15,00015,00015,000
Accounts receivable33,00033,00033,000
Office supplies4,000(c)3,500500500
Trucks340,000340,000340,000
Accum. Depreciation—Trucks112,000(a)16,000128,000128,000
Land150,000150,000150,000
Accounts payable23,55023,55023,550
Interest payable6,000(b)8,00014,00014,000
Long-term notes payable104,000104,000104,000
S. Dylan, Capital272,770272,770272,770
S. Dylan, Withdrawals38,00038,00038,000
Delivery fees earned274,350274,350274,350
Depreciation expense—Trucks48,000(a)16,00064,00064,000 Salaries expense128,670128,670128,670
Office supplies expense14,000(c)3,50017,50017,500
Interest expense6,000(b)8,00014,00014,000
Repairs expense—Trucks 16,000________________ 16,000______ 16,000__________________
Totals792,670792,67027,50027,500816,670816,670240,1702 74,350576,500542,320
Net Income34,180 ____________ 34,180
Totals274,350274,350576,500576,500
Exercise 4-12 (Continued)
2.Closing entries
Delivery Fees Earned274,350 Income Summary274,350
To close the revenue account. Income Summary240 170 Depreciation Expense—Trucks64,000 Salaries Expense128,670
Office Supplies Expense17,500 Interest Expense14,000
Repairs Expense—Trucks16,000
To close the expense accounts. Income Summary34,180
S. Dylan, Capital34,180
To close Income Summary.
S. Dylan, Capital 38,000
S. Dylan, Withdrawals 38,000
To close the withdrawals account. S. Dylan, Capital on the balance sheet Beginning balance $272,770
Add: Net income 34,180
306,950
Less: Withdrawals (38,000)
Ending balance$268,950
PROBLEM SET A
Problem 4-1A
1.C6.C11.B16.C
2.A7.Z12.Z17.F
3.C8.A13.A18.E
4.A9.E14.A19.A
5.C10.E15.E20.G
Problem 4-2A
Part 1-omitted!
Part 2 — Transactions for April
April 1Cash101 32,000
Computer Equipment167 26,000
J. Nozomi, Capital30158,000
Owner invested in the business.
2Rent Expense640 1,300
Cash1011,300
Paid one month’s rent.
3 Office Supplies1242,500
Cash1012,500
Acquired office supplies.
10 Prepaid Insurance1282,502
Cash1012,502
Paid 12 months’ premium in advance.
14 Salaries Expense6222,300
Cash1012,300
Paid two weeks’ salaries.
24Cash10116,000
Commissions Earned40516,000 Collected commissions from airlines. 28Salaries Expense6222,400
Cash1012,400
Paid two weeks’ salaries.
29Repairs Expense684750
Cash101750
Repaired the computer.
30Telephone Expense688550 Cash101550
Paid the telephone bill.
30J. Nozomi, Withdrawals3021,200 Cash1011,200
Owner withdrew cash.
Problem 4-2A (Continued)
Part 3
ADVENTURE TRAVEL Unadjusted Trial Balance
April 30, 2008
No.Account TitleDebitCredit
101Cash$34,498
106Accounts receivable0
124Office supplies2,500
128Prepaid insurance2,502
167Computer equipment26,000 168Accumulated depreciation—Computer equipment$ 0
209Salaries payable0
301J. Nozomi, Capital58,000
302J. Nozomi, Withdrawals1,200 405Commissions earned16,000 612Depreciation expense—Computer equipment0
622Salaries expense4,700
637Insurance expense0
640Rent expense1,300
650Office supplies expense0
684Repairs expense750
688Telephone expense 550
Totals$74,000 $74,000
Problem 4-2A (Continued)
Part 4
Adjusting entries
(a) Apr 30 Insurance Expense 637139
Prepaid Insurance 128139
To record expired insurance ($2,502/12 x2/3).
(b) 30Office Supplies Expense 6501,800
Office Supplies 1241,800
To record cost of supplies used ($2,500 - $700). (c) 30Depreciation Exp—Computer Equipment 612500 Accumulated Depreciation—
Computer Equipment 168500
To record depreciation.
(d) 30Salaries Expense 622720
Salaries Payable 209720
To record accrued salaries.
(e) 30Accounts Receivable 1063,050 Commissions Earned 4053,050
To record accrued commissions.
Part 5
ADVENTURE TRAVEL
Income Statement
For Month Ended April 30, 2009
Commissions earned$19,050
Expenses
Depreciation expense—Computer equipment$ 500 Salaries expense5,420
Insurance expense139
Rent expense1,300
Office supplies expense1,800
Repairs expense750
Telephone expense 550
Total expenses 10,459
Net income$8,591
Problem 4-2A (Continued)
Part 5—continued
ADVENTURE TRAVEL
Statement of Owner’s Equity
For Month Ended April 30, 2008
J. Nozomi, Capital, April 1, 2009$ 0
Add: Owner investments$58,000
Net Income 8,591
66,591
Less: Withdrawals (1,200)
J. Nozomi, Capital, April 30, 2009$65,391 ADVENTURE TRAVEL
Balance Sheet
April 30, 2009
Assets
Cash$34,498
Accounts receivable3,050
Office supplies700
Prepaid insurance2,363
Computer equipment $26,000
Accumulated depreciation–Computer equipment (500) 25,500
Total assets $66,111
Liabilities
Salaries payable$ 720
Equity
J. Nozomi, Capital 65,391
Total liabilities and equity$66,111
Problem 4-2A (Continued)
Part 6
Closing entries
April 30 Commissions Earned40519,050
Income Summary90119,050
To close the revenue account.
30 Income Summary90110,459
Depreciation Exp–Computer Equip612500
Salaries Expense6225,420
Insurance Expense637139
Rent Expense6401,300
Office Supplies Expense6501,800
Repairs Expense684750
Telephone Expense688550
To close the expense accounts.
30 Income Summary9018,591
J.Nozomi, Capital3018,591
To close the Income Summary account.
30 J. Nozomi, Capital3011,200
J. Nozomi, Withdrawals3021,200
To close the withdrawals account.
Part 7
ADVENTURE TRAVEL
Post-Closing Trial Balance
April 3
0, 2008
DebitCredit
Cash$34,498
Accounts receivable3,050
Office supplies700
Prepaid insurance2,363
Computer equipment26,000 Accumulated depreciation–
Computer equipment$ 500
Salaries payable720
J. Nozomi, Capital_______ 65,391 Totals$66,611 $66,611
Problem 4-3A
Part 1
SANTO COMPANY
Income Statement
For Year Ended December 31, 2009 Repair fees earned$98,600
Expenses
Depreciation expense—Equipment$ 5,000 Wages expense39,000
Insurance expense800
Rent expense13,000
Office supplies expense3,100
Utilities expense 2,900
Total expenses 63,800
Net income$34,800
SANTO COMPANY
Statement of Owner’s Equity
For Year Ended December 31, 2009
L. Charn, Capital, December 31, 2008$33,000
Add: Net income 34,800
67,800
Less: Withdrawals (16,000)
P. Holt, Capital, December 31, 2008$51,800
Problem 4-3A
Part 1
SANTO COMPANY
Balance Sheet
December 31, 2008
Assets
Current assets
Cash$16,100
Office supplies1,300
Prepaid insurance 2,800
Total current assets$20,200
Plant assets
Equipment50,000
Accumulated depreciation—Equipment (5,000) 45,000 Total assets$65,200
Liabilities
Current liabilities
Accounts payable$ 12,000
Wages payable 1,400
Total current liabilities13,400
Equity
L.Chorn, Capital 51,800
Total liabilities and equity$65,200
Problem 4-3A (Continued)
Parts 2 and 3
SANTO COMPANY
Work Sheet
For Year Ended December 31, 2008
Adjusted
Trial Balance
Closing EntriesPost-Closing
Trial Balance
No.Account TitleDr.Cr.Dr.Cr.Dr.Cr.
101Cash16,10016,100
125Office supplies1,3001,300
128Prepaid insurance2,8002,800
167Equipment50,00050,000
168Accumulated deprecia-
tion—Equipment5,0005,000
201Accounts payable12,00012,000
210Wages payable1,4001,400
301L,Chorn, Capital33,000(4)16,000(3)34,80051,800 302L,Chorn, Withdrawals16,000(4)16,000
401Repair fees earned98,600(1)98,600
612Depreciation expense—
Equipment5,000(2)5,000
623Wages expense39,000(2)39,000
637Insurance expense800(2)800
640Rent expense13,000(2)13,000
651Office supplies expense3,100(2)3,100
690Utilities expense2,900(2)2,900
901Income summary(2)63,800(1)98,600
____________(3) 34,800________________
Totals150,000150,000213,,200213,,20070,20070,200
Problem 4-3A
Part 3
Closing entries (all dated December 31, 2009)
Instructor note: Entries are shown without an account reference column because no posting is required.
(1)Repair Fees Earned98,600
Income Summary98,600
To close the revenue account.
(2)Income Summary63,800
Depreciation Expense, Equipment5,000
Wages Expense39,000
Insurance Expense800
Rent Expense13,000
Store Supplies Expense3,100
Utilities Expense2,900
To close the expense accounts.
(3)Income Summary34,800
L.Chorn, Capital34,800
To close the Income Summary account.
(4)L,Chorn, Capital16,000
L.Chorn , Withdrawals16,000
To close the withdrawals account.
Part 4
(a)If none of the $800 insuranc
e expense had expired, the income statement would not report any insurance expense and net income would be increased by $800.
(b)If there were no earned and unpaid wages (meaning Wages Payable equals zero), wages expense would be $1,400 less.
Financial Statement Changes
The income statement would reflect the following:
Net income would be increased by $800 + $1,400 = $2,200.
(a) &; (b)
The balance sheet would reflect the following:
Prepaid insurance and total assets would be increased by $800. (a)
There would not be any wages payable. (b)
Total liabilities would be decreased by $1,400. (b)
Total equity would be increased by $2,200. (a) &; (b)。

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