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PR 4-1A

Financial Statements and Closing Entries

OBJ. 1, 2, 3

Outreach Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Outreach Signals Company prepared the following end-of-period spreadsheet at December 31, 20Y1, the end of the fiscal year:

An end-of-period spreadsheet for Outreach Signals Company for the year ended December 31, 2 0 Y 1, is shown. The amounts related to the unadjusted trial balance are shown in the Unadjusted Trial Balance columns of the spreadsheet. The following accounts and amounts are shown: Cash, debit balance of 20,500; Accounts Receivable, debit balance of 63,800; Prepaid Insurance, debit balance of 6,600; Supplies, debit balance of 4,700; Land, debit balance of 154,300; Building, debit balance of 787,000; Accumulated Depreciation—Building, credit balance of 402,000; Equipment, debit balance of 192,000; Accumulated Depreciation—Equipment, credit balance of 157,600; Accounts Payable, credit balance of 24,700; Salaries and Wages Payable, blank; Unearned Rent, credit balance of 3,300; Inez Villanueva, Capital, credit balance of 375,000; Inez Villanueva, Drawing, debit balance of 16,000; Fees Earned, credit balance of 612,000; Rent Revenue, blank; Salaries and Wages Expense, debit balance of 256,820; Advertising Expense, debit balance of 34,200; Utilities Expense, debit balance of 17,900; Depreciation Expense—Building, blank; Repairs Expense, debit balance of 13,930; Depreciation Expense—Equipment, blank; Insurance Expense, blank; Supplies Expense, blank; and Miscellaneous Expense, debit balance of 6,850. A single rule appears below the number 6,850 in the Debit column and on this line in the Credit column. The total of the Debit column is1,574,600. A double rule underscores this number. The total of the Credit column is 1,574,600 as well. A double rule also underscores this number. The amounts related to the adjustment entries for Outreach Signals Company are shown in the Adjustments columns of the spreadsheet. The debit and credit of each adjustment is cross-referenced by letters (a) through (g). The following adjustments are shown: Adjusting entry (a) has a debit of 19,700 to Accounts Receivable and a credit of 19,700 to Fees Earned. Adjusting entry (b) has a debit of 4,700 to Insurance Expense and a credit of 4,700 to Prepaid Insurance. Adjusting entry (c) has a debit of 3,540 to Supplies Expense and a credit of 3,540 to Supplies. Adjusting entry (d) has a debit of 14,200 to Depreciation Expense—Building and a credit of 14,200 to Accumulated Depreciation—Building. Adjusting entry (e) has a debit of 7,100 to Depreciation Expense—Equipment and a credit of 7,100 to Accumulated Depreciation—Equipment. Adjusting entry (f) has a debit of 7,700 to Salaries and Wages Expense and a credit of 7,700 to Salaries and Wages Payable. Adjusting entry (g) has a debit of 2,000 to Unearned Rent and a credit of 2,000 to Rent Revenue. A single rule appears at the bottom of the Debit and Credit columns. Below the single rules, the totals of the Debit and Credit columns are shown: 58,940 for both columns. A double rule underscores this number in both columns. Adjusted trial balance amounts for Outreach Signals Company are shown in the last two columns of the spreadsheet. The following accounts and amounts are shown: Cash, debit balance of 20,500; Accounts Receivable, debit balance of 83,500; Prepaid Insurance, debit balance of 1,900; Supplies, debit balance of 1,160; Land, debit balance of 154,300; Building, debit balance of 787,000; Accumulated Depreciation—Building, credit balance of 416,200; Equipment, debit balance of 192,000; Accumulated Depreciation—Equipment, credit balance of 164,700; Accounts Payable, credit balance of 24,700; Salaries and Wages Payable, credit balance of 7,700; Unearned Rent, credit balance of 1,300; Inez Villanueva, Capital, credit balance of 375,000; Inez Villanueva, Drawing, debit balance of 16,000; Fees Earned, credit balance of 631,700; Rent Revenue, credit balance of 2,000; Salaries and Wages Expense, debit balance of 264,520; Advertising Expense, debit balance of 34,200; Utilities Expense, debit balance of 17,900; Depreciation Expense—Building, debit balance of 14,200; Repairs Expense, debit balance of 13,930; Depreciation Expense—Equipment, debit balance of 7,100; Insurance Expense, debit balance of 4,700; Supplies Expense, debit balance of 3,540; and Miscellaneous Expense, debit balance of 6,850. A single rule appears below the number 6,850 in the Debit column and on this line in the Credit column. The total of the Debit column is 1,623,300. A double rule underscores this number. The total of the Credit column is 1,623,300, as well. A double rule also underscores this number.

Instructions

Prepare an income statement for the year ended December 31.
Prepare a statement of owner’s equity for the year ended December 31. No additional investments were made during the year.
Prepare a balance sheet as of December 31.

Answer

Check Figure: Total assets: $659,460
Based upon the end-of-period spreadsheet, journalize the closing entries.
Prepare a post-closing trial balance.

PR 4-2A

Financial Statements and Closing Entries

OBJ. 2, 3

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 20Y3, the end of the fiscal year, the accountant for Finders Investigative Services prepared an end-of-period spreadsheet, a part of which follows:

A partial end-of-period spreadsheet for Finders Investigative Services for the year ended June 30, 2 0 Y 3, is shown. A wavy line is shown between the Account Title column and the Adjusted Trial Balance columns to show that part of the spreadsheet is not shown. The amounts related to the adjusted trial balance are shown in the Adjusted Trial Balance columns of the spreadsheet. The following accounts and amounts are shown: Cash, debit balance of 28,000; Accounts Receivable, debit balance of 69,600; Supplies, debit balance of 4,600; Prepaid Insurance, debit balance of 2,500; Building, debit balance of 439,500; Accumulated Depreciation—Building, credit balance of 44,200; Accounts Payable, credit balance of 11,700; Salaries Payable, credit balance of 3,000; Unearned Rent, credit balance of 2,000; Stacy Tanner, Capital, credit balance of 373,800; Stacy Tanner, Drawing, debit balance of 12,000; Service Fees, credit balance of 718,000; Rent Revenue, credit balance of 12,000; Salaries Expense, debit balance of 522,100; Rent Expense, debit balance of 48,000; Supplies Expense, debit balance of 10,800; Depreciation Expense—Building, debit balance of 8,750; Utilities Expense, debit balance of 7,150; Repairs Expense, debit balance of 3,000; Insurance Expense, debit balance of 2,500; and Miscellaneous Expense, debit balance of 6,200. A single rule appears below the number 6,200 in the Debit column and on this line in the Credit column. The total of the Debit column is 1,164,700. A double rule underscores this number. The total of the Credit column is 1,164,700 as well. A double rule also underscores this number.

Instructions

1. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
  
  Answer
  
  Check Figure: Stacy Tanner, capital, June 30: $483,300
2. Journalize the entries that were required to close the accounts at June 30.
3. If Stacy Tanner, Capital has instead decreased $30,000 after the closing entries were posted, and the withdrawals remained the same, what would have been the amount of net income or net loss?

PR 4-3A

T accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional End-of-Period Spreadsheet

OBJ. 2, 3

The unadjusted trial balance of Epicenter Laundry at June 30, 20Y3, the end of the fiscal year, follows:

An unadjusted trial balance for Epicenter Laundry for June 30, 2 0 Y 3, is shown. The following accounts and amounts are shown: Cash, debit balance of 11,000; Laundry Supplies, debit balance of 21,500; Prepaid Insurance, debit balance of 9,600; Laundry Equipment, debit balance of 232,600; Accumulated Depreciation, credit balance of 125,400; Accounts Payable, credit balance of 11,800; Sophie Perez, Capital, credit balance of 105,600; Sophie Perez, Drawing, debit balance of 10,000; Laundry Revenue, credit balance of 232,200; Wages Expense, debit balance of 125,200; Rent Expense, debit balance of 40,000; Utilities Expense, debit balance of 19,700; and Miscellaneous Expense, debit balance of 5,400. A single rule appears below the number 5,400 in the Debit Balances column and on this same line in the Credit Balances column. The total amount of the Debit Balances column is 475,000. A double rule underscores this number. The total amount of the Credit Balances column is 475,000 as well. A double rule also underscores this number.

The data needed to determine year-end adjustments are as follows:

Laundry supplies on hand at June 30 are $3,600.
Insurance premiums expired during the year are $5,700.
Depreciation of laundry equipment during the year is $6,500.
Wages accrued but not paid at June 30 are $1,100.

Instructions

1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “June 30 Bal.” In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, and Insurance Expense.
2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed.
3. Journalize and post the adjusting entries. Identify the adjustments as “Adj.” and the new balances as “Adj. Bal.”
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
  
  Answer
  
  Check Figure: Net income: $10,700
6. Journalize and post the closing entries. Identify the closing entries as “Clos.”
7. Prepare a post-closing trial balance.

PR 4-4A

Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet

OBJ. 2, 3

The unadjusted trial balance of Lakota Freight Co. at March 31, 20Y7, the end of the year, follows:

An unadjusted trial balance for Lakota Freight Co., dated March 31, 2 0 Y 7, is shown. It shows the following accounts, account numbers, and amounts: Cash, 11, debit balance of 12,000; Supplies, 13, debit balance of 30,000; Prepaid Insurance, 14, debit balance of 3,600; Equipment, 16, debit balance of 110,000; Accumulated Depreciation—Equipment, 17, credit balance of 25,000; Trucks, 18, debit balance of 60,000; Accumulated Depreciation—Trucks, 19, credit balance, 15,000; Accounts Payable, 21, credit balance of 4,000; Kaya Tarango, Capital, 31, credit balance of 96,000; Kaya Tarango, Drawing, 32, debit balance of 15,000; Service Revenue, 41, credit balance of 160,000; Wages Expense, 51, debit balance of 45,000; Rent Expense, 53, debit balance of 10,600; Truck Expense, 54, debit balance of 9,000; and Miscellaneous Expense, 59, debit balance of 4,800. A single rule appears below 4,800 in the Debit Balances column and on the same row in the Credit Balances column. The total of the Debit Balances column is 300,000. The total of the Credit Balances column is also 300,000. A double rule appears below this total in both columns.

The data needed to determine year-end adjustments are as follows:

Supplies on hand at March 31 are $7,500.
Insurance premiums expired during the year are $1,800.
Depreciation of equipment during the year is $8,350.
Depreciation of trucks during the year is $6,200.
Wages accrued but not paid at March 31 are $600.

Instructions

1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✓) in the Posting Reference column.
2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. https://homeworkcrew.com/
3. Journalize and post the adjusting entries, inserti ng balances in the accounts affected. Record the adjusting entries of the journal. The following additional accounts from Lakota Freight Co.’s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation Expense—Equipment, 55; Depreciation Expense—Trucks, 56; Insurance Expense, 57.
4. Prepare an adjusted trial balance.
5. Prepare an income statement, a statement of owner’s equity (no additional investments were made during the year), and a balance sheet.
  
  Answer
  
  Check Figure: Net income: $51,150
6. Journalize and post the closing entries. Record the closing entries of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
7. Prepare a post-closing trial balance.

PR 4-5A

Complete Accounting Cycle

OBJ. 4, 5

For the past several years, Samantha Hogan has operated a part-time consulting business from her home. As of July 1, 20Y9, Samantha decided to move to rented quarters and to operate the business, which was to be known as Arborvite Consulting, on a full-time basis. Arborvite Consulting entered into the following transactions during July:

July	1.	The following assets were received from Samantha Hogan: cash, $25,700; accounts receivable, $30,200; supplies, $5,100; and office equipment, $12,100. There were no liabilities received.
	1.	Paid three months’ rent on a lease rental contract, $8,100.
	2.	Paid the premiums on property and casualty insurance policies, $6,100.
	3.	Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $10,800.
	5.	Purchased additional office equipment on account from Office Necessities Co., $6,900.
	6.	Received cash from clients on account, $17,300.
	10.	Paid cash for a newspaper advertisement, $680.
	12.	Paid Office Necessities Co. for part of the debt incurred on July 5, $4,100.
	12.	Provided services on account for the period July 1–12, $19,200.
	14.	Paid receptionist for two weeks’ salary, $2,000.

Record the following transactions of the journal:

	17.	Received cash from cash clients for fees earned during the period July 1–17, $14,100.
	18.	Paid cash for supplies, $1,400.
	20.	Provided services on account for the period July 13–20, $12,200.
	24.	Received cash from cash clients for fees earned for the period July 17–24, $11,500.
	26.	Received cash from clients on account, $16,300.
	27.	Paid receptionist for two weeks’ salary, $2,000.
	29.	Paid telephone bill for July, $440.
	31.	Paid electricity bill for July, $910.
	31.	Received cash from cash clients for fees earned for the period July 25–31, $9,600.
	31.	Provided services on account for the remainder of July, $7,400.
	31.	Samantha withdrew $27,100 for personal use.

Instructions

Journalize each transaction in a two-column journal starting, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.)

11 Cash	31 Samantha Hogan, Capital
12 Accounts Receivable	32 Samantha Hogan, Drawing
14 Supplies	41 Fees Earned
15 Prepaid Rent	51 Salary Expense
16 Prepaid Insurance	52 Rent Expense
18 Office Equipment	53 Supplies Expense
19 Accumulated Depreciation	54 Depreciation Expense
21 Accounts Payable	55 Insurance Expense
22 Salaries Payable	59 Miscellaneous Expense
23 Unearned Fees

Post the journal to a ledger of four-column accounts.
Prepare an unadjusted trial balance.
At the end of July, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).
1. Insurance expired during July is $510. https://homeworkcrew.com/
2. Supplies on hand on July 31 are $3,900.
3. Depreciation of office equipment for July is $540.
4. Accrued receptionist salary on July 31 is $190.
5. Rent expired during July is $2,700.
6. Unearned fees on July 31 are $4,100.
(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet.
Journalize and post the adjusting entries. Record the adjusting entries of the journal.
Prepare an adjusted trial balance.
Prepare an income statement, a statement of owner’s equity, and a balance sheet.

Answer

Check Figure: Net income: $68,130
Prepare and post the closing entries. Record the closing entries of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.
Prepare a post-closing trial balance.

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