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CHART OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
19
Accumulated Depreciation-Automobiles
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
John Doe, Capital
32
John Doe, Drawing
Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of supplies on hand is $2,505. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
The balance in the unearned fees account, before adjustment at the end of the year, is $272,500.
Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unearned fees at the end of the year is $189,750. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSGeneral Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
19
Accumulated Depreciation-Automobiles
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
John Doe, Capital
32
John Doe, Drawing
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salary Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
Journalize the adjusting entry required at the end of the year (December 31), assuming the amount of unearned fees at the end of the year is $189,750. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
At the end of the current year, $23,570 of fees have been earned but have not been billed to clients.
Journalize the adjusting entry at the end of the year (December 31), to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
19
Accumulated Depreciation-Automobiles
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
John Doe, Capital
32
John Doe, Drawing
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salary Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
Journalize the adjusting entry at the end of the year (December 31), to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
We-Sell Realty Co. pays weekly salaries of $13,500 on Friday for a five-day workweek ending on that day.
Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday, July 31. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
We-Sell Realty Co.
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
19
Accumulated Depreciation-Automobiles
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
John Doe, Capital
32
John Doe, Drawing
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salaries Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday, July 31. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
The estimated amount of depreciation on equipment for the current year is $6,880.
Journalize the adjusting entry to record the depreciation on December 31. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
General Ledger
ASSETS
11
Cash
12
Accounts Receivable
13
Supplies
14
Prepaid Insurance
15
Land
16
Equipment
17
Accumulated Depreciation-Equipment
19
Accumulated Depreciation-Automobiles
LIABILITIES
21
Accounts Payable
22
Unearned Fees
23
Salaries Payable
24
Taxes Payable
EQUITY
31
John Doe, Capital
32
John Doe, Drawing
REVENUE
41
Fees Earned
EXPENSES
51
Advertising Expense
52
Insurance Expense
53
Rent Expense
54
Salary Expense
55
Supplies Expense
56
Utilities Expense
57
Depreciation Expense
59
Miscellaneous Expense
Journalize the adjusting entry to record the depreciation on December 31. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
The following selected transactions were completed by Niles Co. during March of the current year:
Mar.
1
Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice.
5
Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30.
10
Paid Haas Co. for invoice of March 1.
13
Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30.
14
Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13.
18
Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom.
18
Paid freight of $140 on March 18 purchase from Fairhurst Company.
19
Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30.
23
Paid Jost Co. for invoice of March 13, less debit memo of March 14.
29
Paid Bickle Co. for invoice of March 19.
31
Paid Fairhurst Company for invoice of March 18.
31
Paid Whitman Co. for invoice of March 5.
Journalize the entries to record the transactions of Niles Co. for March. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Niles Co.
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130
Merchandise Inventory
131
Estimated Returns Inventory
140
Office Supplies
141
Store Supplies
142
Prepaid Insurance
180
Land
192
Store Equipment
193
Accumulated Depreciation-Store Equipment
194
Office Equipment
195
Accumulated Depreciation-Office Equipment
LIABILITIES
211
Accounts Payable-Bickle Co.
212
Accounts Payable-Fairhurst Company
213
Accounts Payable-Haas Co.
214
Accounts Payable-Jost Co.
215
Accounts Payable-Whitman Co.
216
Salaries Payable
218
Sales Tax Payable
219
Customers Refunds Payable
221
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Interest Revenue
EXPENSES
510
Cost of Merchandise Sold
521
Delivery Expense
522
Advertising Expense
524
Depreciation Expense-Store Equipment
525
Depreciation Expense-Office Equipment
526
Salaries Expense
531
Rent Expense
533
Insurance Expense
534
Store Supplies Expense
535
Office Supplies Expense
536
Credit Card Expense
539
Miscellaneous Expense
710
Interest Expense
Journalize the entries to record the transactions of Niles Co. for March. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
CHART OF ACCOUNTS
South Coast Heating & Air Company
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130
Merchandise Inventory
140
Office Supplies
141
Store Supplies
142
Prepaid Insurance
180
Land
192
Store Equipment
193
Accumulated Depreciation-Store Equipment
194
Office Equipment
195
Accumulated Depreciation-Office Equipment
LIABILITIES
211
Accounts Payable-Atlas Co.
218
Sales Tax Payable
219
Customers Refunds Payable
220
Unearned Rent
221
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Rent Revenue
EXPENSES
501
Cost of Merchandise Sold
521
Delivery Expense
522
Advertising Expense
524
Depreciation Expense-Store Equipment
525
Depreciation Expense-Office Equipment
531
Rent Expense
533
Insurance Expense
534
Store Supplies Expense
535
Office Supplies Expense
536
Credit Card Expense
539
Miscellaneous Expense
710
Interest Expense
Journalize entries for the related March transactions of South Coast Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
6
7
8
9
10
CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130
Merchandise Inventory
131
Estimated Returns Inventory
140
Office Supplies
141
Store Supplies
142
Prepaid Insurance
180
Land
192
Store Equipment
193
Accumulated Depreciation-Store Equipment
194
Office Equipment
195
Accumulated Depreciation-Office Equipment
LIABILITIES
210
Accounts Payable
216
Salaries Payable
218
Sales Tax Payable
219
Customers Refunds Payable
220
Unearned Rent
221
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Rent Revenue
EXPENSES
510
Cost of Merchandise Sold
521
Delivery Expense
522
Advertising Expense
524
Depreciation Expense-Store Equipment
525
Depreciation Expense-Office Equipment
526
Salaries Expense
531
Rent Expense
533
Insurance Expense
534
Store Supplies Expense
535
Office Supplies Expense
536
Credit Card Expense
539
Miscellaneous Expense
710
Interest Expense
Journalize the entries for the March transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016:
Cash
$ 241,300
Accounts Receivable
975,200
Merchandise Inventory
1,810,700
Office Supplies
22,600
Prepaid Insurance
15,500
Office Equipment
835,700
Accumulated Depreciation-Office Equipment
553,700
Store Equipment
3,590,000
Accumulated Depreciation-Store Equipment
1,826,400
Accounts Payable
368,200
Salaries Payable
44,300
Note Payable (final payment due 2022)
291,000
Kristina Marble, Capital
3,521,100
Kristina Marble, Drawing
96,900
Sales
11,382,800
Cost of Merchandise Sold
7,845,100
Sales Salaries Expense
921,100
Advertising Expense
543,500
Depreciation Expense-Store Equipment
144,900
Miscellaneous Selling Expense
43,700
Office Salaries Expense
647,800
Rent Expense
102,000
Depreciation Expense-Office Equipment
54,000
Insurance Expense
48,200
Office Supplies Expense
25,800
Miscellaneous Administrative Expense
8,100
Interest Expense
15,400
Required:
1.
Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
2.
Prepare a statement of owner’s equity.*
3.
Prepare a report form of balance sheet, assuming that the current portion of the note payable is $44,700. “Less” or “Plus” will automatically appear if it is required.*
4.
Answer the questions on (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.
* Be sure to complete the statement headings. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
Labels
Administrative expenses
Current assets
Current liabilities
For the Year Ended May 31, 2016
Long-term liabilities
May 31, 2016
Operating expenses
Other income and expense
Property, plant, and equipment
Selling expenses
Amount Descriptions
Gross profit
Income from operations
Increase in owner’s equity
Kristina Marble, capital, June 1, 2015
Kristina Marble, capital, May 31, 2016
Less withdrawals
Net income
Net income for the year
Net loss
Total administrative expenses
Total assets
Total current assets
Total current liabilities
Total liabilities
Total liabilities and owner’s equity
Total operating expenses
Total property, plant, and equipment
Total selling expenses
Prepare a multiple-step income statement. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
Clairemont Company
Income Statement
1
2
3
4
5
Selling expenses:
6
7
8
9
10
11
Administrative expenses:
12
13
14
15
16
17
18
19
20
21
22
23
Prepare a statement of owner’s equity. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
Clairemont Company
Statement of Owner’s Equity
1
2
3
4
5
Prepare a report form of balance sheet, assuming that the current portion of the note payable is $44,700. Be sure to complete the statement heading. Refer to the problem data and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. “Less” or “Plus” will automatically appear if it is required.
Clairemont Company
Balance Sheet
1
Assets
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Liabilities
17
18
19
20
21
22
23
24
25
Owner’s Equity
26
27
Answer the questions below on (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.
(a) Which type of income statement shows intermediate balances?
Multiple-step
Single-step
(b) Which type of balance sheet presents assets, liabilities, and owner's equity in a downward sequence?
Report form
Account form
Guzman Company received a 60-day, 9% note for $21,500 dated July 12 from a customer on account.
Required:
a. Determine the due date of the note.
b. Determine the maturity value of the note.
c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSGuzman CompanyGeneral Ledger
ASSETS
110
Cash
111
Petty Cash
120
Accounts Receivable
129
Allowance for Doubtful Accounts
132
Notes Receivable
141
Merchandise Inventory
145
Office Supplies
146
Store Supplies
151
Prepaid Insurance
181
Land
191
Store Equipment
192
Accumulated Depreciation-Store Equipment
193
Office Equipment
194
Accumulated Depreciation-Office Equipment
LIABILITIES
210
Accounts Payable
211
Salaries Payable
213
Sales Tax Payable
214
Interest Payable
215
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Interest Revenue
EXPENSES
510
Cost of Merchandise Sold
520
Sales Salaries Expense
521
Advertising Expense
522
Depreciation Expense-Store Equipment
523
Delivery Expense
524
Repairs Expense
529
Selling Expenses
530
Office Salaries Expense
531
Rent Expense
532
Depreciation Expense-Office Equipment
533
Insurance Expense
534
Office Supplies Expense
535
Store Supplies Expense
536
Credit Card Expense
537
Cash Short and Over
538
Bad Debt Expense
539
Miscellaneous Expense
710
Interest Expense
c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
Equipment was acquired at the beginning of the year at a cost of $522,285. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated residual value of $49,785.
Required:
A.
What was the depreciation for the first year?
B.
Assuming the equipment was sold at the end of the sixth year for $357,690, determine the gain or loss on the sale of the equipment.
C.
Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSGeneral Ledger
ASSETS
110
Cash
111
Petty Cash
112
Accounts Receivable
114
Interest Receivable
115
Notes Receivable
116
Merchandise Inventory
117
Supplies
119
Prepaid Insurance
120
Land
123
Delivery Truck
124
Accumulated Depreciation-Delivery Truck
125
Equipment
126
Accumulated Depreciation-Equipment
130
Mineral Rights
131
Accumulated Depletion
132
Goodwill
133
Patents
LIABILITIES
210
Accounts Payable
211
Salaries Payable
213
Sales Tax Payable
214
Interest Payable
215
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Interest Revenue
620
Gain on Sale of Delivery Truck
621
Gain on Sale of Equipment
EXPENSES
510
Cost of Merchandise Sold
520
Salaries Expense
521
Advertising Expense
522
Depreciation Expense-Delivery Truck
523
Delivery Expense
524
Repairs and Maintenance Expense
529
Selling Expenses
531
Rent Expense
532
Depreciation Expense-Equipment
533
Depletion Expense
534
Amortization Expense-Patents
535
Insurance Expense
536
Supplies Expense
539
Miscellaneous Expense
710
Interest Expense
720
Loss on Sale of Delivery Truck
721
Loss on Sale of Equipment
C. Journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
2
3
4
CHART OF ACCOUNTSCaldwell Mining Co.General Ledger
ASSETS
110
Cash
111
Petty Cash
112
Accounts Receivable
114
Interest Receivable
115
Notes Receivable
116
Merchandise Inventory
117
Supplies
119
Prepaid Insurance
120
Land
123
Delivery Truck
124
Accumulated Depreciation-Delivery Truck
125
Equipment
126
Accumulated Depreciation-Equipment
130
Mineral Rights
131
Accumulated Depletion
132
Goodwill
133
Patents
LIABILITIES
210
Accounts Payable
211
Salaries Payable
213
Sales Tax Payable
214
Interest Payable
215
Notes Payable
EQUITY
310
Owner, Capital
311
Owner, Drawing
312
Income Summary
REVENUE
410
Sales
610
Interest Revenue
620
Gain on Sale of Delivery Truck
621
Gain on Sale of Equipment
622
Gain on Sale of Mineral Rights
EXPENSES
510
Cost of Merchandise Sold
520
Salaries Expense
521
Advertising Expense
522
Depreciation Expense-Delivery Truck
523
Delivery Expense
524
Repairs and Maintenance Expense
529
Selling Expenses
531
Rent Expense
532
Depreciation Expense-Equipment
533
Depletion Expense
534
Amortization Expense-Patents
535
Insurance Expense
536
Supplies Expense
539
Miscellaneous Expense
710
Interest Expense
720
Loss on Sale of Delivery Truck
721
Loss on Sale of Equipment
722
Loss on Sale of Mineral Rights
C. Journalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 1
JOURNAL
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
1
Adjusting Entries
2
3
The payroll register for Proctor Company for the week ended February 14 indicated the following:
Salaries
$1,500,000
Social security tax withheld
90,000
Medicare tax withheld
22,500
Federal income tax withheld
300,000
In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, respectively, on $244,000 of salaries.
Required:
A.
Journalize the entry to record the payroll for the week of February 14.*
B.
Journalize the entry to record the payroll tax expense incurred for the week of February 14.*
* Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Proctor Company
General Ledger
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