ing Cycle Review Problem 641e5m
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ing Cycle Review Problem A
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. & 5. GENERAL JOURNAL Date 20-July 1
2
2
2
3
5
6
Description
Page
Post. Ref.
Debit
Cash L. Judar, Capital Invested cash in business.
111 311
135,000
Land Building Pool/Slide Facility Pool Furniture Mortgage Payable Cash Bought Blast Off!.
121 122 124 126 223 111
292,000 96,200 148,800 3,800
Prepaid Insurance Cash Paid one-year for insurance.
114 111
12,240
Pool/Slide Facility s Payable Cash Bought inner tubes from Worn Tires.
124 221 111
1,225
Cash Concessions Income Received payment for rental space for video games and food concessions.
111 412
250
Advertising Expense s Payable Grand opening expenses from Party Rentals and City Star.
513 221
1,320
Pool Maintenance Expense Cash July payment on contract to All-Around Maintenance.
511 111
1,600
1
Credit
135,000
420,800 120,000
12,240
725 500
250
1,320
1,600
GENERAL JOURNAL Date 20-July 6
7
9
14
15
16
16
17
Description
Page 2
Post. Ref.
Debit
Miscellaneous Expense Cash Paid for employee picnic.
522 111
128
Cash Income from Services Received cash for services rendered.
111 411
12,086
Pool Maintenance Expense s Payable Bought parts on from Arlen's Pool Supply.
511 221
646
Cash Income from Services Received cash for services rendered.
111 411
10,445
Wages Expense Cash Paid wages for period July 1July 14.
512 111
9,460
s Payable Cash Paid Party Rentals and City Star on .
221 111
1,150
L. Judar, Drawing Cash Withdrawal for personal use.
312 111
2,500
Pool Furniture s Payable Bought pool furniture from Pool Suppliers.
126 221
2,100
128
12,086
646
10,445
9,460
1,150
2,500
2,100
GENERAL JOURNAL Date 20-July 18
Description Miscellaneous Expense
Credit
Page 3
Post. Ref. 522
Debit 328
Credit
Cash Paid for costume alterations. 21
21
23
25
29
31
31
31
111
328
Cash Income from Services Received cash for services rendered.
111 411
10,330
s Payable Cash Partial payment to Worn Tires.
221 111
600
s Payable Pool Furniture Received allowance from Pool Suppliers for damaged chairs.
221 126
225
Utilities Expense Cash Received and paid telephone bill.
514 111
292
Wages Expense Cash Paid wages for period July 15July 28.
512 111
8,227
Cash Income from Services Received cash for services rendered.
111 411
11,870
s Payable Cash Paid Arlen's Pool Supply on .
221 111
360
Utilities Expense Cash Received and paid water bill.
514 111
684
10,330
600
225
292
8,227
11,870
360
684
GENERAL JOURNAL Date 20-July 31
31
Description
Page 4
Post. Ref.
Debit
Interest Expense Mortgage Payable Cash Paid installment on mortgage.
515 223 111
1,980 1,910
Utilities Expense
514
942
Credit
3,890
Cash Received and paid electric bill.. 31
31
31
31
31
31
31
31
111
942
Pool/Slide Facility s Payable Cash Bought inner tubes from Worn Tires.
124 221 111
480
L. Judar, Drawing Cash Withdrawal for personal use.
312 111
3,200
s Receivable Concessions Income Additional revenue from concessions.
112 412
234
Adjusting Entries Insurance Expense Prepaid Insurance
517 114
1,020
Depreciation Expense, Building Accum. Depr., Building
518 123
480
Depr. Expense, Pool/Slide Facility Accum. Depr., Pool/Slide Facility
519 125
675
Depr. Expense, Pool Furniture Accum. Depr., Pool Furniture
520 127
220
Wages Expense Wages Payable
512 222
920
380 100
3,200
234
1,020
480
675
220
920
10. GENERAL JOURNAL Date 20-July 31
31
Description
Page 5
Post. Ref.
Debit
Closing Entries Income from Services Concessions Income Income Summary
411 412 313
44,731 484
Income Summary Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense
313 511 512 513 514
28,922
Credit
45,215
2,246 18,607 1,320 1,918
31
31
Interest Expense Insurance Expense Depreciation Expense, Building Depr. Expense, Pool/Slide Facility Depr. Expense, Pool Furniture Miscellaneous Expense
515 517 518 519 520 522
1,980 1,020 480 675 220 456
Income Summary L. Judar, Capital
313 311
16,293
L. Judar, Capital L. Judar, Drawing
311 312
5,700
16,293
5,700
ing Cycle Review Problem A
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Enter as per the transactions. 2. 6. & 11. GENERAL LEDGER Date
20-July
Cash
No. Item
Post. Ref.
1
Date
20-July
Credit
120,000 12,240 500 250 1,600 128 12,086 10,445 9,460 1,150 2,500 328 10,330 600 292 8,227 11,870 360 684 3,890 942 100 3,200
s Receivable Item
31
Debit
135,000
2 2 2 3 6 6 7 14 15 16 16 18 21 21 25 29 31 31 31 31 31 31 31
Balance Debit
135,000 15,000 2,760 2,260 2,510 910 782 12,868 23,313 13,853 12,703 10,203 9,875 20,205 19,605 19,313 11,086 22,956 22,596 21,912 18,022 17,080 16,980 13,780
No. Post. Ref.
Balance Debit
234
Credit
Debit
234
Prepaid Insurance
Date
20-July
Item
2 31
20-July
20-July
Post. Ref.
Debit
Debit
292,000
No. Post. Ref.
Balance Debit
Credit
96,200
Post. Ref.
Debit
96,200
Accumulated Depreciation, Building
No. Balance Debit
Credit
Debit
480
Pool/Slide Facility Item
2 2 31
Credit
Building
31
Date
12,240 11,220
Balance
292,000
Item
Debit
No.
2
Date
Credit
Land
Item
Debit
1,020
2
Date
Balance
Adjusting
Item
20-July
Post. Ref.
12,240
Date
20-July
No.
No. Post. Ref.
Balance Debit
148,800 1,225 480
Credit
Debit
148,800 150,025 150,505
Date
20-July
Accumulated Depreciation, Pool/Slide Facility Item
Post. Ref.
No. Balance
Debit
31
Date
20-July
Pool Furniture
No. Post. Ref.
2 17 23
Date
20-July
Balance Debit
225
Accumulated Depreciation, Pool Furniture Post. Ref.
20-July
Balance Debit
Credit
s Payable
Debit
No. Post. Ref.
2 5 9 16 17 21 23 31 31
Date
3,800 5,900 5,675
220
Item
Debit
No.
31
Date
Credit
3,800 2,100
Item
Debit
675
Item
Credit
Balance Debit
Credit
Debit
725 1,320 646 1,150 2,100 600 225 360 380
Wages Payable Item
No. Post. Ref.
Balance Debit
Credit
Debit
20-July
31
920
Mortgage Payable
Date
20-July
Item
Post. Ref.
2 31
20-July
Date
Post. Ref.
Balance Debit
Credit
Debit
5,700
L. Judar, Drawing
No. Post. Ref.
Balance Debit
Credit
2,500 3,200 Closing
5,700
Income Summary Item
31 31 31
No.
Closing Closing
Date
20-July
Debit
135,000 16,293
Item
16 31 31
Credit
L. Judar, Capital
Date
20-July
Debit
420,800
Item
1 31 31
Balance
1,910
Date
20--
No.
Debit
2,500 5,700 -
No. Post. Ref.
Closing Closing Closing
Balance Debit
Credit
Debit
45,215 28,922 16,293
-
Income from Services Item
No. Post. Ref.
Balance Debit
Credit
Debit
July
7 14 21 31 31
12,086 10,445 10,330 11,870 Closing
Concessions Income
Date
20-July
Item
3 31 31
Debit
No. Post. Ref.
Balance Debit
Closing
Credit
1,600 2,246
Wages Expense
No. Post. Ref.
Balance Debit
Credit
9,460 8,227 920
Adjusting Closing
Debit
9,460 17,687 18,607 18,607
Advertising Expense
No. Post. Ref.
Balance Debit
Credit
1,320 Closing
Debit
2,246
Item
5 31
Credit
1,600 646
Date
20-July
Debit
484
Item
15 29 31 31
Balance
Pool Maintenance Expense
Date
20-July
Post. Ref.
Closing
Item
6 9 31
No.
250 234
Date
20-July
44,731
Debit
1,320 1,320
Utilities Expense
Date
20-July
Item
Post. Ref.
25 31 31 31
20-July
Balance Debit
Credit
Insurance Expense Post. Ref.
1,980 -
Balance Debit
Credit
1,020 1,020
Depreciation Expense, Building Post. Ref.
Adjusting Closing
Debit
1,020 -
No. Balance Debit
Credit
480
Debit
480 480
Depreciation Expense, Pool/Slide Facility Item
Adjusting Closing
Debit
No.
Adjusting Closing
Date
31 31
Post. Ref.
1,980
Item
31 31
292 976 1,918
1,980
Date
20-July
Debit
No.
Closing
Item
31 31
Credit
Interest Expense
Date
20-July
Debit
1,918
Item
31 31
Balance
292 684 942
Date
20-July
No.
Post. Ref.
No. Balance Debit
Credit
675 675
Debit
675 -
Depreciation Expense, Pool Furniture
Date
20-July
Item
31 31
Adjusting Closing
Debit
Credit
220 220
Item
6 18 31
Balance
Miscellaneous Expense
Date
20-July
Post. Ref.
No.
220 -
No. Post. Ref.
Balance Debit
Credit
128 328 Closing
Debit
Debit
128 456 456
rect answer.
111 Balance Credit
112 Balance Credit
114 Balance Credit
121 Balance Credit
122 Balance Credit
123 Balance Credit
480
124 Balance Credit
125 Balance Credit
675
126 Balance Credit
127 Balance Credit
220
221 Balance Credit
725 2,045 2,691 1,541 3,641 3,041 2,816 2,456 2,836
222 Balance Credit
920
223 Balance Credit
420,800 418,890
311 Balance Credit
135,000 151,293 145,593
312 Balance Credit
-
313 Balance Credit
45,215 16,293 -
411 Balance Credit
12,086 22,531 32,861 44,731
412 Balance Credit
250 484
511 Balance Credit
512 Balance Credit
513 Balance Credit
514 Balance Credit
515 Balance Credit
-
517 Balance Credit
-
518 Balance Credit
-
519 Balance Credit
-
520 Balance Credit
-
522 Balance Credit
ing Cycle Review Problem A
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Identifying letter will not be graded. 3. & 4.
Blast Off! Work Sheet For the Month Ended July 31
Name Cash s Receivable Prepaid Insurance Land Building Pool/Slide Facility Pool Furniture s Payable Mortgage Payable L. Judar, Capital L. Judar, Drawing Income from Services Concessions Income Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense Interest Expense Miscellaneous Expense Insurance Expense Depreciation Expense, Building Accum. Depr., Building Depr. Expense, Pool/Slide Facility Accum. Depr., Pool/Slide Facility Depr. Expense, Pool Furniture Accum. Depr., Pool Furniture Wages Payable
Trial Balance Debit Credit 13,780 234 12,240 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700 44,731 484 2,246 17,687 1,320 1,918 1,980 456 601,941 601,941
Adjustments Debit
Credit
-
920
1,020 480 675 220
3,315 Net Income
7.
Blast Off! Income Statement For the Month Ended July 31, 20-Revenues: Income from Services Concessions Income Total Revenue
$
$
Expenses: Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense Interest Expense Insurance Expense Depreciation Expense, Building Depr. Expense, Pool/Slide Facility Depr. Expense, Pool Furniture Miscellaneous Expense Total Expenses Net Income
8.
44,731 484
$
45,215
2,246 18,607 1,320 1,918 1,980 1,020 480 675 220 456 28,922 16,293
Blast Off! Statement of Owner's Equity For the Month Ended July 31, 20-L. Judar, Capital, July 1, 20-Add Investments during Month Add Net Income for the Month Subtotal Deduct Withdrawals for the Month Increase in Capital L. Judar, Capital, July 31, 20--
9.
$
-
$ 135,000 16,293 $ 151,293 5,700 145,593 $ 145,593
Blast Off! Balance Sheet July 31, 20-Assets Cash s Receivable Prepaid Insurance Land Building
$
$
96,200
13,780 234 11220 292000
Accum. Depr., Building Pool/Slide Facility Accum. Depr., Pool/Slide Facility Pool Furniture Accum. Depr., Pool Furniture Total Assets Liabilities s Payable Wages Payable Mortgage Payable Total Liabilities
480 $ 150,505 675 $ 5,675 220
$
149,830 5,455 $ 568,239
2,836 920 418,890 $ 422,646
Owner's Equity L. Judar, Capital Total Liabilities and Owner's Equity
12.
95,720
145,593 $ 568,239
Blast Off! Post-Closing Trial Balance July 31, 20--
Cash s Receivable Prepaid Insurance Land Building Accum. Depr., Building Pool/Slide Facility Accum. Depr., Pool/Slide Facility Pool Furniture Accum. Depr., Pool Furniture s Payable Wages Payable Mortgage Payable L. Judar, Capital Total
Debits 13,780 234 11,220 292,000 96,200
Credits
480 150,505 675 5,675
569,614
220 2,836 920 418,890 145,593 569,614
correct answer.
Blast Off! Work Sheet For the Month Ended July 31, 20--
djustments Credit
1,020
-
Adjusted Trial Balance Debit Credit 13,780 234 11,220 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700 44,731 484 2,246 18,607 1,320 1,918 1,980 456 1,020 480
480
-
-
Balance Sheet Debit Credit 13,780 234 11,220 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700
44,731 484 2,246 18,607 1,320 1,918 1,980 456 1,020 480
480 675
675
480 675
675 220
220 920 3,315
Income Statement Debit Credit
604,236
675 220
220 920 604,236
28,922
45,215
575,314
220 920 559,021
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. 1. & 5. GENERAL JOURNAL Date 20-July 1
2
2
2
3
5
6
Description
Page
Post. Ref.
Debit
Cash L. Judar, Capital Invested cash in business.
111 311
135,000
Land Building Pool/Slide Facility Pool Furniture Mortgage Payable Cash Bought Blast Off!.
121 122 124 126 223 111
292,000 96,200 148,800 3,800
Prepaid Insurance Cash Paid one-year for insurance.
114 111
12,240
Pool/Slide Facility s Payable Cash Bought inner tubes from Worn Tires.
124 221 111
1,225
Cash Concessions Income Received payment for rental space for video games and food concessions.
111 412
250
Advertising Expense s Payable Grand opening expenses from Party Rentals and City Star.
513 221
1,320
Pool Maintenance Expense Cash July payment on contract to All-Around Maintenance.
511 111
1,600
1
Credit
135,000
420,800 120,000
12,240
725 500
250
1,320
1,600
GENERAL JOURNAL Date 20-July 6
7
9
14
15
16
16
17
Description
Page 2
Post. Ref.
Debit
Miscellaneous Expense Cash Paid for employee picnic.
522 111
128
Cash Income from Services Received cash for services rendered.
111 411
12,086
Pool Maintenance Expense s Payable Bought parts on from Arlen's Pool Supply.
511 221
646
Cash Income from Services Received cash for services rendered.
111 411
10,445
Wages Expense Cash Paid wages for period July 1July 14.
512 111
9,460
s Payable Cash Paid Party Rentals and City Star on .
221 111
1,150
L. Judar, Drawing Cash Withdrawal for personal use.
312 111
2,500
Pool Furniture s Payable Bought pool furniture from Pool Suppliers.
126 221
2,100
128
12,086
646
10,445
9,460
1,150
2,500
2,100
GENERAL JOURNAL Date 20-July 18
Description Miscellaneous Expense
Credit
Page 3
Post. Ref. 522
Debit 328
Credit
Cash Paid for costume alterations. 21
21
23
25
29
31
31
31
111
328
Cash Income from Services Received cash for services rendered.
111 411
10,330
s Payable Cash Partial payment to Worn Tires.
221 111
600
s Payable Pool Furniture Received allowance from Pool Suppliers for damaged chairs.
221 126
225
Utilities Expense Cash Received and paid telephone bill.
514 111
292
Wages Expense Cash Paid wages for period July 15July 28.
512 111
8,227
Cash Income from Services Received cash for services rendered.
111 411
11,870
s Payable Cash Paid Arlen's Pool Supply on .
221 111
360
Utilities Expense Cash Received and paid water bill.
514 111
684
10,330
600
225
292
8,227
11,870
360
684
GENERAL JOURNAL Date 20-July 31
31
Description
Page 4
Post. Ref.
Debit
Interest Expense Mortgage Payable Cash Paid installment on mortgage.
515 223 111
1,980 1,910
Utilities Expense
514
942
Credit
3,890
Cash Received and paid electric bill.. 31
31
31
31
31
31
31
31
111
942
Pool/Slide Facility s Payable Cash Bought inner tubes from Worn Tires.
124 221 111
480
L. Judar, Drawing Cash Withdrawal for personal use.
312 111
3,200
s Receivable Concessions Income Additional revenue from concessions.
112 412
234
Adjusting Entries Insurance Expense Prepaid Insurance
517 114
1,020
Depreciation Expense, Building Accum. Depr., Building
518 123
480
Depr. Expense, Pool/Slide Facility Accum. Depr., Pool/Slide Facility
519 125
675
Depr. Expense, Pool Furniture Accum. Depr., Pool Furniture
520 127
220
Wages Expense Wages Payable
512 222
920
380 100
3,200
234
1,020
480
675
220
920
10. GENERAL JOURNAL Date 20-July 31
31
Description
Page 5
Post. Ref.
Debit
Closing Entries Income from Services Concessions Income Income Summary
411 412 313
44,731 484
Income Summary Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense
313 511 512 513 514
28,922
Credit
45,215
2,246 18,607 1,320 1,918
31
31
Interest Expense Insurance Expense Depreciation Expense, Building Depr. Expense, Pool/Slide Facility Depr. Expense, Pool Furniture Miscellaneous Expense
515 517 518 519 520 522
1,980 1,020 480 675 220 456
Income Summary L. Judar, Capital
313 311
16,293
L. Judar, Capital L. Judar, Drawing
311 312
5,700
16,293
5,700
ing Cycle Review Problem A
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Enter as per the transactions. 2. 6. & 11. GENERAL LEDGER Date
20-July
Cash
No. Item
Post. Ref.
1
Date
20-July
Credit
120,000 12,240 500 250 1,600 128 12,086 10,445 9,460 1,150 2,500 328 10,330 600 292 8,227 11,870 360 684 3,890 942 100 3,200
s Receivable Item
31
Debit
135,000
2 2 2 3 6 6 7 14 15 16 16 18 21 21 25 29 31 31 31 31 31 31 31
Balance Debit
135,000 15,000 2,760 2,260 2,510 910 782 12,868 23,313 13,853 12,703 10,203 9,875 20,205 19,605 19,313 11,086 22,956 22,596 21,912 18,022 17,080 16,980 13,780
No. Post. Ref.
Balance Debit
234
Credit
Debit
234
Prepaid Insurance
Date
20-July
Item
2 31
20-July
20-July
Post. Ref.
Debit
Debit
292,000
No. Post. Ref.
Balance Debit
Credit
96,200
Post. Ref.
Debit
96,200
Accumulated Depreciation, Building
No. Balance Debit
Credit
Debit
480
Pool/Slide Facility Item
2 2 31
Credit
Building
31
Date
12,240 11,220
Balance
292,000
Item
Debit
No.
2
Date
Credit
Land
Item
Debit
1,020
2
Date
Balance
Adjusting
Item
20-July
Post. Ref.
12,240
Date
20-July
No.
No. Post. Ref.
Balance Debit
148,800 1,225 480
Credit
Debit
148,800 150,025 150,505
Date
20-July
Accumulated Depreciation, Pool/Slide Facility Item
Post. Ref.
No. Balance
Debit
31
Date
20-July
Pool Furniture
No. Post. Ref.
2 17 23
Date
20-July
Balance Debit
225
Accumulated Depreciation, Pool Furniture Post. Ref.
20-July
Balance Debit
Credit
s Payable
Debit
No. Post. Ref.
2 5 9 16 17 21 23 31 31
Date
3,800 5,900 5,675
220
Item
Debit
No.
31
Date
Credit
3,800 2,100
Item
Debit
675
Item
Credit
Balance Debit
Credit
Debit
725 1,320 646 1,150 2,100 600 225 360 380
Wages Payable Item
No. Post. Ref.
Balance Debit
Credit
Debit
20-July
31
920
Mortgage Payable
Date
20-July
Item
Post. Ref.
2 31
20-July
Date
Post. Ref.
Balance Debit
Credit
Debit
5,700
L. Judar, Drawing
No. Post. Ref.
Balance Debit
Credit
2,500 3,200 Closing
5,700
Income Summary Item
31 31 31
No.
Closing Closing
Date
20-July
Debit
135,000 16,293
Item
16 31 31
Credit
L. Judar, Capital
Date
20-July
Debit
420,800
Item
1 31 31
Balance
1,910
Date
20--
No.
Debit
2,500 5,700 -
No. Post. Ref.
Closing Closing Closing
Balance Debit
Credit
Debit
45,215 28,922 16,293
-
Income from Services Item
No. Post. Ref.
Balance Debit
Credit
Debit
July
7 14 21 31 31
12,086 10,445 10,330 11,870 Closing
Concessions Income
Date
20-July
Item
3 31 31
Debit
No. Post. Ref.
Balance Debit
Closing
Credit
1,600 2,246
Wages Expense
No. Post. Ref.
Balance Debit
Credit
9,460 8,227 920
Adjusting Closing
Debit
9,460 17,687 18,607 18,607
Advertising Expense
No. Post. Ref.
Balance Debit
Credit
1,320 Closing
Debit
2,246
Item
5 31
Credit
1,600 646
Date
20-July
Debit
484
Item
15 29 31 31
Balance
Pool Maintenance Expense
Date
20-July
Post. Ref.
Closing
Item
6 9 31
No.
250 234
Date
20-July
44,731
Debit
1,320 1,320
Utilities Expense
Date
20-July
Item
Post. Ref.
25 31 31 31
20-July
Balance Debit
Credit
Insurance Expense Post. Ref.
1,980 -
Balance Debit
Credit
1,020 1,020
Depreciation Expense, Building Post. Ref.
Adjusting Closing
Debit
1,020 -
No. Balance Debit
Credit
480
Debit
480 480
Depreciation Expense, Pool/Slide Facility Item
Adjusting Closing
Debit
No.
Adjusting Closing
Date
31 31
Post. Ref.
1,980
Item
31 31
292 976 1,918
1,980
Date
20-July
Debit
No.
Closing
Item
31 31
Credit
Interest Expense
Date
20-July
Debit
1,918
Item
31 31
Balance
292 684 942
Date
20-July
No.
Post. Ref.
No. Balance Debit
Credit
675 675
Debit
675 -
Depreciation Expense, Pool Furniture
Date
20-July
Item
31 31
Adjusting Closing
Debit
Credit
220 220
Item
6 18 31
Balance
Miscellaneous Expense
Date
20-July
Post. Ref.
No.
220 -
No. Post. Ref.
Balance Debit
Credit
128 328 Closing
Debit
Debit
128 456 456
rect answer.
111 Balance Credit
112 Balance Credit
114 Balance Credit
121 Balance Credit
122 Balance Credit
123 Balance Credit
480
124 Balance Credit
125 Balance Credit
675
126 Balance Credit
127 Balance Credit
220
221 Balance Credit
725 2,045 2,691 1,541 3,641 3,041 2,816 2,456 2,836
222 Balance Credit
920
223 Balance Credit
420,800 418,890
311 Balance Credit
135,000 151,293 145,593
312 Balance Credit
-
313 Balance Credit
45,215 16,293 -
411 Balance Credit
12,086 22,531 32,861 44,731
412 Balance Credit
250 484
511 Balance Credit
512 Balance Credit
513 Balance Credit
514 Balance Credit
515 Balance Credit
-
517 Balance Credit
-
518 Balance Credit
-
519 Balance Credit
-
520 Balance Credit
-
522 Balance Credit
ing Cycle Review Problem A
Name:
For this problem, the journal, ledger, and work sheet and statements are under separate tabs. Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists. Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer. Identifying letter will not be graded. 3. & 4.
Blast Off! Work Sheet For the Month Ended July 31
Name Cash s Receivable Prepaid Insurance Land Building Pool/Slide Facility Pool Furniture s Payable Mortgage Payable L. Judar, Capital L. Judar, Drawing Income from Services Concessions Income Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense Interest Expense Miscellaneous Expense Insurance Expense Depreciation Expense, Building Accum. Depr., Building Depr. Expense, Pool/Slide Facility Accum. Depr., Pool/Slide Facility Depr. Expense, Pool Furniture Accum. Depr., Pool Furniture Wages Payable
Trial Balance Debit Credit 13,780 234 12,240 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700 44,731 484 2,246 17,687 1,320 1,918 1,980 456 601,941 601,941
Adjustments Debit
Credit
-
920
1,020 480 675 220
3,315 Net Income
7.
Blast Off! Income Statement For the Month Ended July 31, 20-Revenues: Income from Services Concessions Income Total Revenue
$
$
Expenses: Pool Maintenance Expense Wages Expense Advertising Expense Utilities Expense Interest Expense Insurance Expense Depreciation Expense, Building Depr. Expense, Pool/Slide Facility Depr. Expense, Pool Furniture Miscellaneous Expense Total Expenses Net Income
8.
44,731 484
$
45,215
2,246 18,607 1,320 1,918 1,980 1,020 480 675 220 456 28,922 16,293
Blast Off! Statement of Owner's Equity For the Month Ended July 31, 20-L. Judar, Capital, July 1, 20-Add Investments during Month Add Net Income for the Month Subtotal Deduct Withdrawals for the Month Increase in Capital L. Judar, Capital, July 31, 20--
9.
$
-
$ 135,000 16,293 $ 151,293 5,700 145,593 $ 145,593
Blast Off! Balance Sheet July 31, 20-Assets Cash s Receivable Prepaid Insurance Land Building
$
$
96,200
13,780 234 11220 292000
Accum. Depr., Building Pool/Slide Facility Accum. Depr., Pool/Slide Facility Pool Furniture Accum. Depr., Pool Furniture Total Assets Liabilities s Payable Wages Payable Mortgage Payable Total Liabilities
480 $ 150,505 675 $ 5,675 220
$
149,830 5,455 $ 568,239
2,836 920 418,890 $ 422,646
Owner's Equity L. Judar, Capital Total Liabilities and Owner's Equity
12.
95,720
145,593 $ 568,239
Blast Off! Post-Closing Trial Balance July 31, 20--
Cash s Receivable Prepaid Insurance Land Building Accum. Depr., Building Pool/Slide Facility Accum. Depr., Pool/Slide Facility Pool Furniture Accum. Depr., Pool Furniture s Payable Wages Payable Mortgage Payable L. Judar, Capital Total
Debits 13,780 234 11,220 292,000 96,200
Credits
480 150,505 675 5,675
569,614
220 2,836 920 418,890 145,593 569,614
correct answer.
Blast Off! Work Sheet For the Month Ended July 31, 20--
djustments Credit
1,020
-
Adjusted Trial Balance Debit Credit 13,780 234 11,220 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700 44,731 484 2,246 18,607 1,320 1,918 1,980 456 1,020 480
480
-
-
Balance Sheet Debit Credit 13,780 234 11,220 292,000 96,200 150,505 5,675 2,836 418,890 135,000 5,700
44,731 484 2,246 18,607 1,320 1,918 1,980 456 1,020 480
480 675
675
480 675
675 220
220 920 3,315
Income Statement Debit Credit
604,236
675 220
220 920 604,236
28,922
45,215
575,314
220 920 559,021
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