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Accounting Cycle Review Problem
Your Name:____Sue Christensen_________________________________
Complete the Comprehensive Problem for Chapters 1-5, on page 253 on the following work papers. You can use a word processor or do them by hand. I would prefer by hand (legibly written) because I think you will learn more that way! Please add two steps to the instructions: (f) Prepare closing entries and post them (g) Prepare a post closing trial balance Use proper formatting techniques like underling, double underling, dollars signs. Include proper headings on all reports (company name, name of report, dating) Submit the problem on the due date shown on the daily schedule by: turning it in during class (if you have an onsite class) emailing it to me: [email protected] dropping it off in the accounting lab and having them put it in my folder sliding it under my office door, bb330M, Redwood campus snail mail: SLCC 4600 South Redwood Road BB330M Salt Lake City, UT 84130 Please be sure and put your name on the problem regardless of how you turn it in. You will not have access to a solution for this problem. Here are some check figures: Unadjusted Trial Balance $64, Adjusted Trial Balance $65, Post Closing Trial Balance $47, Net Income $ 740 Good luck!
GENERAL JOURNAL
DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT
2012 Record Transactions, Adjusting Entries, Closing Entries in this journal Dec. 6 Salaries and wages expense 1, Salaries and wages payable 600 Cash 1, (paid salaries from November and December) Dec. 8 Cash 1, Accounts receivable 1, (received cash from customers) Dec. 10 Cash 6, Sales revenue 6, (sold merchandise for cash) Cost of goods sold 4, Inventory 4, (to record cost of merchandise sold) Dec. 13 Inventory 9, Accounts payable 9, (purchase merchandise from Gong Co. 2/10, n/30) Dec. 15 Supplies 2, Cash 2, (purchase supplies for cash) Dec. 18 Accounts receivable 12, Sales revenue 12, (sole merchandise on account terms 3/10, n/30) Cost of goods sold 8, Inventory 8, (to record cost of merchandise sold) Dec. 20 Salaries and wage expense 1, Cash 1, (paid salaries to date) Dec. 23 Accounts payable 9, Inventory 180 Cash 8,
General Ledger
Dec. 6 1, Supplies Equipment Accumulated Accounts Payable Salaries & Wages Adj. 39,
Withdrawls Income Summary Sales Revenue Dec. 31 17, Dec. 31 18, Dec. 31 adj. 18, Dec. 10 6, 300 Dec. 31 340 Dec. 8 12, 0 0 18,
SHIRAS DISTRIBUTING COMPANY
SHIRAS DISTRIBUTING COMPANY
SHIRAS DISTRIBUTING COMPANY
Income Statement For the Month ended December 31, 2012 Sales revenue 18, Less: Sales discounts 360 Net sales 17, Cost of goods sold 12, Gross profit 5, Operating expenses Salaries and wages expense 3, Depreciation expense 200 Supplies expense 1, Total operating expense 5, Net income 340 SHIRAS DISTRIBUTING COMPANY Statement of Changes in Owner’s Equity For the Month ended December 31, 2012 Owner’s Capital, Dec. 1 39, Net income 340 Total Owner’s equity 39, SHIRAS DISTRIBUTING COMPANY
Balance Sheet
- Dec. Cash Accounts Receivable Inventories
- 7, - Dec. - 4, - Dec. - 1, - 12, Dec 1. - Dec. - 4,
- Dec.
- 1,
- Dec.
- 2, - Dec. - 12, - Dec. - 9, - Dec. - 8,
- Dec.
- 6,
- Dec.
- 11,
- 12,
- Dec. Depreciation
- 1,
- 1, Dec. 31 Adj. - Dec. - 22,000 Dec. 1 2,
- Dec.
- 2, - Dec. - Adj.
- 3,200 22,000 2, - Dec. - Adj. 2, - Dec. Payable Owner’s Capital
- 4,500 Dec. - Dec. - 1, - Dec. - 39,
- Dec.
- 9,
- Dec.
- 9, - Dec. - Adj. - Dec. - Adj.
- 16, - Dec. - Adj 1, - 39, - Dec.
- Dec.
- Dec.
- Adj.
- Dec.
- 4, - Dec.
- Dec.
- 8, - Dec. - adj.
- 360 0 12,100
- Dec. Expense Supplies Expense
- 1, - Dec. - adj. 1,
- Dec.
- 1,
- Dec.
- adj.
- 3,
- 0 1,700
- For the month ended December 31, Unadjusted Trial Balance
- Cash 12, Debits Credits
- Accounts receivable 14,
- Inventory 8,
- Supplies 3,
- Equipment 22,
- Accumulated Depreciation – Equipment 2,
- Accounts payable 16,
- Salaries and wages payable
- Owner’s capital 39,
- Sales revenue 18,
- Sales discount
- Cost of goods sold 12,
- Salaries and wages expense 2, - 76,700 76,
- For the month ended December 31, Adjusted Trial Balance
- Cash 12, Debits Credits
- Accounts receivable 14,
- Inventory 8,
- Supplies 1,
- Equipment 22,
- Accumulated depreciation – equipment 2,
- Accounts payable 16,
- Salaries and wages payable 1,
- Owner’s capital 39,
- Sales revenue 18,
- Sales discount
- Cost of goods sold 12,
- Depreciation expense
- Salaries and wages expense 3,
- Supplies expense 1, - 77,700 77,
- December 31, Post Closing Trial Balance
- Cash 12, Debits Credits
- Accounts receivable 14,
- Inventory 8,
- Supplies 1,
- Equipment 22,
- Accumulated depreciation – equipment 2,
- Accounts payable 16,
- Salaries and wages payable 1,
- Owner’s capital 39, - 59,740 59, - December 31,
- Cash 12, Assets
- Accounts receivable 14,
- Inventory 8,
- Supplies 1,
- Equipment 22,
- Less: Accumulated depreciation – equipment 2,400 19,
- Accounts payable 16, Liabilities
- Salaries and wages payable 1,
- Owner’s capital 39, Owner’s equity
- Total liabilities and owner’s equity $57,
