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ACCT-7 problems-Brief Exercise 4-5.The ledger of Rios Company contains the following balances: Owner?s Capital $30,000




Question;Brief Exercise 4-5;The ledger;of Rios Company contains the following balances: Owner?s Capital $30,000, Owner?s;Drawings $2,000, Service Revenue $50,000, Salaries and Wages Expense;$27,000;and Supplies Expense $7,000.;The closing;entries are as follows;(1) Close;revenue accounts.;(2) Close;expense accounts.;(3) Close;net income/(loss).;(4) Close;drawings.;Post the;closing entries in the order presented in the problem and use the numbers as a;reference.;Salaries and Wages Expense;Supplies Expense;Service Revenue;Owner?s Drawings;Income Summary;Owner?s Capital;Brief Exercise 4-7;The;following selected accounts appear in the adjusted trial balance columns of the;worksheet for Goulet Company.;Identify;the accounts that would be included in a post-closing trial balance.;Accumulated;Depreciation;Depreciation;Expense;Owner?s;Capital;Owner?s;Drawings;Service;Revenue;Supplies;Accounts;Payable;Brief Exercise 4-8;The steps;in the accounting cycle are listed in random order below.;List the;steps in proper sequence, assuming no worksheet is prepared, by placing numbers;1?9.;(a)Prepare a trial balance.;(b)Journalize the transactions.;(c)Journalize and post closing entries.;(d)Prepare financial statements.;(e)Journalize and post adjusting;entries.;(f)Post to ledger accounts.;(g)Prepare a post-closing trial balance.;(h)Prepare an adjusted trial balance.;(i)Analyze business transactions.;Print Assignment: Homework Ch04::false Page 1 of 5;;10/31/2014;Brief Exercise 4-10;The balance;sheet debit column of the worksheet for Hamidi Company includes the following;accounts: Accounts Receivable $12,500, Prepaid Insurance $3,600, Cash;$4,100;Supplies $5,200, and Debt Investments (short-term) $6,700.;Prepare the;current assets section of the balance sheet, listing the accounts in proper;sequence.(List current assets in;order of liquidity.);HAMIDI COMPANY;Partial Balance Sheet;$;$;Exercise 4-1;The trial;balance columns of the worksheet for Nanduri Company at June 30, 2014, are as;follows.;NANDURI COMPANY;Worksheet;For the Month Ended June 30, 2014;Trial Balance;Account Titles Dr. Cr.;Cash 2,320;Accounts;Receivable 2,440;Supplies;1,880;Accounts;Payable 1,120;Unearned;Service Revenue 240;Owner?s;Capital 3,600;Service;Revenue 2,400;Salaries;and Wages Expense 560;Miscellaneous;Expense 160;Total 7,360;7,360;Other data;1.A physical count reveals $500 of;supplies on hand.;2.$100 of the unearned revenue is still;unearned at month-end.;3.Accrued salaries are $210.;Complete;the worksheet.;NANDURI COMPANY;Worksheet;For the Month Ended June 30, 2014;Trial;Balance;Adjustments Adj. Trial Balance Income Statement;Account;Titles;Dr Cr. Dr Cr. Dr Cr. Dr Cr. Dr;Cash 2,320;Accounts;Receivable;2,440;Supplies;1,880;Accounts;Payable;1,120;Unearned;Service;Revenue;240;Owner's;Capital;3,600;Service;Revenue;2,400;Salaries;and;Wages;Expense;560;Miscellaneous;Expense;160;Totals;7,3607,360;Supplies;Expense;Salaries;and;Wages;Payable;Totals;Net Income;Totals;Print Assignment: Homework Ch04::false Page 2 of 5;;10/31/2014;Exercise 4-9 (Part level Submission);The;adjusted trial balance for Plevin Company.;PLEVIN COMPANY;Adjusted Trial Balance;July 31, 2014;No. Account Titles Debit Credit;101 Cash;$9,840;112;Accounts Receivable 8,780;157;Equipment 15,900;158;Accumulated Depreciation-Equip. $7,400;201;Accounts Payable 4,220;208;Unearned Rent Revenue 1,800;301 Owner?s;Capital 45,200;306 Owner?s;Drawings 16,000;400 Service;Revenue 64,000;429 Rent;Revenue 6,500;711;Depreciation Expense 8,000;726;Salaries and Wages Expense 55,700;732;Utilities Expense 14,900;$129,120$129,120;(a1);Prepare an;income statement for the year.;PLEVIN COMPANY;Income Statement;For the Year Ended July 31, 2014;$;$;$;$;(a2);Prepare an;owner?s equity statement for the year. Plevin did not make any capital;investments during the year.(List items that increase owner's equity first.);PLEVIN COMPANY;Owner?s Equity Statement;For the Year Ended July 31, 2014;$;$;(b);Prepare a;classified balance sheet at July 31.(List current assets in order of liquidity.);PLEVIN COMPANY;Balance Sheet;July 31, 2014;Assets;$;$;Print Assignment: Homework Ch04::false Page 3 of 5;;10/31/2014;Date Account Titles and Explanation Debit Credit;June 30;(To close;revenue account.);June 30;(To close;expense account.);June 30;(To close net;income / (loss).);June 30;(To close;drawings.);$;Liabilities and Owner's Equity;$;$;$;Exercise 4-11 (Part level Submission);Selected;accounts for Heather?s Salon are presented below. All June 30 postings are from;closing entries.;Salaries and Wages Expense;6/10 3,200;6/30 8,800;6/28 5,600;Supplies Expense;6/12 600;6/30 1,300;6/24 700;Service Revenue;6/30 18,100;6/15 9,700;6/24 8,400;Rent Expense;6/1 3,000 6/30;3,000;Owner?s Capital;6/30 2,500;6/1 12,000;6/30 5,000;Bal. 14,500;Owner?s Drawings;6/13 1,000;6/30 2,500;6/25 1,500;(a);Prepare the;closing entries that were made.(Credit account titles are automatically indented when amount is;entered. Do not indent manually.);(b);Post the;closing entries to Income Summary.(Post entries in the order of journal entries posted in the previous;part of the question.);Income Summary;Print Assignment: Homework Ch04::false Page 4 of 5;;10/31/2014;June 30;June 30;June 30;June 30;Print Assignment: Homework Ch04::false Page 5 of 5;;10/31/2014


Paper#37801 | Written in 18-Jul-2015

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