ACCT 211 Module Week 7 INDIVIDUAL LEARNING PROJECT - Karise Repairs
Individual Learning Project Instructions
The Individual Learning Project consists of 3 parts. All answers must be submitted in an Excel document, as indicated in the instructions to each part. Each tab must be labeled as the corresponding part. For example, tab one must be labeled “Part 1”.
|
Part 1:The adjusted trial balance of Karise Repairs on December 31, 2015, follows.Assume there are no owner investments. |
|
KARISE
REPAIRS |
|||||||||
|
No. |
Account Title |
Debit |
Credit |
||||||
|
101 |
Cash |
|
$ |
18,000 |
|
|
|
|
|
|
124 |
Office supplies |
|
|
1,800 |
|
|
|
|
|
|
128 |
Prepaid insurance |
|
|
2,500 |
|
|
|
|
|
|
167 |
Equipment |
|
|
55,000 |
|
|
|
|
|
|
168 |
Accumulated depreciation—Equipment |
|
|
|
|
|
$ |
5,500 |
|
|
201 |
Accounts payable |
|
|
|
|
|
|
13,000 |
|
|
210 |
Wages payable |
|
|
|
|
|
|
1,200 |
|
|
301 |
C. Karise, Capital |
|
|
|
|
|
|
33,000 |
|
|
302 |
C. Karise, Withdrawals |
|
|
18,500 |
|
|
|
|
|
|
401 |
Repair fees earned |
|
|
|
|
|
|
113,800 |
|
|
612 |
Depreciation expense—Equipment |
|
|
5,500 |
|
|
|
|
|
|
623 |
Wages expense |
|
|
44,000 |
|
|
|
|
|
|
637 |
Insurance expense |
|
|
1,000 |
|
|
|
|
|
|
640 |
Rent expense |
|
|
14,000 |
|
|
|
|
|
|
650 |
Office supplies expense |
|
|
3,100 |
|
|
|
|
|
|
690 |
Utilities expense |
|
|
3,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
166,500 |
|
|
$ |
166,500 |
|
In an Excel spreadsheet, on one tab:
1. Prepare an Income Statement, using formulas for totals
2. Prepare a Statement of Owners’ Equity, using formulas for totals and figures that are linked to other financial statement information
3. Prepare a Classified Balance Sheet, using formulas for totals and figures that are linked to other financial statement information.
|
4. The adjusted trial balance of Karise Repairs on December 31, 2015, follows. |
Part 2:The adjusted trial balance of Karise Repairs on December 31, 2015, follows (NOTE: these figures are different than what was provided in Part 1):
|
KARISE
REPAIRS |
|||||||||
|
No. |
Account Title |
Debit |
Credit |
||||||
|
101 |
Cash |
|
$ |
20,000 |
|
|
|
|
|
|
124 |
Office supplies |
|
|
2,000 |
|
|
|
|
|
|
128 |
Prepaid insurance |
|
|
2,600 |
|
|
|
|
|
|
167 |
Equipment |
|
|
59,000 |
|
|
|
|
|
|
168 |
Accumulated depreciation—Equipment |
|
|
|
|
|
$ |
5,900 |
|
|
201 |
Accounts payable |
|
|
|
|
|
|
15,500 |
|
|
210 |
Wages payable |
|
|
|
|
|
|
1,100 |
|
|
301 |
C. Karise, Capital |
|
|
|
|
|
|
38,000 |
|
|
302 |
C. Karise, Withdrawals |
|
|
17,000 |
|
|
|
|
|
|
401 |
Repair fees earned |
|
|
|
|
|
|
103,900 |
|
|
612 |
Depreciation expense—Equipment |
|
|
5,900 |
|
|
|
|
|
|
623 |
Wages expense |
|
|
38,000 |
|
|
|
|
|
|
637 |
Insurance expense |
|
|
1,300 |
|
|
|
|
|
|
640 |
Rent expense |
|
|
12,000 |
|
|
|
|
|
|
650 |
Office supplies expense |
|
|
3,700 |
|
|
|
|
|
|
690 |
Utilities expense |
|
|
2,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
164,400 |
|
|
$ |
164,400 |
|
On a separate tab in Excel, transfer the adjusted trial balance into a new tab within your Excel document.
1. Enter the adjusted trial balance in the first two columns of a six-column table using formulas for the totals column.
2. Use additional columns to enter closing entry information, using formulas to calculate the totals column
3. Use additional columns to show a post-closing trial balance, using formulas to calculate the totals column.
Part 3:
|
The adjusted trial balance of Karise Repairs on December 31, 2015, follows (NOTE: The amounts are different from the other parts of this project). |
|
KARISE
REPAIRS |
|||||||||
|
No. |
Account Title |
Debit |
Credit |
||||||
|
101 |
Cash |
|
$ |
19,000 |
|
|
|
|
|
|
124 |
Office supplies |
|
|
1,300 |
|
|
|
|
|
|
128 |
Prepaid insurance |
|
|
2,300 |
|
|
|
|
|
|
167 |
Equipment |
|
|
59,000 |
|
|
|
|
|
|
168 |
Accumulated depreciation—Equipment |
|
|
|
|
|
$ |
5,900 |
|
|
201 |
Accounts payable |
|
|
|
|
|
|
15,500 |
|
|
210 |
Wages payable |
|
|
|
|
|
|
1,100 |
|
|
301 |
C. Karise, Capital |
|
|
|
|
|
|
33,000 |
|
|
302 |
C. Karise, Withdrawals |
|
|
20,000 |
|
|
|
|
|
|
401 |
Repair fees earned |
|
|
|
|
|
|
115,600 |
|
|
612 |
Depreciation expense—Equipment |
|
|
5,900 |
|
|
|
|
|
|
623 |
Wages expense |
|
|
40,000 |
|
|
|
|
|
|
637 |
Insurance expense |
|
|
800 |
|
|
|
|
|
|
640 |
Rent expense |
|
|
15,000 |
|
|
|
|
|
|
650 |
Office supplies expense |
|
|
4,400 |
|
|
|
|
|
|
690 |
Utilities expense |
|
|
3,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
171,100 |
|
|
$ |
171,100 |
|
1. On a separate tab in Excel, prepare the appropriate closing journal entries. Debits should be listed first, and credits should be indented. Descriptions are not required.
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Solution: ACCT 211 Module Week 7 INDIVIDUAL LEARNING PROJECT - Karise Repairs