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

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.

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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

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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

$

$

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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

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June 30 June 30

June 30 June 30

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