Download - Complete Accounting Cycle Exercise
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5/28/2018 Complete Accounting Cycle Exercise
1/28
4.1 JanJansenopenedJan'sWindowWasingonJuly1,2002.DuringJulythefollowingtransactions
werecompleted.
July 1 Invested$8,000cashinbusiness.
1 Purchasedusedtruckfor$6,000,paying$3,000cashandthebalanceonaccount.
3 Purchasedcleaningsuppliesfor$900onaccount.
5 Paid$1,200cashononeyearinsuranceplicyeffectiveMarch1.
12 Billedcustomers$2,500forcleaningservies.
18 Paid$1,000
cash
on
amount
owed
on
truck
and
$500
on
amount
owed
on
cleaning
supplies.
20 Paid$1,200cashforemployeesalaries.
21 Collected$1,400cashfromcustomersbilledonJuly12.
25 Billedcustomers$3,000forcleaningservices.
31 Paidgasandoilformonthontruck$200.
31 Withdrew$600cashforpersonaluse.
ThechartofaccountsforJan'sWindowWashingcontainsthefollowingaccounts:No.101Cash,
No.112AccountsReceivable,No.128CleaningSupplies,No.130PrepaidInsurance,No.157
Equipment,
No.
158
Accumulated
depreciation
Equipment,
No.
201
Accounts
Payable,
No.
212SalariesPayable,No.301JanJansen,Capital,No.306JanJansen,Drawing,No.350IncomeSummary,
No.400FeesEarned,No.633Gas&OilExpense,No.634CleaningSuppliesExpense,No.711
DepreciationExpense,No.722InsuranceExpense,No.726SalariesExpense.
Instructions:
a. JournalizeandposttheJulytransactions.UseJ1fortheJournalandthethreecolumnform
ofaccount.
b. PrepareatrialbalanceatJuly31onaworksheet.
c. Enter
the
following
adjustments
on
the
work
sheet
and
complete
the
work
sheet.1 EarnedbutunbilledfeesatJuly31was$1,100.
2 Depreciatoinonequipmentforthemonthwas$200.
3 Onetwelfthoftheinsuranceexpired.
4 Aninventorycountshows$600ofcleaningsuppliesonhandatJuly31.
5 Accuredbutunpaidemployeesalarieswere$500.
d. PreparetheIncomeStatementandOwner'sEquityStatementforJulyandaClassisfied
BalanceSheetatJuly31.
e. Journalizeandpostadjustingentries.UsepageJ2fortheJournal.
f. Journalizeandpostclosingentriesandcompletedclosingprocess.UsepageJ3fortheJournal.
g. PrepareaPostClosingTrialBalanceatJuly31.
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.ProeunThat Tel:0899
-
5/28/2018 Complete Accounting Cycle Exercise
2/28
4.1 a
Date Ref. Debit CreditJuly
1 Cash 101 8,000
JanJansen,Capital 301 8,0001 Equipment 157 6,000
Cash 101 3,000
AccountsPayable 201 3,0003 CleaningSupplies 128 900
AccountsPayable 201 900
5 PrepaidInsurance 130 1,200Cash 101 1,200
12 AccountsReceivable 112 2,500FeesEarned 400 2,500
18 AccountsPayable 201 1,500Cash 101 1,500
20 SalariesExpense 736 1,200Cash 101 1,200
21 Cash 101 1,400
AccountsReceivable 112 1,40025 AccountsReceivable 112 3,000
FeesEarned 400 3,00031 Gas&OilExpense 633 200
Cash 101 20031 JanJansen,Drawing 306 600
Cash 101 600
(Ownerwithdrewforpersonaluse)
GeneralJournalAccountTitleandExplantion
(Investedcashinthebusiness)
(Purchasedusetruckpaidhalfofamount)
(Purchasedcleaningsuppliesonaccount)
(Paid
cash
for
one
year
insurance
policy)
(Billedcustomerforcleaingservices)
(Paidcashamountowedontruckandsupplies)
(Paidsalriesforemployee)
(CollectedcashfromcustomerbillonJuly12)
(Billedcustomeerforcleaningservices)
(Paidcashforgasandoilbill)
J1
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
92
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5/28/2018 Complete Accounting Cycle Exercise
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Page1of24.1 a
No.101
Date Ref. Debit Credit Balance
July,1 InvestedCashinbusiness J1 8,000 8,00
1 Purchasedtruckpaidhalfofamount J1 3,000 5,00
5 Paidcashforoneyearinsurancepolicy J1 1,200 3,80
18 Paidaccountowedontruckandsupplies J1 1,500 2,30
20 Paidcash
for
employee
salaries
J1 1,200 1,10
21 Collectedcashfromcustomerbilled J1 1,400 2,50
31 Paidcashforgasandoilontruck J1 200 2,30
31 Owner'swithdrewforpersonaluse J1 600 1,70
No.112
Date Ref. Debit Credit Balance
July,12 Billedcustomerforcleaningservices J1 2,500 2,50
21 Collectedcashfromcustomerbill J1 1,400 1,10
25 Billedcustomerforcleaningservices J1 3,000 4,10
No.128
Date Ref. Debit Credit Balance
July,3 Purchasedcleaningsuppliesoncredit J1 900 90
No.130
Date Ref. Debit Credit Balance
July,5 Paidcashforoneyearinsurancepolicy J1 1,200 1,20
No.157
Date Ref. Debit Credit Balance
July,1 Purchase
use
truck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
No.201
Date Ref. Debit Credit Balance
July,1 Purchasedusetruckpaidhalfofamount J1 3,000 3,00
3 Purchasedcleaning
supplies
on
credit J1 900 3,90
28 Paidamountowedontruckandsupplies J1 1,500 2,40
No.212
Date Ref. Debit Credit Balance
CleaningSupplies
GeneralLedger
CashExplanation
AccountsReceivableExplanation
Explanation
PrepaidInsuranceExplanation
EquipmentExplanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
SalariesPaybleExplanation
4.1a Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
4/28
Page2of2
No.301
Date Ref. Debit Credit Balance
July,1 Investedcashinthebusiness J1 8,000 8,00
No.306
Date Ref. Debit Credit Balance
July,31 Owner
withdrew
for
personal
use J1 600 60
No.350
Date Ref. Debit Credit Balance
No.400
Date Ref. Debit Credit Balance
July,12 Billedcustomerforcleaingservices J1 2,500 2,50
25 Billed
customer
for
cleaing
services J1 3,000 5,50
No.633
Date Ref. Debit Credit Balance
July,31 Paidcashforgasandoilontruck J1 200 20
No.634
Date Ref. Debit Credit Balance
No.711
Date Ref. Debit Credit Balance
No.722
Date Ref. Debit Credit Balance
No.726
Date Ref. Debit Credit Balance
July,20 Paidcashforemployeesalries J1 1,200 1,20
JanJansen,Capital
DepreciationExpense
Explanation
JanJansen,DrawingExplanation
IncomeSummaryExplanation
FeesEarnedExplanation
GasandOilExpenseExplanation
CleaningSuppliesExpenseExplanation
Explanation
InsuranceExpenseExplanation
SalariesExpense
Explanation
4.1a Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
5/28
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
Cash 1,700 1,700
AccountsReceivable 4,100 (1)1,100 5,200 CleaningSupplies 900 (4)300 600 PrepaidInsurance 1,200 (3)100 1,100 Equipment 6,000 6,000 AccountsPayable 2,400 2,400 H.Kohl,Capital 8,000 8,000 H.Kohl,Drawing 600 600 FeesEarned 5,500 (1)1,100 6,600 GasandOilExpense 200 200 2SalariesExpense 1,200 (5)400 1,600 1,6
Total 15,900 15,900
Accumulateddepre.Equip. (2)200 200 DepreciationExpense (2)200 200 2InsuranceExpense (3)100 100 CleaningSuppliesExpense (4)300 300 3SalariesPayable (5)400 400
Total 2,100 2,100 17,600 17,600 2,4
NetIncome 4,2Total 6,6
Jan'sWindowWashingWorkSheet
ForthemonthendedJuly,31AccountTitle TrialBalance Adjustment
AdjustedTrialBalance Incom
4.1bandc Promotion9,YearI,SemesterII,StageI,GroupD'1,
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Page1of2
Revenues
FeesEarned 6,600$
Expenses
Gas&OilExpense 200$SalariesExpense 1,600$DepreciationExpense 200$InsuranceExpense 100$CleaningSuppliesExpense 300$
TotalExpenses 2,400$
NetIncome 4,200
JanJansen,CapitalJuly1 $Add: Investments 8,000$
NetRevenue 4,200$12,200$
Less: Drawings 600$
JanJansen,CapitalJuly31 11,600
Jan'sWindowWashingIncomeStatemet
ForthemonthendedJuly,31
Jan'sWindowWashingStatementofOwner'sEquityForthemonthendedJuly,31
4.1d Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
7/28
Page2of2
Assets
CurrentAssets
Cash 1,700$
AccountsReceivable 5,200$
CleaningSupplies 600$
PrepaidInsurance 1,100$
TotalCurrentAssets 8,600$
Property,Plant,andEquipment
Equipment 6,000$
Less:Accumulateddepreciationequipment 200$ 5,800$
TotalAssets 14,400$
LiabilitiesandOwner'sEquiptyCurrentLiablities
AccountsPayable 2,400$
SalariesPayable 400$
TotalCurrentLiablities 2,800$
TotalLiablities
2,800$
Owner'sEquity
JanJansen,Capital 11,600$
TotalLiabilitiesandOwner'sEquity 14,400$
Jan'sWindowWashing
BalanceSheet
ForthemonthendedJuly,31
4.1d Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
8/28
4.1 e
Date Ref. Debit CreditJuly,31
1 AccountsReceivable 112 1,100FeesEarned 400 1,100
2 DepreciationExpense 711 200Accumulateddepre.Equipment 158 200
3 InsuranceExpense 722 100PrepaidInsurance 130 100
4 CleaningSuppliesExpense 634 300CleaningSupplies 128 300
5 SalariesExpense 726 400SalariesPayable 212 400
(TorecordSuppliesused)
(Torecordaccuedsalaries)
GeneralJournalAccountTitleandExplantion
AdjustingEntry
(Torecordaccruedreveneu)
(Torecordmonthlydepreciationonequipment)
(Torecord
insurance
expired)
J2
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
9/28
Page1of24.1
No.101
Date Ref. Debit Credit Balance
July,1 InvestedCashinbusiness J1 8,000 8,00
1 Purchasedtruckpaidhalfofamount J1 3,000 5,00
5 Paidcashforoneyearinsurancepolicy J1 1,200 3,80
18 Paidaccountowedontruckandsupplies J1 1,500 2,30
20 Paidcash
for
employee
salaries
J1 1,200 1,10
21 Collectedcashfromcustomerbilled J1 1,400 2,50
31 Paidcashforgasandoilontruck J1 200 2,30
31 Owner'swithdrewforpersonaluse J1 600 1,70
No.112
Date Ref. Debit Credit Balance
July,12 Billedcustomerforcleaningservices J1 2,500 2,50
21 Collectedcashfromcustomerbill J1 1,400 1,10
25 Billedcustomerforcleaningservices J1 3000 4,10
31 Adj.Entry J2 1,100 5,20
No.128
Date Ref. Debit Credit Balance
July,3 Purchasedcleaningsuppliesoncredit J1 900 90
31 Adj.Entry J2 300 60
No.130
Date Ref. Debit Credit Balance
July,5 Paidcashforoneyearinsurancepolicy J1 1,200 1,20
31 Adj.Entry J2 100 1,10
No.157
Date Ref. Debit Credit Balance
July,1 Purchaseusetruck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 200 20
No.201
Date Ref. Debit Credit Balance
July,1 Purchased
use
truck
paid
half
of
amount J1 3,000 3,00
3 Purchasedcleaningsuppliesoncredit J1 900 3,90
28 Paidamountowedontruckandsupplies J1 1,500 2,40
No.212
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 400 40
CleaningSupplies
GeneralLedger
CashExplanation
AccountsReceivableExplanation
Explanation
PrepaidInsuranceExplanation
Equipment
Explanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
SalariesPaybleExplanation
4.1e Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
10/28
Page2of2
No.301
Date Ref. Debit Credit Balance
July,1 Investedcashinthebusiness J1 8,000 8,00
No.306
Date Ref. Debit Credit Balance
July,31 Owner
withdrew
for
personal
use J1 600 60
No.350
Date Ref. Debit Credit Balance
No.400
Date Ref. Debit Credit Balance
July,12 Billedcustomerforcleaingservices J1 2,500 2,50
25 Billed
customer
for
cleaing
services J1 3,000 5,5031 Adj.Entry J2 1,100 6,60
No.633
Date Ref. Debit Credit Balance
July,31 Paidcashforgasandoilontruck J1 200 20
No.634
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 300 30
No.711
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 200 20
No.722
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 100 10
No.726
Date Ref. Debit Credit Balance
July,20 Paidcashforemployeesalries J1 1,200 1,20
31 Adj.Entry J2 400 1,60
JanJansen,Capital
DepreciationExpense
Explanation
JanJansen,DrawingExplanation
IncomeSummaryExplanation
FeesEarnedExplanation
GasandOilExpenseExplanation
CleaningSuppliesExpenseExplanation
Explanation
InsuranceExpenseExplanation
SalariesExpense
Explanation
4.1e Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
11/28
4.1 f
Date Ref. Debit CreditJuly,31
31 FeesEarned 400 6,600IncomeSummary 350 6,600
31 IncomeSummary 350 2,400Gas&OilExpense 633 200CleaningSuppliesExpense 634 300DepreciationExpense 711 200InsuranceExpense 722 100SalariesExpense 726 1,600
31 IncomeSummary 350 4,200JanJansen,Capital 301 4,200
31 JanJansen,Capital 301 600JanJansen,Drwaing 306 600
(2)
GeneralJournalAccountTitleandExplantion
ClosingEntry(1)
(ToclosingRevenueaccount)
(TocloseExpensesaccount)
(3)
(Toclosenetincometocapital)
(4)
(Toclosedrawingtocapital)
J3
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
12/28
Page1of24.1 f
No.101
Date Ref. Debit Credit Balance
July,1 InvestedCashinbusiness J1 8,000 8,00
1 Purchasedtruckpaidhalfofamount J1 3,000 5,00
5 Paidcashforoneyearinsurancepolicy J1 1,200 3,80
18 Paidaccountowedontruckandsupplies J1 1,500 2,30
20 Paidcash
for
employee
salaries
J1 1,200 1,10
21 Collectedcashfromcustomerbilled J1 1,400 2,50
31 Paidcashforgasandoilontruck J1 200 2,30
31 Owner'swithdrewforpersonaluse J1 600 1,70
No.112
Date Ref. Debit Credit Balance
July,12 Billedcustomerforcleaningservices J1 2,500 2,50
21 Collectedcashfromcustomerbill J1 1,400 1,10
25 Billedcustomerforcleaningservices J1 3000 4,10
31 Adj.Entry J2 1,100 5,20
No.128
Date Ref. Debit Credit Balance
July,3 Purchasedcleaningsuppliesoncredit J1 900 90
31 Adj.Entry J2 300 60
No.130
Date Ref. Debit Credit Balance
July,5 Paidcashforoneyearinsurancepolicy J1 1,200 1,20
31 Adj.Entry J2 100 1,10
No.157
Date Ref. Debit Credit Balance
July,1 Purchaseusetruck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 200 20
No.201
Date Ref. Debit Credit Balance
July,1 Purchased
use
truck
paid
half
of
amount J1 3,000 3,00
3 Purchasedcleaningsuppliesoncredit J1 900 3,90
28 Paidamountowedontruckandsupplies J1 1,500 2,40
No.212
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 400 40
CleaningSupplies
GeneralLedger
CashExplanation
AccountsReceivableExplanation
Explanation
PrepaidInsuranceExplanation
Equipment
Explanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
SalariesPaybleExplanation
4.1f Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
13/28
Page2of2
No.301
Date Ref. Debit Credit Balance
July,1 Investedcashinthebusiness J1 8,000 8,00
31 ClosingEntry(3) J3 4,200 12,20
31 ClosingEntry(4) J3 600 11,60
No.306
Date Ref. Debit Credit BalanceJuly,31 Ownerwithdrewforpersonaluse J1 600 60
31 ClosingEntry(4) J3 600
No.350
Date Ref. Debit Credit Balance
July,31 ClosingEntry(1) J3 6,600 6,60
31 ClosingEntry(2) J3 2,400 4,20
31 CloseingEntry(3) J3 4,200
No.400
Date Ref. Debit Credit BalanceJuly,12 Billedcustomerforcleaingservices J1 2,500 2,50
25 Billedcustomerforcleaingservices J1 3,000 5,50
31 Adj.Entry J2 1,100 6,60
31 ClosingEntry J3 6,600
No.633
Date Ref. Debit Credit Balance
July,31 Paidcashforgasandoilontruck J1 200 20
31 ClosingEntry J3 200
No.634
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 300 30
31 ClosingEntry J3 300
No.711
Date Ref. Debit Credit Balance
July,31 Adj.Entry J2 200 20
31 ClosingEntry J3 200
No.722
Date Ref. Debit Credit Balance
July,31 Adj.
Entry J2 100 10
31 ClosingEntry J3 100
No.726
Date Ref. Debit Credit Balance
July,20 Paidcashforemployeesalries J1 1,200 1,20
31 Adj.Entry J2 400 1,60
31 ClosingEntry J3 1,600
JanJansen,Capital
DepreciationExpense
Explanation
JanJansen,Drawing
Explanation
IncomeSummaryExplanation
FeesEarned
Explanation
GasandOilExpenseExplanation
CleaningSuppliesExpenseExplanation
Explanation
InsuranceExpenseExplanation
SalariesExpenseExplanation
4.1f Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
14/28
4.1 g
Debit Credit
Cash 1,700$
AccountsReceivable 5,200$
CleaningSupplies 600$
PrepaidInsurance 1,100$
Equipment 6,000$
Accumulateddepreciationequipment 200$
AccountsPayable 2,400$
Salaries
Payable
400$
JanJansen,Capital 11,600$
14,600$ 14,600$
Jan'sWindowWashing
PostClosingTrialBalance
ForthemonthendedJuly,31
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
15/28
4.2 HelgaHohlopenedHelga'sCarpetCleanersonMarch1.During,thefollowingtransactionswere
completed.
March 1 Invested$10,000cashinbusiness.
1 Purchasedusedtruckfor$6,000,paying$4,000cashandthebalanceonaccount.
3 Purchasedcleaningsuppliesfor$1,200onaccount.
5 Paid$1,800cashononeyearinsuranceplicyeffectiveMarch1.
14 Billedcustomers$2,800forcleaningservies.
18 Paid$1,500
cash
on
amount
owed
on
truck
and
$500
on
amount
owed
on
cleaning
supplies.
20 Paid$1,500cashforemployeesalaries.
21 Collected$1,600cashfromcustomersbilledonMarch14.
28 Billedcustomers$3,200forcleaningservices.
31 Paidgasandoilformonthontruck$200.
31 Withdrew$900cashforpersonaluse.
ThechartofaccountsforHelga'sCarpetCleanerscontainsthefollowingaccounts:No.101Cash,
No.112AccountsReceivable,No.128CleaningSupplies,No.130PrepaidInsurance,No.157
Equipment,
No.
158
Accumulated
depreciation
Equipment,
No.
201
Accounts
Payable,
No.
212SalariesPayable,No.301H.Kohl,Capital,No.306H.Kohl,Drawing,No.350IncomeSummary,
No.400FeesEarned,No.633Gas&OilExpense,No.634CleaningSuppliesExpense,No.711
DepreciationExpense,No.722InsuranceExpense,No.726SalariesExpense.
Instructions:
a. JournalizeandposttheMarchtransactions.UseJ1fortheJournalandthethreecolumnform
ofaccount.
b. PrepareatrialbalanceatMarch31onaworksheet.
c. Enter
the
following
adjustments
on
the
work
sheet
and
complete
the
work
sheet.1 EarnedbutunbilledfeesatMarch31was$600.
2 Depreciatoinonequipmentforthemonthwas$250.
3 Onetwelfthoftheinsuranceexpired.
4 Aninventorycountshows$400ofcleaningsuppliesonhandatMarch31.
5 Accuredbutunpaidemployeesalarieswere$500.
d. PreparetheIncomeStatementandOwner'sEquityStatementforMarchandaClassisfied
BalanceSheetatMarch31.
e. Journalizeandpostadjustingentries.UsepageJ2fortheJournal.
f. Journalizeandpostclosingentriesandcompletedclosingprocess.UsepageJ3fortheJournal.
g. PrepareaPostClosingTrialBalanceatMarch31.
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.ProeunThat Tel:0899
-
5/28/2018 Complete Accounting Cycle Exercise
16/28
.2 a
Date Ref. Debit CreditMarch
1 Cash 101 10,000H.Kohl,Capital 301 10,000
1 Equipment 157 6,000Cash 101 4,000AccountsPayable 201 2,000
3 CleaningSupplies 128 1,200AccountsPayable 201 1,200
5 PrepaidInsurance 130 1,800Cash 101 1,800
14 AccountsReceivable 112 2,800FeesEarned 400 2,800
18 AccountsPayable 201 2,000Cash 101 2,000
20 SalariesExpense 726 1,500Cash 101 1,500
21 Cash 101 1,600AccountsReceivable 112 1,600
28 AccountsReceivable 112 3,200FeesEarned 400 3,200
31 Gas&OilExpense 633 200Cash 101 200
31 H.Hohl,Drawing 306 900Cash 101 900
(Billedcustomerforcleaningservices)
(Paidcash
for
gas
and
oil
on
truck)
(Owner'swithdrewforpersonaluse)
GeneralJournalAccountTitleandExplantion
(Investedcashinthebusiness)
(Purchaseusetruck)
(PurchasedCleaningSuppliesoncredit)
(Paidcashforoneyearinsurancepolicy)
(Billedcustomerforcleaingservices)
(Paidamountowedontruckandsupplies)
(Paid
cash
for
employee
salaries)
(CollectedcashfromcustomerbilledonMarch14)
J1
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.ProeunThat Tel:0899
-
5/28/2018 Complete Accounting Cycle Exercise
17/28
Page1of24.2
No.101
Date Ref. Debit Credit Balance
March,1 InvestedCashinbusiness J1 10,000 10,00
1 Purchasedtruck J1 4,000 6,00
5 Paidcashforoneyearinsurance J1 1,800 4,20
18 Paidaccountowedontruckandsupplies J1 2,000 2,20
20 Paidcash
for
employee
salaries
J1 1,500 70
21 Collectedcashfromcustomerbilled J1 1,600 2,30
31 Paidcashforgasandoilontruck J1 200 2,10
31 Owner'swithdrewforpersonaluse J1 900 1,20
No.112
Date Ref. Debit Credit Balance
March,14 Billedcustomerforcleaningservices J1 2,800 2,80
21 Collectedcashfromcustomerbill J1 1,600 1,20
28 Billedcustomerforcleaningservices J1 3,200 4,40
No.128
Date Ref. Debit Credit Balance
March,3 Purchasedcleaningsuppliesoncredit J1 1,200 1,20
No.130
Date Ref. Debit Credit Balance
March,5 Paidcashforoneyearinsurancepolicy J1 1,800 1,80
No.157
Date Ref. Debit Credit Balance
March,1 Purchase
use
truck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
No.201
Date Ref. Debit Credit Balance
March,1 Purchasedusetruck J1 2,000 2,00
3 Purchasedcleaning
supplies
on
credit J1 1,200 3,20
28 Paidamountowedontruckandsupplies J1 2,000 1,20
No.212
Date Ref. Debit Credit BalanceExplanation
Explanation
GeneralLedger
Cash
AccountsReceivable
SalariesPayble
Explanation
CleaningSuppliesExplanation
PrepaidInsuranceExplanation
EquipmentExplanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
4.2a Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
18/28
Page2of2
No.301
Date Ref. Debit Credit Balance
March,1 Investedcashinthebusiness J1 10,000 10,00
No.306
Date Ref. Debit Credit Balance
March,31 Owner
withdrew
for
personal
use J1 900 90
No.350
Date Ref. Debit Credit Balance
No.400
Date Ref. Debit Credit Balance
March,14 Billedcustomerforcleaingservices J1 2,800 2,80
28 Billed
customer
for
cleaing
services J1 3,200 6,00
No.633
Date Ref. Debit Credit Balance
March,31 Paidcashforgasandoilontruck J1 200 20
No.634
Date Ref. Debit Credit Balance
No.711
Date Ref. Debit Credit Balance
No.722
Date Ref. Debit Credit Balance
No.726
Date Ref. Debit Credit Balance
March,20 Paidcashforemployeesalries J1 1,500 1,50
Explanation
Explanation
DepreciationExpenseExplanation
InsuranceExpenseExplanation
SalariesExpense
CleaningSuppliesExpense
H.Kohl,CapitalExplanation
H.Kohl,DrawingExplanation
IncomeSummaryExplanation
FeesEarnedExplanation
GasandOilExpenseExplanation
4.2a Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
19/28
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
Cash 1,200 1,200
AccountsReceivable 4,400 (1)600 5,000 CleaningSupplies 1,200 (4)800 400 PrepaidInsurance 1,800 (3)150 1,650 Equipment 6,000 6,000 AccountsPayable 1,200 1,200 H.Kohl,Capital 10,000 10,000 H.Kohl,Drawing 900 900 FeesEarned 6,000 (1)600 6,600 GasandOilExpense 200 200 2SalariesExpense 1,500 (5)500 2,000 2,0
Total 17,200 17,200
Accumulateddepre.Equip. (2)250 250 DepreciationExpense (2)250 250 2InsuranceExpense (3)150 150 CleaningSuppliesExpense (4)800 800 8SalariesPayable (5)500 500
Total 2,300 2,300 18,550 18,550 3,4
NetIncome 3,2Total 6,6
Helga'sCarpetCleanersWorkSheet
ForthemonthendedMarch,31AccountTitle TrialBalance Adjustment
AdjustedTrialBalance Incom
4.2bandc Promotion9,YearI,SemesterII,StageI,GroupD'1,
-
5/28/2018 Complete Accounting Cycle Exercise
20/28
Page1of2
Revenues
FeesEarned 6,600$
Expenses
Gas&OilExpense 200$SalariesExpense 2,000$DepreciationExpense 250$InsuranceExpense 150$CleaningSuppliesExpense 800$
TotalExpenses 3,400$
NetIncome 3,200
H.Kohl,CapitalMarch1 $Add: Investments 10,000$
NetRevenue 3,200$13,200$
Less: Drawings 900$
H.Kohl,CapitalMarch31 12,300
Helga'sCarpetCleanersIncomeStatemet
ForthemonthendedMarch,31
Helga'sCarpetCleanersStatementofOwner'sEquity
ForthemonthendedMarch,31
4.2d Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
21/28
Page2of2
Assets
CurrentAssets
Cash 1,200$
AccountsReceivable 5,000$
CleaningSupplies 400$
PrepaidInsurance 1,650$
TotalCurrentAssets 8,250$
Property,Plant,andEquipment
Equipment 6,000$
Less:Accumulateddepreciationequipment 250$ 5,750$
TotalAssets 14,000$
LiabilitiesandOwner'sEquiptyCurrentLiablities
AccountsPayable 1,200$
SalariesPayable 500$
TotalCurrentLiablities 1,700$
TotalLiablities
1,700$
Owner'sEquity
H.Kohl,Capital 12,300$
TotalLiabilitiesandOwner'sEquity 14,000$
ForthemonthendedMarch,31
Helga'sCarpetCleaners
BalanceSheet
4.2d Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
22/28
4.2 e
Date Ref. Debit CreditMarch,31
1 AccountsReceivable 112 600FeesEarned 400 600
2 DepreciationExpense 711 250Accumulateddepre.Equipment 158 250
3 InsuranceExpense 722 150PrepaidInsurance 130 150
4 CleaningSuppliesExpense 634 800CleaningSupplies 128 800
5 SalariesExpense 726 500SalariesPayable 212 500
(TorecordSuppliesused)
(Torecordaccuedsalaries)
GeneralJournalAccountTitleandExplantion
AdjustingEntry
(Torecordaccruedreveneu)
(Torecordmonthlydepreciationonequipment)
(Torecord
insurance
expired)
J2
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
23/28
Page1of24.2
No.101
Date Ref. Debit Credit Balance
March,1 InvestedCashinbusiness J1 10,000 10,00
1 Purchasedtruck J1 4,000 6,00
5 Paidcashforoneyearinsurance J1 1,800 4,20
18 Paidaccountowedontruckandsupplies J1 2,000 2,20
20 Paidcash
for
employee
salaries
J1 1,500 70
21 Collectedcashfromcustomerbilled J1 1,600 2,30
31 Paidcashforgasandoilontruck J1 200 2,10
31 Owner'swithdrewforpersonaluse J1 900 1,20
No.112
Date Ref. Debit Credit Balance
March,14 Billedcustomerforcleaningservices J1 2,800 2,80
21 Collectedcashfromcustomerbill J1 1,600 1,20
28 Billedcustomerforcleaningservices J1 3,200 4,40
31 Adj.Entry J2 600 5,00
No.128
Date Ref. Debit Credit Balance
March,28 Purchasedcleaningsuppliesoncredit J1 1,200 1,20
31 Adj.Entry J2 800 40
No.130
Date Ref. Debit Credit Balance
March,5 Paidcashforoneyearinsurancepolicy J1 1,800 1,80
31 Adj.Entry J2 150 1,65
No.157
Date Ref. Debit Credit Balance
March,3 Purchaseusetruck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 250 25
No.201
Date Ref. Debit Credit Balance
March,1 Purchased
use
truck J1 2,000 2,00
3 Purchasedcleaningsuppliesoncredit J1 1,200 3,20
28 Paidamountowedontruckandsupplies J1 2,000 1,20
No.212
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 500 50
CleaningSupplies
GeneralLedger
CashExplanation
AccountsReceivableExplanation
Explanation
PrepaidInsuranceExplanation
Equipment
Explanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
SalariesPaybleExplanation
4.2e Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
24/28
Page2of2
No.301
Date Ref. Debit Credit Balance
March,1 Investedcashinthebusiness J1 10,000 10,00
No.306
Date Ref. Debit Credit Balance
March,31 Owner
withdrew
for
personal
use J1 900 90
No.350
Date Ref. Debit Credit Balance
No.400
Date Ref. Debit Credit Balance
March,14 Billedcustomerforcleaingservices J1 2,800 2,80
28 Billed
customer
for
cleaing
services J1 3,200 6,0031 Adj.Entry J2 600 6,60
No.633
Date Ref. Debit Credit Balance
March,31 Paidcashforgasandoilontruck J1 200 20
No.634
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 800 80
No.711
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 250 25
No.722
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 150 15
No.726
Date Ref. Debit Credit Balance
March,20 Paidcashforemployeesalries J1 1,500 1,50
31 Adj.Entry J2 500 2,00
H.Kohl,Capital
DepreciationExpense
Explanation
H.Kohl,DrawingExplanation
IncomeSummaryExplanation
FeesEarnedExplanation
GasandOilExpenseExplanation
CleaningSuppliesExpenseExplanation
Explanation
InsuranceExpenseExplanation
SalariesExpense
Explanation
4.2e Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
25/28
4.2 f
Date Ref. Debit CreditMarch,31
31 FeesEarned 400 6,600IncomeSummary 350 6,600
31 IncomeSummary 350 3,400Gas&OilExpense 633 200CleaningSuppliesExpense 634 800DepreciationExpense 711 250InsuranceExpense 722 150SalariesExpense 726 2,000
31 IncomeSummary 350 3,200H.Kohl,Capital 301 3,200
31 H.Kohl,Capital 301 900H.Kohl,Drwaing 306 900
GeneralJournalAccountTitleandExplantion
ClosingEntry
(Toclosedrawingtocapital)
(4)
(ToclosingRevenueaccount)
(2)
(1)
(TocloseExpensesaccount)
(3)
(Toclosenetincometocapital)
J3
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
26/28
Page1of24.2
No.101
Date Ref. Debit Credit Balance
March,1 InvestedCashinbusiness J1 10,000 10,00
1 Purchasedtruck J1 4,000 6,00
5 Paidcashforoneyearinsurance J1 1,800 4,20
18 Paidaccountowedontruckandsupplies J1 2,000 2,20
20 Paidcash
for
employee
salaries
J1 1,500 70
21 Collectedcashfromcustomerbilled J1 1,600 2,30
31 Paidcashforgasandoilontruck J1 200 2,10
31 Owner'swithdrewforpersonaluse J1 900 1,20
No.112
Date Ref. Debit Credit Balance
March,14 Billedcustomerforcleaningservices J1 2,800 2,80
21 Collectedcashfromcustomerbill J1 1,600 1,20
28 Billedcustomerforcleaningservices J1 3,200 4,40
31 Adj.Entry J2 600 5,00
No.128
Date Ref. Debit Credit Balance
March,28 Purchasedcleaningsuppliesoncredit J1 1,200 1,20
31 Adj.Entry J2 800 40
No.130
Date Ref. Debit Credit Balance
March,5 Paidcashforoneyearinsurancepolicy J1 1,800 1,80
31 Adj.Entry J2 150 1,65
No.157
Date Ref. Debit Credit Balance
March,3 Purchaseusetruck J1 6,000 6,00
No.158
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 250 25
No.201
Date Ref. Debit Credit Balance
March,1 Purchased
use
truck J1 2,000 2,00
3 Purchasedcleaningsuppliesoncredit J1 1,200 3,20
28 Paidamountowedontruckandsupplies J1 2,000 1,20
No.212
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 500 50
CleaningSupplies
GeneralLedger
CashExplanation
AccountsReceivableExplanation
Explanation
PrepaidInsuranceExplanation
Equipment
Explanation
AccumulatedDepreciationEquipmentExplanation
AccountsPayableExplanation
SalariesPaybleExplanation
4.2f Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
27/28
Page2of2
No.301
Date Ref. Debit Credit Balance
March,1 Investedcashinthebusiness J1 10,000 10,00
31 ClosingEntry(3) J3 3,200 13,20
31 ClosingEntry(4) J3 900 12,30
No.306
Date Ref. Debit Credit BalanceMarch,31 Ownerwithdrewforpersonaluse J1 900 90
31 ClosingEntry(4) J3 900
No.350
Date Ref. Debit Credit Balance
March,31 ClosingEntry(1) J3 6,600 6,60
31 ClosingEntry(2) J3 3,400 3,20
31 ClosingEntry(3) J3 3,200
No.400
Date Ref. Debit Credit BalanceMarch,14 Billedcustomerforcleaingservices J1 2,800 2,80
28 Billedcustomerforcleaingservices J1 3,200 6,00
31 Adj.Entry J2 600 6,60
31 ClosingEntry J3 6,600
No.633
Date Ref. Debit Credit Balance
March,31 Paidcashforgasandoilontruck J1 200 20
31 ClosingEntry(2) J3 200
No.634
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 800 80
31 ClosingEntry(2) J3 800
No.711
Date Ref. Debit Credit Balance
March,31 Adj.Entry J2 250 25
31 ClosingEntry(2) J3 250
No.722
Date Ref. Debit Credit Balance
March,31 Adj.
Entry J2 150 15
31 ClosingEntry(2) J3 150
No.726
Date Ref. Debit Credit Balance
March,20 Paidcashforemployeesalries J1 1,500 1,50
31 Adj.Entry J2 500 2,00
31 ClosingEntry(2) J3 2,000
H.Kohl,Capital
DepreciationExpense
Explanation
H.Kohl,Drawing
Explanation
IncomeSummaryExplanation
FeesEarned
Explanation
GasandOilExpenseExplanation
CleaningSuppliesExpenseExplanation
Explanation
InsuranceExpenseExplanation
SalariesExpenseExplanation
4.2f Promotion
9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9
-
5/28/2018 Complete Accounting Cycle Exercise
28/28
4.2 g
Debit Credit
Cash 1,200$
AccountsReceivable 5,000$
CleaningSupplies 400$
PrepaidInsurance 1,650$
Equipment 6,000$
Accumulateddepreciationequipment 250$
AccountsPayable 1,200$
Salaries
Payable
500$
H.Kohl,Capital 12,300$
14,250$ 14,250$
Helga'sCarpetCleaners
PostClosingTrialBalance
ForthemonthendedMarch,31
Promotion9,
Year
I,Semester
II,
Stage
I,Group
D'1,
Room
E107
Mr.
Proeun
That
Tel:
089
9