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This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real-life situations. This problem will give you valuable experience. CHART OF ACCOUNTS You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. Required 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.) 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.) 3. Prepare a trial balance. (If using a work sheet, use the first two columns.) 4. Data for the adjustments are as follows: a. Insurance expired during the month, $1,020. b. Depreciation of building for the month, $480. c. Depreciation of pool/slide facility for the month, $675. d. Depreciation of pool furniture for the month, $220. e. Wages accrued at July 31, $920. Your instructor may want you to use a work sheet for these adjustments. 5. Journalize adjusting entries. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.) 7. Prepare an adjusted trial balance. 8. Prepare the income statement. 9. Prepare the statement of owner’s equity. 10. Prepare the balance sheet. 11. Journalize closing entries. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.) 13. Prepare a post-closing trial balance. Check Figure Trial balance total, $601,941; net income, $16,293; post-closing trial balance total, $569,614

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 5, Problem 1ACRPA
Textbook Problem

This problem is designed to enable you to apply the knowledge you have acquired in the preceding chapters. In accounting, the ultimate test is being able to handle data in real-life situations. This problem will give you valuable experience.

CHART OF ACCOUNTS

Chapter 5, Problem 1ACRPA, This problem is designed to enable you to apply the knowledge you have acquired in the preceding , example  1

Chapter 5, Problem 1ACRPA, This problem is designed to enable you to apply the knowledge you have acquired in the preceding , example  2

You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle.

When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded.

Chapter 5, Problem 1ACRPA, This problem is designed to enable you to apply the knowledge you have acquired in the preceding , example  3

Chapter 5, Problem 1ACRPA, This problem is designed to enable you to apply the knowledge you have acquired in the preceding , example  4

Chapter 5, Problem 1ACRPA, This problem is designed to enable you to apply the knowledge you have acquired in the preceding , example  5

Required

  1. 1. Journalize the transactions. (Start on page 1 of the general journal if using Excel or Working Papers.)
  2. 2. Post the transactions to the ledger accounts. (Skip this step if using CLGL.)
  3. 3. Prepare a trial balance. (If using a work sheet, use the first two columns.)
  4. 4. Data for the adjustments are as follows:
    1. a. Insurance expired during the month, $1,020.
    2. b. Depreciation of building for the month, $480.
    3. c. Depreciation of pool/slide facility for the month, $675.
    4. d. Depreciation of pool furniture for the month, $220.
    5. e. Wages accrued at July 31, $920.

Your instructor may want you to use a work sheet for these adjustments.

  1. 5. Journalize adjusting entries.
  2. 6. Post adjusting entries to the ledger accounts. (Skip this step if using CLGL.)
  3. 7. Prepare an adjusted trial balance.
  4. 8. Prepare the income statement.
  5. 9. Prepare the statement of owner’s equity.
  6. 10. Prepare the balance sheet.
  7. 11. Journalize closing entries.
  8. 12. Post closing entries to the ledger accounts. (Skip this step if using CLGL.)
  9. 13. Prepare a post-closing trial balance.

Check Figure

Trial balance total, $601,941; net income, $16,293; post-closing trial balance total, $569,614

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - When would revenue and expenses be recorded if a...Ch. 5 - What are interim financial statements? Why would a...Ch. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Considering the following events, determine which...Ch. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - After the accountant posted the adjusting entries...Ch. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - After the accountant posted the adjusting entries...Ch. 5 - The partial work sheet for Emil Consulting for...Ch. 5 - The account balances of Miss Beverlys Tutoring...Ch. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Your uncle owns a small sole proprietorship. He...Ch. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - After the adjusting entries are recorded and...

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