Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 5, Problem 1PB
1-a.
To determine
Indicate the names of owner above the Capital and Drawing accounts.
1-b.
To determine
Open the T-accounts for owners’ equity, revenue, and expenses and record the account balances.
2.
To determine
Prepare closing entries numbering the entries 1 through 4.
3.
To determine
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For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers.
The completed worksheet for Valerie Insurance Agency as of December 31 is presented in your Working Papers or in CengageNow, along with the general ledger as of December 31 before adjustments.
Check Figure
Post-closing trial balance total, $10, 170
Required
1. Write the name of the owner, M. Valerie, in the Capital and Drawing accounts.
2. Write the balances from the unadjusted trial balance in the general ledger.
3. Journalize and post the adjusting entries.
4. Journalize and post the closing entries in the correct order.
5. Prepare a post-closing trial balance.
You must complete the following tasks below for the month of April in the Excel workbook provided.
Required:
Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction.
Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances.
Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts.
Part 4. Prepare a trial balance.
Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.
The following transactions occurred for Luminary Engineering:
View the transactions. View the journal entries.
Read the requirements.
Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July 31 balance for each account. Use a "Bal." posting reference on the proper side of each account to show the ending balances of the
accounts. (For accounts with a $0 balance, make sure to enter "0" in the appropriate input field on the normal side of the account.)
Accounts Payable
Cash
Accounts Receivable
Supplies
Equipment
Notes Payable
Common Stock
Dividends
Service Revenue
Utilities Expense
Transactions
Jul. 2
Jul. 4
Jul. 5
Jul. 10
Jul. 12
Jul. 19
Jul. 21
Jul. 27
Requirements
Received $9,000 contribution from Bob Luminary in exchange for common stock.
Paid utilities expense of $420.
Purchased equipment on account, $2,400.
Performed services for a client on account, $2,900.
Borrowed $7,600 cash, signing a notes payable.
Paid cash dividends of $500 to…
Chapter 5 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QYCh. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...
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 - Prob. 8DQCh. 5 - Prob. 9DQCh. 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 - Prob. 1PACh. 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 - Prob. 1PBCh. 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 - Prob. 2ACh. 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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