College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 7SPB
FINANCIAL STATEMENTS A work sheet for Juanita’s Consulting is shown on the following page. There were no additional investments made by the owner during the month.
REQUIRED
1. Prepare an income statement.
2. Prepare a statement of owner’s equity.
3. Prepare a balance sheet.
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A work sheet for Juanita’s Consulting is shown below. There were no additional investments made by the owner during the month.
Prepare a General Journal, General Ledger, and a Trial Balance.
Juanita’s Consulting
Worksheet
For Month Ended June 30, 20--
1
TRIAL BALANCE
TRIAL BALANCE
ADJUSTMENTS
ADJUSTMENTS
ADJUSTED TRIAL BALANCE
ADJUSTED TRIAL BALANCE
INCOME STATEMENT
INCOME STATEMENT
BALANCE SHEET
BALANCE SHEET
2
ACCOUNT TITLE
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
3
Cash
5,285.00
5,285.00
5,285.00
4
Accounts Receivable
1,075.00
1,075.00
1,075.00
5
Supplies
750.00
(a) 250.00
500.00
500.00
6
Prepaid Insurance
500.00
(b) 100.00
400.00
400.00
7
Office Equipment
2,200.00
2,200.00
2,200.00
8…
The partial work sheet for Adams’ Shoe Shine is shown, prepare a statement of owner’s equity, assuming no additional investment was made by the owner.
Adams’ Shoe Shine
Work Sheet (Partial)
For Month Ended June 30, 20--
1
INCOME STATEMENT
INCOME STATEMENT
BALANCE SHEET
BALANCE SHEET
2
ACCOUNT TITLE
DEBIT
CREDIT
DEBIT
CREDIT
3
Cash
3,262.00
4
Accounts Receivable
1,244.00
5
Supplies
800.00
6
Prepaid Insurance
640.00
7
Office Equipment
2,100.00
8
Accumulated Depreciation-Office Equipment
110.00
9
Accounts Payable
1,850.00
10
Wages Payable
260.00
11
Mary Adams, Capital
6,000.00
12
Mary Adams, Drawing
2,000.00
13
Service Fees
4,813.00
14
Wages Expense
1,080.00
15
Advertising Expense
34.00…
From the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month.
Carlos Perez Delivery ServiceWork Sheet (Partial)For Month Ended January 31, 20--
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Cash
11,000
Accounts Receivable
1,500
Supplies
1,200
Prepaid Insurance
800
Delivery Equipment
5,000
Accum. Depr.—Delivery Equip.
400
Accounts Payable
900
Wages Payable
1,400
Carlos Perez, Capital
15,600
Carlos Perez, Drawing
1,500
Delivery Fees
6,400
Wages Expense
880
Rent Expense
1,100
Supplies Expense
220
Telephone Expense
175
Electricity Expense
320
Insurance Expense
550
Depr. Exp.—Delivery Equip.
400
Miscellaneous Expense
55
3,700
6,400
21,000
18,300
Net Income
2,700…
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- Provided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11A, and 3-12A. STATEMENT OF OWNERS EQUITY From the information in the trial balance presented above, prepare a statement of owners equity for Juanitas Delivery Service for the month ended September 30, 20--. Assume this is not the first month of operations and the owner did not invest in the business during September.arrow_forwardKelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20,4,820. 25. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (A) Insurance expired during May is 275. (B) Supplies on hand on May 31 are 715. (C) Depreciation of office equipment for May is 330. (D) Accrued receptionist salary on May 31 is 325. (E) Rent expired during May is 1,600. (F) Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of d1e journal. (Income Summary is account #34 in d1e chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.arrow_forwardFrom the partial work sheet, prepare an income statement, a statement of owner's equity, and a classified balance sheet. The owner made no additional investments in the business during the month. Carlos Perez Delivery ServiceWork Sheet (Partial)For Month Ended January 31, 20-- Income Statement Balance Sheet Account Title Debit Credit Debit Credit Cash 11,000 Accounts Receivable 1,500 Supplies 1,200 Prepaid Insurance 800 Delivery Equipment 5,000 Accum. Depr.—Delivery Equip. 400 Accounts Payable 900 Wages Payable 1,400 Carlos Perez, Capital 15,600 Carlos Perez, Drawing 1,500 Consulting Fees 6,400 Wages Expense 880 Rent Expense 1,100 Supplies Expense 220 Telephone Expense 175 Electricity Expense 320 Insurance Expense 550 Depr. Exp.—Delivery Equip. 400 Miscellaneous Expense 55 3,700 6,400 21,000 18,300 Net Income 2,700…arrow_forward
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