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27/08/2022
Brief Exercise 4-6
The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $16,400, Salaries and Wages Expense $8,200, Maintenance and Repairs Expense $2,500, and Net Income $5,700.
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Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three-column form of account.
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Brief Exercise 4-9
At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.
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1. |
A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. |
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2. |
The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750. |
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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No. |
Account Titles and Explanation |
Debit |
Credit |
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1. |
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2. |
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Brief Exercise 4-11
Match each of the following accounts to its proper balance sheet classification.
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Accounts |
Balance Sheet Classification |
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Accounts Payable |
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Accounts receivable |
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Accumulated depreciation—buildings |
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Buildings |
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Cash |
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Copyrights |
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Income taxes payable |
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Debt investments (long-term) |
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Land |
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Inventory |
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Patents |
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Supplies |
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Exercise 4-7 Kay Magill Company had the following adjusted trial balance.
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Condition gt requires numbers instead of “null” and “0” Prepare closing entries at June 30, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Condition gt requires numbers instead of “null” and “0” Prepare a post-closing trial balance.
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Exercise 4-8 Plevin Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.
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Condition gt requires numbers instead of “null” and “0” Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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Condition gt requires numbers instead of “null” and “0” Post to Owner’s Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part.)
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J15 |
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Income Summary |
No. 350 |
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Date |
Explanation |
Ref |
Debit |
Credit |
Balance |
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July 31 |
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Condition gt requires numbers instead of “null” and “0” Prepare a post-closing trial balance at July 31.
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Exercise 4-10 Condition gt requires numbers instead of “null” and “0” Janis Engle has prepared the following list of statements about the accounting cycle. Identify each statement as true or false.
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Reversing entries are a required step in the accounting cycle. |
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Correcting entries do not have to be part of the accounting cycle. |
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If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. |
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5. |
The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. |
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All steps of the accounting cycle occur daily during the accounting period. |
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7. |
The step of “post to the ledger accounts” occurs before the step of “journalize the transactions.” |
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8. |
Closing entries must be prepared before financial statements can be prepared. |
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