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Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks and worksheets are not protected.


Overtyping any data may remove it.
Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text.
You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be
printed on the top of each page if the template requires more than one page.
Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in
assembly of multiple pages.
If more than one page is required by the template, manual page breaks have been set to provide consistent presentation.
All of the cells have been correctly formatted for presentation and should not require any adjustment. For
example, if the text requires one, two, or three significant digits in a presentation, the template has been set for
that presentation in the appropriate cells.
In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include
date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions.
And information or data which may be required by the solution will be entered in cells with borders to help identify them.
Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date
format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will
return January 01, 2010, in the format set in the template.
Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the
text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been
provided or previously entered.
Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This
is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts
appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title
without typing it.
Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable,
"A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these
abbreviates may not be acceptable.
Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical
value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is
appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits
(decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by
any password, you may change any of the formatting found in the templates to meet your desires.
Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical
value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the
template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal
sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula.
These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. This may be a
memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials.
These titles can simply be typed over.
Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number
provided in the template and in the text for that step of the challenge. In general this will appear in instances such as "Record
the following events in General Journal number six."
The print area is defined to fit onto 8 1/2" 11" sheets in portrait or landscape mode as required. Margins are generally set
to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you
may have to reformat the margins through Page Setup.
The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by
utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes."
When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or
-$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference - "=E10*-E11" will
return a negative value if both cells E10 and E11 contain positive values.
Microsoft Office and Microsoft Excel are products of, and copyrighted by,
Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399

sistent presentation.

Name:
Date:
Instructor:
Course:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
E4-2, Complete the worksheet.
The adjusted trial balance columns of the worksheet for Pisa Company are as follows.
PISA COMPANY
Work Sheet (Partial)
For the Month Ended April 30, 2012
Adjusted T/B
Income Statement
Balance Sheet
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
10,000
Accounts Receivable
7,840
Prepaid Rent
2,280
Equipment
23,050
Accum. Depreciation-Equipment
4,921
Notes Payable
5,700
Accounts Payable
4,920
Owner's Capital
27,960
Owner's Drawings
3,650
Service Revenue
15,590
Salaries and Wages Expense
10,840
Rent Expense
760
Depreciation Expense
671
Interest Expense
57
Interest Payable
57
Totals
59,148
59,148
Formula Formula Formula Formula
Net income
Formula Formula Formula Formula
Totals
Formula Formula Formula Formula
Instructions:
E4-2 Instructions: Complete the worksheet, above.
E4-3 Instructions: Prepare an income statement, an owner's equity statement, and a classified balance
sheet.
PISA COMPANY
Income Statement
For the Month Ended April 30, 2012
Revenues
Account title
Amount
Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total expenses
Formula
Title
Formula

176263949.xlsx.ms_office, Exercises E4-2~4, Page 4 of 19 Page(s), 9/30/20137:30 AM

Name:
Date:
Instructor:
Course:
COMPANY
Accounting Principles, Tenth EditionPISA
by Weygandt,
Kieso, and Kimmel
Owners Equity Statement
For the Month Ended April 30, 2012

Title
Title

Formula
Amount
Formula
Amount
Formula

Title
Title
PISA COMPANY
Balance Sheet
April 30, 2012
Assets
Current assets
Account title
Account title
Account title
Total current assets
Property, plant, and equipment
Account title
Less: Title
Total assets

Amount
Amount
Amount
Amount
Amount
Amount

Liabilities and Owners Equity


Current liabilities
Account title
Amount
Account title
Amount
Account title
Amount
Total current liabilities
Owners equity
Owner's Capital
Total liabilities and owners equity

Formula
Formula

Formula
Amount
Formula

E4-4 Instructions: (a) Journalize the closing entries at April 30.


(1)

(2)

(3)

(4)

Apr. 30

30

30

30

Account title
Account title

Amount

Account title
Account title
Account title
Account title
Account title

Formula

Account title
Account title

Amount

Account title
Account title

Amount

Amount

Amount
Amount
Amount
Amount

Amount

Amount

176263949.xlsx.ms_office, Exercises E4-2~4, Page 5 of 19 Page(s), 9/30/20137:30 AM

Name:
Date:
Instructor:
Course:
E4-4
Instructions:
(b) Post the
closing
entries
to Income Summary
Owners Capital. Use T
Accounting
Principles
, Tenth
Edition
by Weygandt,
Kieso, andand
Kimmel
accounts.
Account title
Amount
Amount
Formula

Amount

Owner's Capital
Amount
Bal.

Formula

Bal.

Amount
Amount
Formula

E4-4 Instructions: (c) Prepare a post-closing trial balance at April 30.


PISA COMPANY
Post-Closing Trial Balance
April 30, 2012
Debit

Credit

Account title
Account title
Account title
Account title
Account title
Account title
Account title
Account title
Account title
Formula

Formula

176263949.xlsx.ms_office, Exercises E4-2~4, Page 6 of 19 Page(s), 9/30/20137:30 AM

Name: Solution
Date:
Instructor:
Course:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
E4-2, Complete the worksheet.
The adjusted trial balance columns of the worksheet for Pisa Company are as follows.
PISA COMPANY
Work Sheet (Partial)
For the Month Ended April 30, 2012
Adjusted T/B
Income Statement
Balance Sheet
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
10,000
10,000
Accounts Receivable
7,840
7,840
Prepaid Rent
2,280
2,280
Equipment
23,050
23,050
Accum. Depreciation-Equipment
4,921
4,921
Notes Payable
5,700
5,700
Accounts Payable
4,920
4,920
Owner's Capital
27,960
27,960
Owner's Drawings
3,650
3,650
Service Revenue
15,590
15,590
Salaries and Wages Expense
10,840
10,840
Rent Expense
760
760
Depreciation Expense
671
671
Interest Expense
57
57
Interest Payable
57
57
Totals
59,148
59,148
12,328
15,590
46,820
43,558
Net income
3,262
3,262
Totals

15,590

15,590

46,820

46,820

Instructions:
E4-2 Instructions: Complete the worksheet, above.
E4-3 Instructions: Prepare an income statement, an owner's equity statement, and a classified balance
sheet.
PISA COMPANY
Income Statement
For the Month Ended April 30, 2012
Revenues
Service Revenue
$15,590
Expenses
Salaries and Wages Expense
$10,840
Rent Expense
760
Depreciation Expense
671
Interest Expense
57
Total expenses
12,328
Net income
$3,262

176263949.xlsx.ms_office, Solution E4-2~4, Page 7 of 19 Page(s), 9/30/20137:30 AM

Name: Solution
Date:
Instructor:
Course:
COMPANY
Accounting Principles, Tenth EditionPISA
by Weygandt,
Kieso, and Kimmel
Owners Equity Statement
For the Month Ended April 30, 2012
Owner's Capital, April 1
$27,960
Add: Net income
3,262
31,222
Less: Drawings
3,650
Owner's Capital, April 30
$27,572
PISA COMPANY
Balance Sheet
April 30, 2012
Assets
Current assets
Cash
Accounts receivable
Prepaid rent
Total current assets
Property, plant, and equipment
Equipment
Less: Accum deprec-Equip
Total assets

$10,000
7,840
2,280
20,120
23,050
4,921

Liabilities and Owners Equity


Current liabilities
Notes payable
$5,700
Accounts payable
4,920
Interest payable
57
Total current liabilities
Owners equity
Owner's Capital
Total liabilities and owners equity

18,129
$38,249

$10,677
27,572
$38,249

E4-4 Instructions: (a) Journalize the closing entries at April 30.


(1)

(2)

(3)

(4)

Apr. 30

30

30

30

Service Revenue
Income Summary

15,590

Income Summary
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Interest Expense

12,328

15,590

10,840
760
671
57

Income Summary
Owner's Capital

3,262

Owner's Capital
Owner's Drawings

3,650

3,262

3,650

176263949.xlsx.ms_office, Solution E4-2~4, Page 8 of 19 Page(s), 9/30/20137:30 AM

Name: Solution
Date:
Instructor:
Course:
E4-4
Instructions:
(b) Post the
closing
entries
to Income Summary
Owners Capital. Use T
Accounting
Principles
, Tenth
Edition
by Weygandt,
Kieso, andand
Kimmel
accounts.

(2)
(3)

Income Summary
12,328
(1)
3,262
15,590

15,590

(4)

15,590

Owner's Capital
3,650
Bal.
(3)
Bal.

27,960
3,262
27,572

E4-4 Instructions: (c) Prepare a post-closing trial balance at April 30.


PISA COMPANY
Post-Closing Trial Balance
April 30, 2012
Debit
Cash
$10,000
Accounts Receivable
7,840
Prepaid Rent
2,280
Equipment
23,050
Accum. Depreciation-Equipment
Notes Payable
Accounts Payable
Interest Payable
Owner's Capital
$43,170

Credit

$4,921
5,700
4,920
57
27,572
$43,170

176263949.xlsx.ms_office, Solution E4-2~4, Page 9 of 19 Page(s), 9/30/20137:30 AM

Name:
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse

Date:
Course:

P4-1A, Prepare worksheet, fi nancial statements, and adjusting and closing entries.
Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows.
OMER ASIK, P.I.
Worksheet
For the Quarter Ended March 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance Income Statement
Balance Sheet
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
11,400
Accounts Receivable
5,620
Supplies
1,050
Prepaid Insurance
2,400
Equipment
30,000
Notes Payable
10,000
Accounts Payable
12,350
Owner's Capital
20,000
Owner's Drawings
600
Service Revenue
13,620
Salaries and Wages Expense
2,200
Travel Expense
1,300
Rent Expense
1,200
Miscellaneous Expense
200
55,970
55,970
Supplies Expense
Depreciation Expense
Accumulated Depreciation - Equipment
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Totals
Key: (a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled.
Other data:
1. Supplies on hand total
$480
2. Depreciation per quarter is
$800
3. Interest accrued on 6-month note payable, issued January 1,
4. Insurance expires at the rate of
$200
per month.
5. Services provided but unbilled at March 31 total
$1,030

$300

Instructions:
(a) Complete the worksheet, above.

176263949.xlsx.ms_office, Problem P4-1A, Page 10 of 19 Page(s), 9/30/20137:30 AM

Name:
Date:
Instructor:
Course:
(b)
Prepare an income
statement
and
owners
equity statement
theKimmel
quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business
Accounting
Principles
, Tenth
Edition
by Weygandt,
Kieso,for
and
during the quarter ended March 31, 2012.
OMER ASIK, P.I.
Income Statement
For the Quarter Ended March 31, 2012
Revenues
Account title
Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total expenses
Net income

OMER ASIK, P.I.


Owners Equity Statement
For the Quarter Ended March 31, 2012
Owner's Capital, Jan 1
Add: Title
Amount
Title
Amount
Title
Owner's Capital, March 31

OMER ASIK, P.I.


Balance Sheet
March 31, 2012
Assets
Amount

Formula
Formula

Amount
Formula
Formula
Amount
Formula

Current assets
Account title
Account title
Account title
Account title
Total current assets
Property, plant, and equipment
Account title
Less: Account title
Total assets

Amount
Amount
Amount
Amount
Formula
Amount
Amount

Formula
Formula

Liabilities and Owners Equity


Current liabilities
Account title
Amount
Account title
Amount
Account title
Amount
Total current liabilities
Formula
Owners equity
Account title
Amount
Total liabilities and owners equity
#VALUE!

176263949.xlsx.ms_office, Problem P4-1A, Page 11 of 19 Page(s), 9/30/20137:30 AM

Name:
Instructor:
(c)
Journalize the
adjusting entries
the by
adjustments
of the
worksheet.
Accounting
Principles
, Tenthfrom
Edition
Weygandt,columns
Kieso, and
Kimmel
Mar. 31

31

31

31

31

Account title
Account title

Amount

Account title
Account title

Amount

Account title
Account title

Amount

Account title
Account title

Amount

Account title
Account title

Amount

Date:
Course:

Amount

(d) Journalize the closing entries from the financial statement columns of the
worksheet.
Amount
Mar. 31 Account title
Account title
Amount
31

Amount

Amount

Amount

Amount

31

31

Account title
Account title
Account title
Account title
Account title
Account title
Account title
Account title
Account title

Amount

Account title
Account title

Amount

Account title
Account title

Amount

176263949.xlsx.ms_office, Problem P4-1A, Page 12 of 19 Page(s), 9/30/20137:30 AM

Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount

Amount

Amount

Name: Solution
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse

Date:
Course:

P4-1A, Prepare worksheet, fi nancial statements, and adjusting and closing entries.
Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows.
OMER ASIK, P.I.
Worksheet
For the Quarter Ended March 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance Income Statement
Balance Sheet
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
11,400
11,400
11,400
Accounts Receivable
5,620
(e)
1,030
6,650
6,650
Supplies
1,050
(a)
570
480
480
Prepaid Insurance
2,400
(d)
600
1,800
1,800
Equipment
30,000
30,000
30,000
Notes Payable
10,000
10,000
10,000
Accounts Payable
12,350
12,350
12,350
Owner's Capital
20,000
20,000
20,000
Owner's Drawings
600
600
600
Service Revenue
13,620
(e)
1,030
14,650
14,650
Salaries and Wages Expense
2,200
2,200
2,200
Travel Expense
1,300
1,300
1,300
Rent Expense
1,200
1,200
1,200
Miscellaneous Expense
200
200
200
55,970
55,970
Supplies Expense
(a)
570
570
570
Depreciation Expense
(b)
800
800
800
Accumulated Depreciation - Equipment
(b)
800
800
800
Interest Expense
(c)
300
300
300
Interest Payable
(c)
300
300
300
Insurance Expense
(d)
600
600
600
Totals
3,300
3,300
58,100
58,100
7,170
14,650
50,930
43,450
Net Income
7,480
7,480
Totals
14,650
14,650
50,930
50,930
Key: (a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled.
Other data:
1. Supplies on hand total
$480
2. Depreciation per quarter is
$800
3. Interest accrued on 6-month note payable, issued January 1,
4. Insurance expires at the rate of
$200
per month.
5. Services provided but unbilled at March 31 total
$1,030

$300

Instructions:
(a) Complete the worksheet, above.

176263949.xlsx.ms_office, Solution P4-1A, Page 13 of 19 Page(s), 9/30/20137:30 AM

Name: Solution
Date:
Instructor:
Course:
(b)
Prepare an income
statement
and
owners
statement
theKimmel
quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business
Accounting
Principles
, Tenth
Edition
by equity
Weygandt,
Kieso,for
and
during the quarter ended March 31, 2012.
OMER ASIK, P.I.
Income Statement
For the Quarter Ended March 31, 2012
Revenues
Service Revenue
Expenses
Salaries and Wages Expense
$2,200
Travel Expense
1,300
Rent Expense
1,200
Depreciation Expense
800
Supplies Expense
570
Insurance Expense
600
Interest Expense
300
Miscellaneous Expense
200
Total expenses
Net income

OMER ASIK, P.I.


Owners Equity Statement
For the Quarter Ended March 31, 2012
Owner's Capital, Jan 1
Add: Investment by owner
$20,000
Add: Net income
7,480
Less: Drawings
Owner's Capital, March 31

OMER ASIK, P.I.


Balance Sheet
March 31, 2012
Assets
$14,650

7,170
$7,480

$0
27,480
27,480
600
$26,880

Current assets
Cash
$11,400
Accounts Receivable
6,650
Supplies
480
Prepaid Insurance
1,800
Total current assets
Property, plant, and equipment
Equipment
30,000
Less: Accumulated Depreciation - Equipment
800
Total assets
Liabilities and Owners Equity
Current liabilities
Notes Payable
$10,000
Accounts Payable
12,350
Interest Payable
300
Total current liabilities
Owners equity
Owner's Capital
Total liabilities and owners equity

176263949.xlsx.ms_office, Solution P4-1A, Page 14 of 19 Page(s), 9/30/20137:30 AM

$20,330

29,200
$49,530

$22,650
26,880
$49,530

Name: Solution
Instructor:
(c)
Journalize the
adjusting entries
the by
adjustments
of the
worksheet.
Accounting
Principles
, Tenthfrom
Edition
Weygandt,columns
Kieso, and
Kimmel
Mar. 31

31

31

31

31

Supplies Expense
Supplies

570

Depreciation Expense
Accumulated Depreciation - Equipment

800

Interest Expense
Interest Payable

300

Insurance Expense
Prepaid Insurance

600

Accounts Receivable
Service Revenue

1,030

Date:
Course:

570

(d) Journalize the closing entries from the financial statement columns of the
worksheet.
14,650
Mar. 31 Service Revenue
Income Summary
14,650
31

800

300

600

1,030

31

31

Income Summary
Travel Expense
Salaries and Wages Expense
Rent Expense
Insurance Expense
Depreciation Expense
Supplies Expense
Interest Expense
Miscellaneous Expense

7,170

Income Summary
Owner's Capital

7,480

Owner's Capital
Owner's Drawings

176263949.xlsx.ms_office, Solution P4-1A, Page 15 of 19 Page(s), 9/30/20137:30 AM

1,300
2,200
1,200
600
800
570
300
200

7,480
600
600

Name:
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
P4-1B, Prepare a worksheet, financial statements, and adjusting and closing entries.
The trial balance columns of the worksheet for Gibson Roofing at March 31, 2012, are as follows.
GIBSON ROOFING
Worksheet
For the Month Ended March 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
4,500
Accounts Receivable
3,200
Supplies
2,000
Equipment
11,000
Accum Deprec - Equipment
1,250
Accounts Payable
2,500
Unearned Service Revenue
550
Owner's Capital
12,900
Owner's Drawings
1,100
Service Revenue
6,300
Salaries and Wages Expense
1,300
Miscellaneous Expense
400
Totals
23,500
23,500
Supplies Expense
Depreciation Expense
Salaries and Wages Payable
Totals
Net Income
Totals

Date:
Course:

Income Statement
Dr.
Cr.

Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Service Revenue Earned; (d) Salaries Accrued.
Other data:
1. A physical count reveals only
$550
2. Depreciation for March is
$250
3. Unearned service revenue amounted to
4. Accrued salaries are
$700

of roofing supplies on hand.


$210

after adjustment on March 31.

Instructions:
(a) Complete the worksheet, above.

176263949.xlsx.ms_office, Problem P4-1B, Page 16 of 19 Page(s), 9/30/20137:30 AM

Balance Sheet
Dr.
Cr.

Name:
Date:
Instructor:
Course:
(b)
Prepare an income
statement
and
owners
statement
theKimmel
month of March and a classified balance sheet at March 31. T. Gibson did not make any additional
Accounting
Principles
, Tenth
Edition
by equity
Weygandt,
Kieso,for
and
investments in the business in March.
GIBSON ROOFING
Income Statement
For the Month Ended March 31, 2012
Revenues
Account title
Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total expenses
Net income

GIBSON ROOFING
Owners Equity Statement
For the Month Ended March 31, 2012
Owner's Capital, March 1
Title
Title
Owner's Capital, March 31

GIBSON ROOFING
Balance Sheet
March 31, 2012
Assets
Amount

Formula
Formula

Amount
Amount
Formula
Amount
Formula

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
Mar. 31

Account title
Account title

31

Account title
Account title

Amount
Amount
Amount

Current assets
Account title
Account title
Account title
Total current assets
Property, plant, and equipment
Account title
Account title
Total assets

Amount
Amount

31

Account title
Account title

Amount
Amount

Formula
Formula

Formula
Amount
Formula

(d) Journalize the closing entries from the financial statement columns of the
worksheet.
Account title
Amount
Mar. 31
Account title
Amount
31

Account title
Account title

Amount
Amount

Liabilities and Owners Equity


Current liabilities
Account title
Amount
Account title
Amount
Account title
Amount
Total current liabilities
Owners equity
Account title
Total liabilities and owners equity

Amount

31

Amount
Amount
Amount
Formula

31

31

Account title
Account title
Account title
Account title
Account title

Formula

Account title
Account title

Amount

Account title
Account title

Amount

176263949.xlsx.ms_office, Problem P4-1B, Page 17 of 19 Page(s), 9/30/20137:30 AM

Amount
Amount
Amount
Amount

Amount

Amount

Name: Solution
Instructor:
Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel
Primer on Using Excel in Accounting by Rex A Schildhouse
P4-1B, Prepare a worksheet, financial statements, and adjusting and closing entries.
The trial balance columns of the worksheet for Gibson Roofing at March 31, 2012, are as follows.
GIBSON ROOFING
Worksheet
For the Month Ended March 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance
Account titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
4,500
4,500
Accounts Receivable
3,200
3,200
Supplies
2,000
(a)
1,450
550
Equipment
11,000
11,000
Accumulated Depreciation - Equipment
1,250
(b)
250
1,500
Accounts Payable
2,500
2,500
Unearned Service Revenue
550
(c)
340
210
Owner's Capital
12,900
12,900
Owner's Drawings
1,100
1,100
Service Revenue
6,300
(c)
340
6,640
Salaries and Wages Expense
1,300
(d)
700
2,000
Miscellaneous Expense
400
400
Totals
23,500
23,500
Supplies Expense
(a)
1,450
1,450
Depreciation Expense
(b)
250
250
Salaries and Wages Payable
(d)
700
700
Totals
2,740
2,740
24,450
24,450
Net Income
Totals

Date:
Course:

Income Statement
Dr.
Cr.

6,640
2,000
400
1,450
250
4,100
2,540
6,640

Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Service Revenue Earned; (d) Salaries Accrued.
Other data:
1. A physical count reveals only
$550
2. Depreciation for March is
$250
3. Unearned service revenue amounted to
4. Accrued salaries are
$700

of roofing supplies on hand.


$210

Balance Sheet
Dr.
Cr.
4,500
3,200
550
11,000
1,500
2,500
210
12,900
1,100

after adjustment on March 31.

Instructions:
(a) Complete the worksheet, above.

176263949.xlsx.ms_office, Solution P4-1B, Page 18 of 19 Page(s), 9/30/20137:30 AM

6,640

20,350

6,640

20,350

700
17,810
2,540
20,350

Name: Solution
Date:
Instructor:
Course:
(b)
Prepare an income
statement
and
owners
statement
theKimmel
month of March and a classified balance sheet at March 31. T. Gibson did not make any additional investments in
Accounting
Principles
, Tenth
Edition
by equity
Weygandt,
Kieso,for
and
the business in March.
GIBSON ROOFING
Income Statement
For the Month Ended March 31, 2012
Revenues
Service Revenue
Expenses
Salaries and Wages Expense
Supplies Expense
Miscellaneous Expense
Depreciation Expense
Total expenses
Net income

GIBSON ROOFING
Balance Sheet
March 31, 2012
Asset

$2,000
1,450
400
250
4,100
$2,540

GIBSON ROOFING
Owners Equity Statement
For the Month Ended March 31, 2012
Owner's Capital, March 1
Add: Net income
Less: Drawings
Owner's Capital, March 31

31

31

31

Supplies Expense
Supplies

1,450

Depreciation Expense
Accumulated Depreciation - Equipment

31
250

340

Salaries and Wages Expense


Salaries and Wages Payable

700

$8,250
11,000
1,500

9,500
$17,750

$3,410
14,340
$17,750

(d) Journalize the closing entries from the financial statement columns of the
worksheet.
Service Revenue
6,640
Mar. 31
Income Summary
1,450
6,640

250

Unearned Service Revenue


Service Revenue

$4,500
3,200
550

Liabilities and Owner's Equity


Current Liabilities
Accounts Payable
$2,500
Salaries and Wages Payable
700
Unearned Service Revenue
210
Total current liabilities
Owner's equity
Owner's capital
Total liabilities and owner's equity

$12,900
2,540
15,440
1,100
$14,340

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
Mar. 31

Current assets
Cash
Accounts Receivable
Supplies
Total current assets
Property, plant, and equipment
Equipment
Less: Accum. depreciation-Euip.
Total assets

$6,640

340
31
700
31

Income Summary
Salaries and Wages Expense
Supplies Expense
Depreciation Expense
Miscellaneous Expense

4,100

Income Summary
Owner's Capital

2,540

Owner's Capital
Owner's Drawings

1,100

176263949.xlsx.ms_office, Solution P4-1B, Page 19 of 19 Page(s), 9/30/20137:30 AM

2,000
1,450
250
400

2,540

1,100