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E 3-18A

Journal DATE ACCOUNTS a. Unearned rent revenue ($4,800 2/6) Rent revenue Record revenue earned. b. Interest receivable Interest revenue Accrue interest revenue. c. Salary expense ($1,700 4 days) Salary payable Accrue salary expense. d. Supplies expense Supplies ($2,200 $700) Record supplies expense. e. Depreciation Expense ($18,000 / 4 years) Accumulated Depreciation Record depreciation expense. f. Insurance expense Prepaid insurance ($1,500 5/12) Record insurance expense. POST REF. Dr. 1,600 Cr. 1,600

650 650

6,800 6,800

1,500 1,500

4,500 4,500

625 625

E 3-21A
Req. 1 Sigma Security, Inc. Statement of Retained Earnings Year Ended December 31, 2010 Retained earnings, January 1, 2010 Less: Net loss Subtotal Less: Dividends ($800 12 months) Retained earnings, December 31, 2010 $ 32,000 (11,000) 21,000 (9,600) $ 11,400

Req. 2 Retained earnings had a net decrease of $20,600 for the year (End $11,400 Beg $32,000). This resulted from the current net loss ($11,000) and dividends paid ($9,600).

E 3-22A
Bal. Purchase of supplies Bal. Supplies 2,800 8,700 Supplies expense 1,700 9,800

Cash payment

Salary payable Bal. 52,300 Salary expense Bal.

2,800 53,200 3,700

Service revenue

Unearned service revenue Bal. 108,100 Cash receipts Bal.

18,000 106,400 16,300

E 3-32B
Journal DATE ACCOUNTS a. Unearned rent revenue ($3,000 2/6) Rent revenue Record revenue earned. b. Interest receivable Interest revenue Accrue interest revenue. c. Salary expense ($2,900 2 days) Salary payable Accrue salary expense. d. Supplies expense Supplies ($1,400 $200) Record supplies expense. e. Depreciation Expense ($8,000 / 10 years) Accumulated Depreciation Record depreciation expense. f. Insurance expense Prepaid insurance ($1,560 5/12) Record insurance expense. POST REF. Dr. 1,000 Cr. 1,000

520 520

5,800 5,800

1,200 1,200

800 800

650 650

E 3-33B
Journal POST DATE a. Accounts receivable Service revenue Accrue revenue. 2,200 ACCOUNTS REF. Dr. 2,200 Cr.

b.

Unearned service sevenue Service revenue Record revenue earned.

300 300

c.

Supplies expense ($1,100 $150) Supplies Record supply expense.

950 950

d.

Salary expense Salary payable Accrue salary expense.

700 700

Bal. (a) Bal.

Accounts receivable 1,900 2,200 4,100

Bal. Bal.

Supplies 1,100 (c) 150

950

Salary payable (d) Bal.

700 700

(b)

Unearned service revenue 300 Bal. Bal.

1,300 1,000

Service revenue Bal. (a) (b) Bal.

5,300 2,200 300 7,800

Bal. (d) Bal.

Salary expense 3,100 700 3,800

(c) Bal.

Supplies expense 950 950

E 3-35B
Req. 1 Zeta Safety, Inc. Statement of Retained Earnings Year Ended December 31, 2010 Retained earnings, January 1, 2010 Less: Net loss Subtotal Less: Dividends ($550 12 months) Retained earnings, December 31, 2010 $ 34,000 (5,000) 29,000 (6,600) $ 22,400

Req. 2 Retained earnings had a net decrease of $11,600 for the year (End $22,400 Beg $34,000). This resulted from the current net loss ($5,000) and dividends paid ($6,600).

E 3-41B

Journal POST DATE Aug 31 ACCOUNTS Service revenues Retained earnings Close revenue accounts REF. Dr. 77,000 77,000 Cr.

Retained earnings Salary expense Rent expense Depreciation expense, equipment Depreciation expense, furniture Supplies expense Close expense accounts

37,800 27,000 6,000 1,500 1,300 2,000

Retained earnings Dividends Close dividends

14,000 14,000

P 3-47A
Req 1

Journal POST DATE June ACCOUNTS 30 Service revenue Interest revenue Retained earnings Close revenue accounts Retained earnings Salary expense Rent expense Depreciation expense, equipment Utilities expense Supplies expense Close expense accounts Retained earnings Dividends Close dividends Req 2 Energized Espresso Inc.s ending retained earnings is $20,400 ($11,950 + $43,400 - $32,950 - $2,000). REF. Dr. 43,000 400 43,400 Cr.

32,950 24,500 6,000 1,200 700 550

2,000 2,000

Req 3 Energized Espresso, Inc. Post-Closing Trial Balance June 30, 2010 ACCOUNT DEBIT Cash $4,900 Accounts receivable 9,600 Prepaid rent 1,800 Supplies 600 Equipment 26,000 Accumulated depreciation, equipment Accounts payable Unearned service revenue Salary payable Notes payable Common stock Retained earnings . Total $42,900

CREDIT

$4,200 2,400 1,100 1,800 3,000 10,000 20,400 $42,900

P 3-50B
Req 1 Journal POST DATE a. Sep 30 ACCOUNTS Insurance expense Prepaid insurance ($2,400 - $800) Record Prepaid rent expired Supplies expense Supplies Record supplies used. Depreciation expense, equipment Accumulated depreciation, equipment Record depreciation. Utilities expense Accounts payable Accrue utilities expense Salary expense REF. Dr. 1,600 1,600 Cr.

b.

30

900 900

c.

30

2,200 2,200

d.

30

1,000 1,000

e.

30

800

Salary payable Accrue salary expense. f. 31 Unearned service revenue ($2,400 - $1,600) Service revenue Record unearned revenue earned 800

800

800

Req 2 Cash 25,000 Supplies 1,200 300 Accounts payable 2,000 Bal 1,000 d. 3,000 Bal

Bal

Bal Bal

900

b.

Bal

25,000 Equipment 59,000 59,000 Accumulated depreciation, equipment 50,000 Bal 2,200 c. 52,200 Bal Salary payable 800 800

Accounts receivable Bal 17,400 Bal 17,400

Bal Bal

e. Bal

Unearned service revenue f. 800 2,400 Bal 1,600 Bal

Prepaid insurance Bal 2,400 1,600 a. Bal 800

Common stock 25,000 25,000

Bal Bal

Service revenue 16,200 800 17,000

Bal f. Bal

Retained earnings 22,800 22,800 Dividends Bal 9,700

Bal Bal

Bal e. Bal

Salary expense 3,700 800 4,500 Insurance expense 1,600

a.

Bal

9,700

Bal

1,600

c. Bal

Depreciation expense, equipment 2,200 2,200 Utilities expense 1,000 1,000 Supplies expense 900 900

d. Bal

b. Bal

Req 3 Ninas Novelty, Inc., Adjusted Trial Balance September 30, 2010 ACCOUNT TITLE Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts payable Salary payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salary expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total Req 4

Dr. $25,000 17,400 800 300 59,000

Cr.

$52,200 3,000 800 1,600 25,000 22,800 9,700 17,000 4,500 1,600 2,200 1,000 900 $122,400

______ $122,400

The adjusted trial balance will be used to prepare Ninas Novelty, Inc.s financial statements.

P 3-52B
Req 1 Destination Realty, Inc. Income Statement Year Ended October 31, 2010 Revenue: Service revenue Interest revenue Total Revenues Expenses: $85,000 420 $85,420

Salary expense Rent expense Depreciation Expense, Equipment Utilities expense Interest Expense Supplies Expense Total expenses Net Income

$40,000 20,000 2,500 1,800 1,100 700 66,100 $19,320

Destination Realty, Inc. Statement of retained earnings Year Ended October 31, 2010

Retained earnings, October 1 Add: Net income Subtotal Less: Dividends Retained earnings, October 31

$9,700 19,320 29,020 5,000 $24,020

Destination Realty, Inc. Balance Sheet October 31, 2010 ASSETS Cash Accounts receivable Prepaid rent Supplies Equipment Less Accum. Depr., equipmment 42,500 $ 6,500 Accounts payable 12,100 Unearned service revenue 2,500 Interest payable 500 Salary payable Notes payable Total liabilities (11,300) 31,200 STOCKHOLDERS EQUITY LIABILITIES $ 4,300 2,800 720 9,000 8,000 24,820

Common stock Retained earnings Total Stockholders equity

3,960 24,020 27,980

Total liabilities and Total assets Req. 2 a. The Income statement reports Destination Realtys results of operations. Operations were only moderately successful, as shown by the fact that Destination Realty earned net income of $19,320 for the year. b. The Balance sheet reports Destination Realtys financial position $52,800 stockholders equity $52,800

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