College Axia Material
Appendix G Comprehensive Problem
Journalize Transactions
Use this template to journalize and post the July transactions for Julie's Maid Cleaning Service, Inc.
GENERAL JOURNAL
DATE ACCOUNT TITLE AND EXPLANATION July 1 Cash Common Stock 1 Equipment Cash Accounts Payable 3 Cleaning Supplies Accounts Payable 5 Prepaid Insurance Cash 12 Accounts Receivable Service Revenue 18 Accounts Payable Cash 20 Salaries Expense Cash 21 Cash Accounts Receivable 25 Accounts Receivable Service Revenue 31 Gas & Oil Expense Cash 31 Dividends Cash
J1
REF. DEBIT CREDIT 101 14,000 311 14,000 157 101 201 128 201 130 101 112 400 201 101 726 101 101 112 112 400 633 101 332 101 10,000 3,000 7,000 800 800 1,800 1,800 3,800 3,800 1,400 1,400 1,600 1,600 1,400 1,400 1,500 1,500 400 400 600 600
a) General Journal
Axia College Material
Appendix G Comprehensive Problem
Prepare a 10-Column Worksheet
Complete this worksheet for Julie's Maids Cleaning Service, Inc. Make sure to: a) Prepare a trial balance at July 31; b) Enter th remaining parts of the worksheet; and d) Verify your totals. JULIES MAIDS CLEANING SERVICE INC. Worksheet For the Month Ended July 31, 2008 Adjusted Trial Balance Adjustments Trial Balance Dr. Cr. Dr. Cr. Dr. Cr. 6,600 6,600 3,900 1,300 5,200 800 700 100 1,800 150 1,650 10,000 10,000 6,400 6,400 14,000 14,000 600 5,300 1,300 6,600 400 500 2,100 25,700 25,700 200 200 200 200 150 700 2,850 500 2,850 150 700 27,700 500 27,700
Account Titles Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accounts Payable Common Stock Dividends Service Revenue Gas and Oil Expense Salaries Expense Total Depreciation Expense Accumulated Depreciation Equipment Insurance Expense Cleaning Supplies Expense Salaries Payable Totals Net Income Totals
lance at July 31; b) Enter the five adjustments; c) Complete the
INC.
Income Statement Dr. Cr.
Balance Sheet Dr. Cr. 6,600 5,200 100 1,650 10,000 6,400 14,000 600
6,600 400 2,100 200 200 150 700 3,550 3,050 6,600 6,600 6,600 24,150 21,150 500 21,100 3,050 24,150
Axia College Material
Appendix G Comprehensive Problem
Post Accounts
Post the July accounts for Julie's Maids Cleaning Service, Inc. You have 18 accounts altogether.
GENERAL LEDGER Cash DATE July EXPLANATION 1 1 5 18 20 21 31 31 REF. J1 J1 J1 J1 J1 J1 J1 J1 DEBIT CREDIT 14,000 3,000 1,800 1,400 1,600 1,400 400 600
Accounts Receivable DATE EXPLANATION July 12 21 25 31 Adjusting Cleaning Supplies DATE EXPLANATION July 3 31 Adjusting Prepaid Insurance DATE EXPLANATION July 5 31 Adjusting Equipment DATE July EXPLANATION 1
REF. J1 J1 J1 J2 REF. J1 J2 REF. J1 J2 REF. J1
DEBIT CREDIT 3,800 1,400 1,500 1,300 DEBIT CREDIT 800.00 700.00 DEBIT CREDIT 1,800.00 150.00 DEBIT CREDIT 10,000.00
Accumulated Depreciation - Equipment DATE EXPLANATION July 31 Adjusting
REF. J2
DEBIT CREDIT 200.00
a) e) & f) Posting to Accounts
Accounts Payable DATE EXPLANATION July 1 3 18 Salaries Payable DATE EXPLANATION July 31 Adjusting Common Stock DATE EXPLANATION July 1 Retained Earnings DATE EXPLANATION July 31 Closing 31 Closing Dividends DATE July
REF. J1 J1 J1 REF. J2
DEBIT 1,400 DEBIT
CREDIT 7,000 800
CREDIT 500
REF. J1
DEBIT CREDIT 14,000
REF. J3 J3
DEBIT 600
CREDIT 3,050
EXPLANATION 31 31 Closing
REF. J1 J3
DEBIT 600
CREDIT 600
Income Summary DATE EXPLANATION July 31 31 31 Service Revenue DATE EXPLANATION July 12 25 31 Adjusting Gas & Oil Expense DATE EXPLANATION July 31 31 Closing
REF. J3 J3
DEBIT 3,550 3,050 DEBIT
CREDIT 6,600
REF. J1 J1 J2
CREDIT 3,800 1,500 1,300
REF. J1 J3
DEBIT 400
CREDIT 400
a) e) & f) Posting to Accounts
Cleaning Supplies Expense DATE EXPLANATION July 31 Adjusting 31 Closing Depreciation Expense DATE EXPLANATION July 31 Adjusting 31 Closing Insurance Expense DATE EXPLANATION July 31 Adjusting 31 Closing Salaries Expense DATE EXPLANATION July 20 31 J1 Adjusting
REF. J3 REF. J2 J3 REF. J2 J3 REF. J1 J2
DEBIT 700
CREDIT 700
DEBIT 150
CREDIT 150
DEBIT 200
CREDIT 200
DEBIT CREDIT 1,600 500
a) e) & f) Posting to Accounts
Appendix G
ice, Inc. You have 18 accounts altogether.
No. 101 BALANCE 14,000 11,000 9,200 7,800 6,200 7,600 7,200 6,600
No. 112 BALANCE 3,800 2,400 3,900 5,200 No. 128 BALANCE 800.00 100.00 No. 130 BALANCE 1,800.00 1,650.00 No. 157 BALANCE 10,000.00 No. 158 BALANCE 200.00
a) e) & f) Posting to Accounts
No. 201 BALANCE 7,000 7,800 6,400 No. 212 BALANCE 500 No. 311 BALANCE 14,000 No. 320 BALANCE 3,050 2,450 No. 332 BALANCE 600
No. 350 BALANCE 6,600 3,050 No. 400 BALANCE 3,800 5,300 6,600 No. 633 BALANCE 400
a) e) & f) Posting to Accounts
No. 634 BALANCE 700 No. 711 BALANCE 150 No. 722 BALANCE 200 No. 726 BALANCE 1,600 2,100
a) e) & f) Posting to Accounts
Axia College Material
Appendix G Closing Entries and a Post-closing Trial Balance
Prepare Income and Retained Earnings Statements, and a Balance Sheet
Prepare an Income Statement and a Retained Earnings Statement for July. Also complete the classified Balance Sheet at July 31, 2008 for Julie's Maids Cleaning Service, Inc.
JULIES MAIDS CLEANING SERVICE INC. Income Statement For the Month Ended July 31, 2008
Revenues Service revenue Expenses Salaries expense Cleaning supplies expense Gas & oil expense Depreciation expense Insurance expense Total expenses Net income 6,600 2,100 700 400 200 150 3,550 3,050
Retained Earnings Statement For the Month Ended July 31, 2008
Retained earnings, July 1 Add: Net income Less: Dividends Retained earnings, July 31 3,050 (600) 2,450
JULIES MAIDS CLEANING SERVICE INC. Balance Sheet July 31, 2008 Assets
Current assets Cash Accounts receivable Cleaning supplies Prepaid insurance Total current assets Capital assets Equipment Less: Accumulated depreciation Total assets 6,600 5,200 100 1,650 13,550
10,000 200 9,800 23,250
d) Statements & Balance Sheet
Liabilities and Stockholders Equity
Current liabilities Accounts payable Salaries payable Total current liabilities Stockholders equity Common stock Retained earnings Total stockholders equity Total liabilities and stockholders equity 6,400 500 6,900 14,000 2,450 16,450 23,350
d) Statements & Balance Sheet
Axia College Material
Appendix G Comprehensive Problem
Journalize Adjusting and Closing Entries
For Julie's Maids Cleaning Service, Inc., a) Use General Journal J2 to journalize and post adjusting entries, and b) Use General Journal J3 to journalize and post closing entries.
DATE July
GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION 31 Accounts Receivable Service Revenue 31 Depreciation Expense Accumulated Depreciation 31 Insurance Expense Prepaid Insurance 31 Cleaning Supplies Expense Cleaning Supplies 31 Salaries Expense Salaries Payable GENERAL JOURNAL ACCOUNT TITLE AND EXPLANATION 31 Service Revenue Income Summary 31 Income Summary Salaries Expense Depreciation Expense Insurance Expense Cleaning Supplies Expense Gas & Oil Expense 31 Income Summary Retained Earnings 31 Retained Earnings Dividends
REF. 112 400 711 158 722 130 634 128 726 212
DEBIT 1,300 200 150 700 500
DATE July
REF. 400 350 350 726 711 722 634 633 350 320 320 350
DEBIT 6,600 3,550
3,050 600
t adjusting entries, and b) Use
J2 CREDIT 1,300 200 150 700 500 J3 CREDIT 6,600 2,100 200 400 700 150 3,050 600
Axia College Material
Appendix G Comprehensive Problem
Preparing a Post Closing Trial Balance
Prepare a post-closing trial balance at July 31, 2008.
JULIES MAIDS CLEANING SERVICE INC. Post-Closing Trial Balance July 31, 2008
ACCOUNTS Cash Accounts Receivable Cleaning Supplies Prepaid Insurance Equipment Accumulated DepreciationEquipment Accounts Payable Salaries Payable Common Stock Retained Earnings Totals DEBIT 6,600 5,200 100 1,650 10,000 CREDIT
200 6,400 500 14,000 23,550 2,450 23,550