EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as follows. LAMAR COMPANY Worksheet for the Month Ended June 30, 2017 Trial Balance Account Titles Dr. Cr. Cash $1,760 Accounts Receivable 2,100 Supplies 1,320 Accounts Payable $1,080 Unearned Service Revenue 360 Owner’s Capital 2,280 Service Revenue 2,100 Salaries and Wages Expense 500 Miscellaneous Expense 140 $5,820 $5,820 Other data: 1. A physical count reveals $250 of supplies on hand. 2. $120 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $250. Instructions Enter the trial balance on a worksheet and complete the worksheet. E4-2B The adjusted trial balance columns of the worksheet for Gomez Company are as follows. GOMEZ COMPANY Worksheet (partial) for the Month Ended April 30, 2017 Adjusted Trial Income Balance Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 11,400 Accounts Receivable 7,000 Prepaid Rent 2,000 Equipment 20,000 Accumulated Depr.—Equip. 4,700 Notes Payable 5,000 Accounts Payable 4,950 Owner’s Capital 25,800 Owner’s Drawings 3,500 Service Revenue 14,000 Salaries and Wages Expense 9,450 Rent Expense 500 Depreciation Expense 600 Interest Expense 50 Interest Payable 50 Totals 54,500 54,500 Complete the worksheet. (LO 1) Complete the worksheet. (LO 1) CHAPTER 4
2 4 Completing the Accounting Cycle Instructions Complete the worksheet. E4-3B Worksheet data for Gomez Company are presented in E4-2B. The owner did not make any additional investments in the business in April. Instructions Prepare an income statement, an owner’s equity statement, and a classified balance sheet. E4-4B Worksheet data for Gomez Company are presented in E4-2B. Instructions (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Owner’s Capital. Use T accounts. (c) Prepare a post-closing trial balance at April 30. E4-5B The adjustments columns of the worksheet for Rhodes Company are shown below. Adjustments Account Titles Debit Credit Accounts Receivable 1,100 Prepaid Insurance 500 Accumulated Depr.—Equip. 1,250 Salaries and Wages Payable 650 Service Revenue 1,100 Salaries and Wages Expense 650 Insurance Expense 500 Depreciation Expense 1,250 3,500 3,500 Instructions (a) Prepare the adjusting entries. (b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should be extended. E4-6B Selected worksheet data for Houser Company are presented below. Adjusted Account Titles Trial Balance Trial Balance Dr. Cr. Dr. Cr. Accounts Receivable ? 35,000 Prepaid Insurance 29,000 24,000 Supplies 8,000 ? Accumulated Depr.—Equip. 24,000 ? Salaries and Wages Payable ? 6,000 Service Revenue 80,000 95,000 Insurance Expense ?