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f97mid1 - FnLL Ell"'5 NAJ‘HTE CELI'tFTER lafi Th f...

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Unformatted text preview: FnLL Ell" '5'? NAJ‘HTE CELI'tFTER lafi Th f. DEFJT‘iL-L'. ACCOUNTING PEJUOD AND NATURAL BUSINESS YEAR. A??? Mad—r" CROSS JI‘TDFKWG [53‘ ChSH BASES OF ACL‘OED‘ITING 4 I i Elli-re Corporation gathcmd togethcr 1hr: following infunmfiml regarding the asset. liabilityr stockhuldcrs’ aqmty, rcucnun, and cxpnnsn amounts as of the end Elf ilS first jI'fiRr in operathEIS. Jill-11: 3'3: 5935'- Solution: 01ch Corp-oration Balance Sheet if Junu30. WES Assels Linbifillcx X'— L‘nsh Sifififltfi Accuumi pnyubh: 5 (3.101] Accnu n15 receivable 3.1m No1: payable | l.lI|l,‘||.’lI SupplIL-fi Lint] Salary payable _L,2I|_|'| Truck 14'. 130E 'I'otnl |luhili1lcs 13.990 Stucklmltltrs’ equity Co mmun stock 25,0EH1 Rammed earnings 13%" I 'l'oLal stockhnlders' equity 2?.2IZIIJ Tmnl liabilities and Tnul ass-.35. gm 1m] Stmkhnldcrs' equity Eli |l||| “SING = SI]- 1- 511,409 lurt i1mnln1:}- Sllfl'fll} Nut lnuumc =S-15ISCID - 37:: [I'll - .‘E | 'J,4|}EI - Efififl'fl - $1.1m lfilll—acul'. "3.3:: 33 LI). 5 1 Sprudy Exprnss. Enterprises guthcrcd tnguthur Ill": fallen-sing lnfnrmatifln regill'diflla 1h“- 355“- lilbl'llirl stn: lalmldnrs‘ equity, rmcnuc. and expense accounts as of Llu: and of its. first year in Upcrfltloltfi. Jun: 3 H‘KS: [1. Run: magma: 5 7,310 Uiuidutu‘ls 5 59,204] 'I'rllck IdlfiGEl Accounts; pnya'lflr: EJHE :{ul1p|i;-.5 lint) Sen-icy, IQ'N- L'lllli: 315,500 Salary uxpungl: lit-100 Hillary payable Lilli] .-\I.' L'nulllfi EELUl‘r‘illJlC 3.1M 1,?tililfiu3 tmpL‘IISL' 3,0{10 Nm: palyu'u'n: l l.|II{I|I:I Interest uxptlmc 4,5fll] é" C;1-.-.-.11'.n-:'. stuck Zillll-l] linsls "39,3 Bl] HMS. |‘r-.‘ |'I:Irr_- ill'I Elm-mu stiLmIt‘ICfit 1-H: Ell-“314)” E-‘lllms‘ Emu IJll5'-'5 ‘1‘” U“; 31:“ “Udell 3”“ 1"'5'- Sollniun: Speedy Expless l:.l'll1JE[H i5c5 ham-mt: Slutumcnl Fur 111:: Year Ended June 30. “DH Revenues: Snn-lm mvcnuu S:1i,5l|£l liapcnxu 5-. 551m]; umctuiu S | c5'.-'I||U “2m L'x - lJLililiL‘x L puns: ll11trL'F-l chipmun- ‘Hr' incun-JJ Funk-2.9.: l1.l'.l‘_L'I I‘3 l. ll. -1: Snlution: eireclrmark in liar: appropriate column to show wheflaer the event is r- rmdil. _11L'JLLI_ m I . Increase in. Cash a' deb]? I LI. Decrease in accounts receivable _, 0 “WP | c Incrcnsc in service ruvunul: — —_ '5- crud.“ 0. Increase in rem expense _ _ 5- duh” I : Decrease in salary payable _ e_ debit I{CI [- lncmasn In accounts payable __ r. “Edit 3- Deere-rm; in mm payable H 9,. debit 11- lnr.‘ reuse in. common stock __ _ h, credit i. Increase in lily-fiends i_ (ltbit Mademle Pi ’ Selected accounts from the guncml ledger of Candle Carpnmtinn as of Damn: shown below. Prepare the necessary closing entries. Cash $3,000 Acct-Innis receivable 1.300 Supplies 900 i Prepaid insurance IJSG . Building mm = ! Accumulnlcd deprEcintinn—huilding 3.5m] ' Dl'fim equipment 20,000 Accumulated dupmcialinn-nfiieu equipment 4,59!) Accounts payabic 51-151] ‘ Unnamed service revenue 3.500 Salary payable Ij'um Cnmmnn Stock 39.nnn ! nominee earnings 9.300 ' Dividends {EDI} Sewicn ra'mnue 103100 Dupruuintinn expense-building run Depreciation expense-office equipment dflfl [usuruncc expense 150 _ Suppl-its CKptnSu RUG U1ilifies expensu 1.600 Salary cxpun 5: 9.650 DEC. 3! Sal-vie: Revenue guleflu lncnme Summary midnfl 3] Income SUJTI Ina-r}; E31904] UCDJeUIaTiun Expense-Building 7m 1 Dapreeinriun Expunsc—fl-fficc Equipm em Insurnum: Expense 1.50 Supplies Expense §Ufl Utilities Expensa lém Salary Expense rigs—n 5 I Incumc Sulnr-nm-F I lfi‘sfiu |_'u ‘j'flu Renamed Enrnmgs mime] 3' Rtmilwd Earnings. i l .000 Dividends I “HQ ‘6— ‘vl-udurslre Page: 112 LO. 5 Rut: Comp-my had the [allowing trmct-ims during August: hug. 5 Purchased. SEND-oi merchandise an account. terms- 3..“ 15, nflfifl, FOE- fihipptng pan-I1. 9 Paid trmsportatiun mat of the Augtwl 5 purchufiu. SEED- ? 1t: Item-mud 54m raldcfccli'lll! merchmdim purchamd m1 nugusl 5. 15 Paid for the Augustfi purchase, bus. the return and the discount. flcqmmd: fissurniufi H11.- purp-L-tual inventory system he. used. prepare I111: ';nu ma] entries to retard the above transactinns. Answer: Aug. 5 Invarttury 3.0M} Armtmts Payable 3.000 G In verilan 20:) Cash ELIE- lCI Accounts i’ayabie -1[I|] Inventory 40.”! I5 Accounts l'ayublc 1.0m [Inventory 5'3 Cash 2.522 E5 LI). 1 Diffluutty: Mrs-deraln .n: adjusting entries dated BIL-number 31. 1935. based- Im the ffll-lOWiflB dim- 1‘anrunimiun on officc cquipmnnl For the {fur is $4,299. - h. The balmme i11 supplies heron: adjusimenl is 32,990. A physical can fit Few-1L5 $4 50 0f SUPPHE 0” hand an. Dtccmbcr 3 |- [9315. c. Unanrncd service rnvtnuc has :1. balannu of $3.9m: bcfhm adjustmcnl. Records shew that 31.700 of that amaqu I111; bccn carnnd by December 31. 193(5- l d. n lwu-yuur imumncc polity casting $1,390 was FILFCIWI-Sud 0“ 0am!” 3 1 r [9K5- | a;_ Salaries awed [.3 emplnyuus un Deccmbcr 31,1935, umuunl to $5.4SDI 233 I Sulullun: Dec. 31 Depreciation Expense-me Equipmnnl GEM Accumulamd Daprecintinn-Gmc: Equipmant 4.290 ll ELIppIina Expe nan: 1;. SU Supplies 14 SCI 3! Untamed SE: wicc Rwanuc [,7' [ll] flan-ice Rex-cunt __~ [,7 [H] 3] insurance Expense lSEI Prcpnid Insurance I SEI J] Salary Exprnsu LUCIE non Salary Payablc Moderate T’a gt: I. I2 LD. 3 [JUN L55 QUESTION- NAME THE 'BIG fi' nC-COUNTFNCI- FIRMS. I IIIIH ||'.5-:'|' '\"r'.-“\H. ...
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