7111AFE_Solution_Topic04

7111AFE_Solution_Topic04 - 7111AFE Tutorial Solution: Topic...

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7111AFE Tutorial Solution: Topic 4 (20-30 min.) E 4-1 DaySpring Woodworking Service Work Sheet Month Ended 30 September 20X6 ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash at bank 3,500 3,500 3,500 Accounts receivable 3,400 (a) 600 4,000 4,000 Prepaid rent 1,200 (d) 800 400 400 Supplies 3,300 (e) 1,600 1,700 1,700 Equipment 32,600 32,600 32,600 Accumulated depreciation 1,800 (b) 100 1,900 1,900 Accounts payable 3,600 3,600 3,600 Salary payable (c) 500 500 500 Gail Pfeiffer, capital 36,000 36,000 36,000 Gail Pfeiffer, drawings 2,000 2,000 2,000 Service revenue 7,100 (a) 600 7,700 7,700 Depreciation expense (b) 100 100 100 Salary expense 1,800 (c) 500 2,300 2,300 Rent expense (d) 800 800 800 Electricity and gas expense 700 700 700 Supplies expense (e) 1,600 1,600 1,600 48,500 48,500 3,600 3,600 49,700 49,700 5,500 7,700 44,200 42,000 Net profit 2,200 2,200
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7,700 7,700 44,200 44,200 Net profit: $2,200
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(75 min.) E 4-13 Req. 1 Closing Entries Dec. 31 Service Revenue 3,200 Income Summary 3,200 31 Income Summary 1,510 Rent Expense 500 Electricity and Gas Expense 200 Salary Expense 500 Depreciation Expense— Equipment 50 Depreciation Expense— Furniture 60 Supplies Expense 200 31 Income Summary ($3,200 – $1,510) 1,690 Megan Walker, Capital 1,690 31 Megan Walker, Capital 1,600 Megan Walker, Drawings 1,600 E 4-13 Req. 1 (continued) Income Summary Megan Walker, Capital Clo. 1,510 Clo. 3,200 Dec. 2 14,000 Clo. 1,690 Clo. 1,600 Clo. 1,690 Bal. 14,090
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Megan Walker, Drawings Service Revenue Dec. 30 1,600 Clo. 1,600 Dec. 9 1,700 Dec. 18 800 Bal. 2,500 Adj. 400 Adj. 300 Clo. 3,200 Bal. 3,200 Rent Expense Electricity and Gas Expense Dec. 2 500 Clo. 500 Dec. 12 200 Clo. 200 Salary Expense Depreciation Expense – Equipment Adj. 500 Clo. 500 Adj. 50 Clo. 50 Depreciation Expense – Furniture Supplies Expense Adj. 60 Clo. 60 Adj. 200 Clo. 200 (continued) E 4-13 Req. 2 Megan Walker, Consultant Balance Sheet 31 December 20XX ASSETS LIABILITIES Current assets: Current liabilities: Cash at bank $11,700 Accounts payable $ 3,600 Accounts receivable 1,500 Salary payable 500 Supplies 100 Unearned service Total current assets 13,300 revenue 600 Plant assets: Total current liabilities 4,700 Equipment $2,000 Less accum. depr. (50 ) 1,950 OWNERS’ EQUITY Furniture $3,600 Megan Walker, capital 14,090 Less accum. depr. (60 ) 3,540 Total liabilities and Total assets $18,790 owners’ equity $18,790
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(continued) E 4-13 Req. 3 Megan Walker, Consultant Accounting Work Sheet 31 December 20XX ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash at bank 11,700 11,700 11,700 Accounts receivable 1,100 (a) 400 1,500 1,500 Supplies 300 (c) 200 100 100 Equipment 2,000 2,000 2,000 Accumulated depr.—equip. (d1) 50 50 50 Furniture 3,600 3,600 3,600 Accumulated depr.—furn.
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7111AFE_Solution_Topic04 - 7111AFE Tutorial Solution: Topic...

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