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Ch. 4 Exercises(23rd) - CHAPTER 4 COMPLETING THE ACCOUNTING...

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CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE PRACTICE EXERCISES PE 4–1A 1. Balance Sheet column 5. Balance Sheet column 2. Balance Sheet column 6. Balance Sheet column 3. Income Statement column 7. Balance Sheet column 4. Income Statement column 8. Income Statement column PE 4–1B 1. Balance Sheet column 5. Income Statement column 2. Income Statement column 6. Income Statement column 3. Balance Sheet column 7. Balance Sheet column 4. Balance Sheet column 8. Balance Sheet column PE 4–2A A net income of $47,200 ($233,400 – $186,200) would be reported. When the Cred- it column exceeds the Debit column, net income is reported. If the Debit column of the Income Statement columns is more than the Credit column, a net loss is reported. PE 4–2B A net loss of $130,200 ($505,200 – $375,000) would be reported. When the Credit column exceeds the Debit column, a net loss is reported. If the Debit column of the Balance Sheet columns is more than the Credit column, a net income is re- ported. 1
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PE 4–3A 4U Delivery Services Statement of Owner’s Equity For the Year Ended December 31, 2009 Meg Ostermiller, capital, January 1, 2009 ........................... $900,500 Net loss ................................................................................... $24,900 Add withdrawals ..................................................................... 60,000 Decrease in owner’s equity .................................................. 84,900 Meg Ostermiller, capital, December 31, 2009 ...................... $815,600 PE 4–3B Steuben Advertising Services Statement of Owner’s Equity For the Year Ended December 31, 2009 Rod Zoot, capital, January 1, 2009 ....................................... $475,000 Additional investment during 2009 ...................................... 75,000 Total ................................................................................... $550,000 Net income .............................................................................. $110,000 Less withdrawals ................................................................... 30,000 Increase in owner’s equity .................................................... 80,000 Rod Zoot, capital, December 31, 2009 ................................. $630,000 PE 4–4A 1. Current liability 5. Owner’s equity 2. Current asset 6. Long-term liability 3. Property, plant, and equipment 7. Current asset 4. Current asset 8. Current liability PE 4–4B 1. Property, plant, and equipment 5. Current liability 2. Owner’s equity 6. Current asset 3. Long-term liability 7. Current liability 4. Current asset 8. Current liability 2
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PE 4–5A Nov. 30 Fees Earned .......................................................... 779,000 Income Summary ............................................ 779,000 30 Income Summary .................................................. 467,600 Wages Expense ............................................... 389,000 Rent Expense .................................................. 60,000 Supplies Expense ........................................... 7,200 Miscellaneous Expense ................................. 11,400 30 Income Summary .................................................. 311,400 Brett Maxim, Capital ....................................... 311,400 30 Brett Maxim, Capital ............................................. 50,000 Brett Maxim, Drawing ..................................... 50,000 PE 4–5B July 31 Fees Earned .......................................................... 515,000 Income Summary ............................................ 515,000 31 Income Summary .................................................. 571,100 Wages Expense ............................................... 480,000 Rent Expense .................................................. 75,000 Supplies Expense ........................................... 12,100 Miscellaneous Expense ................................. 4,000 31 Sherry Kerney, Capital ......................................... 56,100 Income Summary ............................................ 56,100 31 Sherry Kerney, Capital ......................................... 20,000 Sherry Kerney, Drawing ................................. 20,000 PE 4–6A The following two steps are missing: (1) assembling and analyzing adjustment data and (2) journalizing and posting the closing entries. The adjustment data
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