FINANCIAL+MANG.-W/ACCESS  PRACTICE SET
FINANCIAL+MANG.-W/ACCESS PRACTICE SET
13th Edition
ISBN: 9781337575614
Author: WARREN
Publisher: CENGAGE L
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Chapter 4, Problem 4.3BPR

T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet

The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows:

La Mesa Laundry

Unadjusted Trial Balance

August 31,2016

  Debit Balances Credit Balances
Cash........................... 3,800  
Laundry Supplies............... 9,000  
Prepaid Insurance............... 6,000  
Laundry Equipment............. 180,800  
Accumulated Depreciation......   49,200
Accounts Payable...............   7,800
Common Stock.................   15,000
Retained Earnings..............   80,000
Dividends…..................... 2,400  
Laundry Revenue...............   248,000
Wages Expense................. 135,800  
Rent Expense................... 43,200  
Utilities Expense................ 16,000  
Miscellaneous Expense.......... 3,000  
  400,000 400,000

The data needed to determine year-end adjustments are as follows:

  • a. Wages accrued but not paid at August 31 are $2,200.
  • b. Depreciation of equipment during the year is $8,150.
  • c. Laundry supplies on hand at August 31 are $2,000.
  • d. Insurance premiums expired during the year are $5,300.

Instructions

  1. 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as “Aug. 31 Bal.” In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary.
  2. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed.
  3. 3. Journalize and post the adjusting entries. Identify the adjustments by “Adj." and the new balances as “Adj. BAL."
  4. 4. Prepare an adjusted trial balance.
  5. 5. Prepare an income statement, a retained earnings statement, and a balance sheet.
  6. 6. Journalize and post the closing entries. Identify the closing entries by “Clos."
  7. 7. Prepare a post-closing trial balance.
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Chapter 4 Solutions

FINANCIAL+MANG.-W/ACCESS PRACTICE SET

Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Prob. 4.2BPECh. 4 - Prob. 4.3APECh. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Prob. 4.4EXCh. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Prob. 4.8EXCh. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Prob. 4.12EXCh. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Prob. 4.16EXCh. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Prob. 4.4BPRCh. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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