College Accounting (Book Only): A Career Approach

12th Edition

ISBN: 9781305084087

Author: Cathy J. Scott

Publisher: Cengage Learning

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Textbook Question

Chapter 5, Problem 5PA

Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--.

Chapter 5, Problem 5PA, Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--.

Required

1. Complete the work sheet. (Skip this step if using CLGL.)
2. Prepare an income statement.
3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $5,000 on March 13.
4. Prepare a balance sheet.
5. Journalize the closing entries using the four steps in the correct sequence.
6. Prepare a post-dosing trial balance.

Check Figure

Post-closing trial balance total, $31,765

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Chapter 5, Problem 4PA

Chapter 5, Problem 1PB

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You must complete the following tasks below for the month of April in the Excel workbook provided. Required: Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction. Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances. Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. Part 4. Prepare a trial balance. Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.

For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers. The completed worksheet for Valerie Insurance Agency as of December 31 is presented in your Working Papers or in CengageNow, along with the general ledger as of December 31 before adjustments. Check Figure Post-closing trial balance total, $10, 170 Required 1. Write the name of the owner, M. Valerie, in the Capital and Drawing accounts. 2. Write the balances from the unadjusted trial balance in the general ledger. 3. Journalize and post the adjusting entries. 4. Journalize and post the closing entries in the correct order. 5. Prepare a post-closing trial balance.

Consider the following situations for College Park Welding Services: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info 4 a. Depreciation for the current year includes equipment, $2,800. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $7,700 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,700. During the year, College Park purchased office supplies for $2,800, and at December 31 the office supplies on hand totaled $1,300. d. College Park prepaid a two full years' insurance on April 1 of the current year, $6,960. Record insurance expense for the year ended December 31. e. College Park had earned $2,900 of unearned…

Chapter 5 Solutions

College Accounting (Book Only): A Career Approach

Ch. 5 - What is the third step in the accounting cycle?...Ch. 5 - Which of the following accounts would be closed...Ch. 5 - If Income from Services had a 20,400 credit...Ch. 5 - Which of the following accounts would appear on a...Ch. 5 - Under the cash basis of accounting, which of the...Ch. 5 - Prob. 6QY Ch. 5 - Number in order the following steps in the...Ch. 5 - List the steps in the closing procedure in the...Ch. 5 - What is the purpose of closing entries? What is a...Ch. 5 - What are real accounts? What are nominal accounts?...

Ch. 5 - What is the purpose of the Income Summary account?...Ch. 5 - What is the purpose of the post-closing trial...Ch. 5 - Write the third closing entry to transfer the net...Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Classify the following accounts as real...Ch. 5 - The ledger accounts after adjusting entries for...Ch. 5 - As of December 31, the end of the current year,...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - The Income Statement columns of the work sheet of...Ch. 5 - After all revenue and expenses have been closed at...Ch. 5 - Identify whether the following accounts would be...Ch. 5 - Prob. 8E Ch. 5 - Indicate with an X whether each of the following...Ch. 5 - Prepare a statement of owners equity for The...Ch. 5 - Prob. 1PA Ch. 5 - The partial work sheet for Ho Consulting for May...Ch. 5 - The account balances of Bryan Company as of June...Ch. 5 - Williams Mechanic Services prepared the following...Ch. 5 - Prob. 1PB Ch. 5 - Prob. 2PB Ch. 5 - Prob. 4PB Ch. 5 - Toms Catering Services prepared the following work...Ch. 5 - Rather than going directly to college, some...Ch. 5 - Prob. 2A Ch. 5 - The post-closing trial balance submitted to you by...Ch. 5 - You are preparing a post-closing trial balance for...Ch. 5 - The bookkeeper has completed a work sheet and has...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - This problem is designed to enable you to apply...Ch. 5 - Prob. 1CP

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