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Chapter 4: Q24E (page 226)

Cynthia Elmer, CPA, had the following partial worksheet:

Requirements

1. Complete the worksheet.

2. Prepare the closing entries for Cynthia Elmer, CPA.

Short Answer

Expert verified

(1) Worksheet is mentioned in Step 1.

(2) Closing entries are mentioned in Step 2.

Step by step solution

01

Worksheet

(1) Worksheet is shown as follows:

CYNTHIA ELMER, CPA
Worksheet
December 31, 2018

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Account Names

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$46,900

$46,900

$46,900

Accounts Receivable

9,600

(h)

$3,700

13,300

13,300

Office

Supplies

800

$500

(b)

300

300

Prepaid

Rent

8,000

3,300

(a)

4,700

4,700

Land

35,000

35,000

35,000

Building

125,000

125,000

125,000

Accumulated Depreciation鈥擝uilding

1,150

(c)

$1,150

$1,150

Furniture

28,000

28,000

28,000

Accumulated Depreciation鈥擣urniture

2,000

(d)

2,000

2,000

Accounts Payable

$3,500

3,500

3,500

Utilities Payable

710

710

710

Salaries Payable

4,200

(f)

4,200

4,200

Interest Payable

500

(g)

500

500

Unearned Revenue

5,000

(e)

1,300

3,700

3,700

Notes Payable

15,000

15,000

15,000

Common Stock

118,000

118,000

118,000

Retained Earnings

119,000

118,090

118,090

Dividends

29,000

29,000

29,000

Service Revenue

95,000

5,000

(e,h)

100,000

$100,000

Rent

Expense

20,000

(a)

3,300

23,300

$23,300

Salaries Expense

28,000

(f)

4,200

32,200

32,200

Supplies Expense

(b)

500

500

500

Utilities Expense

25,000

25,000

25,000

Depreciation Expense鈥擝uilding

(c)

1,150

1,150

1,150

Depreciation Expense鈥擣urniture

(d)

2,000

2,000

2,000

Interest Expense

(g)

500

500

500

Total

$355,300

$355,300

$16,650

$16,650

$366,850

$366,850

$84,650

$100,000

$282,200

$266,850

Net Income

15,350

15,350

Total

$100,000

$100,000

$282,200

$282,200

02

Closing entries

(2) Closing entries are as follows:

Date

Accounts and Explanation

Debit

Credit

Dec. 31

Service Revenue

$100,000

Income Summary

$100,000

To close revenue.

Dec. 31

Income Summary

$49,850

Rent Expense

$23,300

Salaries Expense

$32,200

Supplies Expense

$500

Utilities Expense

$25,000

Depreciation Expense鈥擝uilding

$1,150

Depreciation Expense鈥擣urniture

$2,000

Interest Expense

$500

To close expenses.

Dec. 31

Income Summary

$15,350

Retained Earnings

$15,350

To close Income Summary

Dec. 31

Retained Earnings

$29,000

Dividends

$29,000

To close Dividends

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Most popular questions from this chapter

How is the Income Summary account used? Is it a temporary or permanent account?

A partial worksheet for Ramey Law Firm is presented below. Solve for the missing information. Total 6 5 A J K L M 33 34 35 (a) \( 211,325 \) 202,950 (e) 8,375 (d) \( 24,850 \) 24,850 Debit Credit Debit Credit Income Statement Balance Sheet Net (b) (c) Total (f).

Mountain View Services had the following unadjusted balances at December 31, 2018:

Salaries Payable, \(0; and Salaries Expense, \)1,900. The following transactions havetaken place at the end of 2018 and beginning of 2019:

2018

Dec. 31 Accrued Salaries Expense at December 31, \(8,000.

31 Closed the Salaries Expense account.

2019

Jan. 1 Reversed the accrued salaries. (Requirement 3 only)

4 Paid salaries of \)8,500. This payment included the Salaries Payable amount,

plus $500 for the first few days of January.

Requirements

1. Open T-accounts for Salaries Payable and Salaries Expense using their unadjustedbalances at December 31, 2018.

2. Journalize the entries assuming Mountain View Services does not use reversing entries. Do not record the reversing entry on Jan. 1. Post to the accounts.

3. Open new T-accounts for Salaries Payable and Salaries Expense using their unadjusted balances at December 31, 2018. Journalize the entries assuming Mountain

View Services uses reversing entries. Don鈥檛 forget to record the reversing entry on Jan. 1. Post to the accounts. Compare the balances on January 4, 2019 with Requirement 2 balances on January 4, 2019.

The unadjusted trial balance of Fleming Investment Advisers at December 31, 2018, follows: Adjustment data at December 31, 2018: a. Unearned Revenue earned during the year, \(700. b. Office Supplies on hand, \)3,000. c. Depreciation for the year, \(3,000. d. Accrued Salaries Expense, \)4,500. e. Accrued Service Revenue, \(9,000. Account Title Office Supplies Cash Debit Credit Accounts Receivable Equipment Accumulated Depreciation鈥擡quipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Rent Expense Depreciation Expense鈥擡quipment Total Balance \) 25,000 \( 183,000 \) 183,000 26,000 4,500 15,000 Retained Earnings 5,500 28,000 99,000 51,000 7,500 26,000 $ 19,000 14,000 2,500 33,000 3,000 7,000 FLEMING INVESTMENT ADVISERS Unadjusted Trial Balance December 31, 2018 Requirements 1. Prepare a worksheet for Fleming Investment Advisers at December 31, 2018. 2. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in account format. 3. Prepare closing entries.

End of the Line Montana Refrigeration has these account balances at December 31, 2018: Notes Payable, long-term \( 9,200 Accounts Payable \) 3,600 Prepaid Rent 2,500 Accounts Receivable 6,600 Salaries Payable 2,600 Cash 3,500 Service Revenue 15,600 Depreciation Expense鈥擡quip. 400 Office Supplies 1,300 Equipment 24,000 Accumulated Depreciation鈥擡quip. 4,000 Common Stock 6,000 Advertising Expense 900 Rent Expense 1,800 Requirements 1. Calculate End of the Line Montana Refrigeration鈥檚 current ratio. 2. How much in current assets does End of the Line Montana Refrigeration have for every dollar of current liabilities that it owes?
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