Ac11 Answer Sheet Ex1 Fall 06 - Key
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Name: Answer Key PROBLEM #1 Date 10/1
Accounts & Explanations Cash
Debit 50,000
Clay, Capital 10/2
Equipment
50,000 12,000
Cash Notes Payable 10/3
Supplies
4,000 8,000 500
A/P 10/4
10/8
Rent Expense Cash A/R
500 1,000 1,000 15,000
Professional Fees 10/10
A/P
15,000 500
Cash 10/14
10/15
10/17
10/18
500
Repair Expense A/P
2,500
Salaries Expense Cash
3,000
Clay, Drawing Cash Cash
2,500
3,000 800 800 2,000
Professional Fees 10/20
Cash
2,000 7,000
A/R 10/28
Cash
7,000 3,000
Unearned Professional Fees 10/31
Credit
Utilities Expense Cash
3,000 900 900
Problem #2
Account: Date 5/1 5/1 5/12 5/15 5/20 5/31
Cash Explanation Balance
Account: Date 5/1 5/5
Accounts Receivable Explanation Ref. Debit Balance J33 2,000
Account: Date 5/1 5/7
Supplies Explanation Balance
Account: Date 5/1 5/7
Office Equipment Explanation Ref. Balance J33
Account: Date 5/1 5/7
Accounts Payable Explanation Ref. Balance J33
Account: Date 5/12
Unearned Service Revenue Explanation Ref. Debit J33
Account: Date 5/1
Schultz, Capital Explanation Ref. Balance
Ref. J33 J33 J33 J33 J33
Ref. J33
Debit 500 3,000
Debit
#11 Balance 80,000 80,500 83,500 1,000 82,500 800 81,700 750 80,950
Credit
Credit
300
Debit
Credit
5,000
Debit
Debit
Account: Service Revenue Date Explanation 5/1 5/5
Ref. J33 J33
Debit
Credit 500 2,000
#12 Balance 12,000 Dr. 14,000 Dr.
Account: Salaries Expense Date Explanation 5/31
Ref. J33
Debit 750
Credit
#51 Balance 750 Dr.
#14 Balance 2,000 Dr. 2,300 Dr.
Account: Rent Expense Date Explanation 5/15
Ref. J33
Debit 1,000
Credit
#52 Balance 1,000 Dr.
#18 Balance 6,000 Dr. 11,000 Dr.
Account: Advertising Expense Date Explanation
Ref.
Debit
Credit
Account: Utilities Expense Date Explanation 5/20
Ref. J33
Debit 800
Credit
Debit
Credit
Credit
Dr. Dr. Dr. Dr. Dr. Dr.
#21 Balance 10,000 Cr. 5,300 15,300 Cr.
Credit
Credit 3,000
Credit
#25 Balance 3,000 Cr.
#31 Balance 90,000 Cr.
Account: Miscellaneous Expense Date Explanation Ref.
B)
#41 Balance 500 Cr. 2,500 Cr.
#53 Balance
#55 Balance 800 Dr.
#59 Balance
Schultz Company Trial Balance For the Month Ended 5/30/0X
Cash Accounts Receivable Supplies Office Equipment Accounts Payable Unearned Service Revenue Shultz, Capital Service Revenue Salaries Expense Rent Expense Utilities Expense Totals
Debit 80,950 14,000 2,300 11,000
Credit
15,300 3,000 90,000 2,500 750 1,000 800 110,800
110,800
PROBLEM #3 Date 12/31
12/31
12/31
12/31
12/31
Accounts & Explanations Supplies Expense Supplies (Adj. Entry)
Debit 4,300
4,300
Unearned Cleaning Fees Cleaning Fees (Adj. Entry)
6,000
Depreciation Expense - Equip. A/D - Equipment (Adj. Entry)
8,400
Salaries Expense Salaries Payable (Adj. Entry)
4,000
A/R
8,000
6,000
8,400
4,000
Cleaning Fees (Adj. Entry) 12/31
Insurance Expense Prepaid Insurance (Adj. Entry)
Credit
8,000
1,200 1,200
PROBLEM #4 Date 12/31
12/31
12/31
12/31
Accounts & Explanations Service Revenue Income Summary (Closing Entry)
Debit 104,000
104,000
Income Summary Salaries Expense Rent Expense Supplies Expense Depreciation Expense - Store Equip. (Closing Entry)
70,600
Income Summary PC Capital (Closing Entry)
33,400
PC Capital PC Drawing (Closing Entry)
Credit
36,600 24,000 8,000 2,000
33,400
8,000 8,000
Hank's Service Company Worksheet For the Month Ended 07/31/00
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accum. Deprec.-Equip. Accounts Payable Unearned Service Fees Hank-Capital Hank-Drawing Service Revenue Salaries Expense Rent Expense Totals Supplies Expense Insurance Expense Depreciation Expense Salaries Payable Net Income
Trial Balance Adjustments Debit Credit Debit Credit 12,000 24,000 2,400 B) 400 1,000 A) 500 25,000 2,000 C) 400 5,000 8,000 D) 4,000 19,000 4,000 44,000 D) 4,000 8,000 E) 1,000 1,600 78,000 78,000 A) 500 B) 400 C) 400 E) 1,000 6,300 6,300
Adjusted Trial Bal. Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000 48,000 9,000 1,600 500 400 400 79,400
Income Statement Debit Credit
Balance Sheet Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000
48,000 9,000 1,600 500 400 400
1,000 79,400
11,900 36,100 48,000
48,000
67,500
48,000
67,500
1,000 31,400 36,100 67,500
Accounts & Explanations Cash
Debit 50,000
Clay, Capital 10/2
Equipment
50,000 12,000
Cash Notes Payable 10/3
Supplies
4,000 8,000 500
A/P 10/4
10/8
Rent Expense Cash A/R
500 1,000 1,000 15,000
Professional Fees 10/10
A/P
15,000 500
Cash 10/14
10/15
10/17
10/18
500
Repair Expense A/P
2,500
Salaries Expense Cash
3,000
Clay, Drawing Cash Cash
2,500
3,000 800 800 2,000
Professional Fees 10/20
Cash
2,000 7,000
A/R 10/28
Cash
7,000 3,000
Unearned Professional Fees 10/31
Credit
Utilities Expense Cash
3,000 900 900
Problem #2
Account: Date 5/1 5/1 5/12 5/15 5/20 5/31
Cash Explanation Balance
Account: Date 5/1 5/5
Accounts Receivable Explanation Ref. Debit Balance J33 2,000
Account: Date 5/1 5/7
Supplies Explanation Balance
Account: Date 5/1 5/7
Office Equipment Explanation Ref. Balance J33
Account: Date 5/1 5/7
Accounts Payable Explanation Ref. Balance J33
Account: Date 5/12
Unearned Service Revenue Explanation Ref. Debit J33
Account: Date 5/1
Schultz, Capital Explanation Ref. Balance
Ref. J33 J33 J33 J33 J33
Ref. J33
Debit 500 3,000
Debit
#11 Balance 80,000 80,500 83,500 1,000 82,500 800 81,700 750 80,950
Credit
Credit
300
Debit
Credit
5,000
Debit
Debit
Account: Service Revenue Date Explanation 5/1 5/5
Ref. J33 J33
Debit
Credit 500 2,000
#12 Balance 12,000 Dr. 14,000 Dr.
Account: Salaries Expense Date Explanation 5/31
Ref. J33
Debit 750
Credit
#51 Balance 750 Dr.
#14 Balance 2,000 Dr. 2,300 Dr.
Account: Rent Expense Date Explanation 5/15
Ref. J33
Debit 1,000
Credit
#52 Balance 1,000 Dr.
#18 Balance 6,000 Dr. 11,000 Dr.
Account: Advertising Expense Date Explanation
Ref.
Debit
Credit
Account: Utilities Expense Date Explanation 5/20
Ref. J33
Debit 800
Credit
Debit
Credit
Credit
Dr. Dr. Dr. Dr. Dr. Dr.
#21 Balance 10,000 Cr. 5,300 15,300 Cr.
Credit
Credit 3,000
Credit
#25 Balance 3,000 Cr.
#31 Balance 90,000 Cr.
Account: Miscellaneous Expense Date Explanation Ref.
B)
#41 Balance 500 Cr. 2,500 Cr.
#53 Balance
#55 Balance 800 Dr.
#59 Balance
Schultz Company Trial Balance For the Month Ended 5/30/0X
Cash Accounts Receivable Supplies Office Equipment Accounts Payable Unearned Service Revenue Shultz, Capital Service Revenue Salaries Expense Rent Expense Utilities Expense Totals
Debit 80,950 14,000 2,300 11,000
Credit
15,300 3,000 90,000 2,500 750 1,000 800 110,800
110,800
PROBLEM #3 Date 12/31
12/31
12/31
12/31
12/31
Accounts & Explanations Supplies Expense Supplies (Adj. Entry)
Debit 4,300
4,300
Unearned Cleaning Fees Cleaning Fees (Adj. Entry)
6,000
Depreciation Expense - Equip. A/D - Equipment (Adj. Entry)
8,400
Salaries Expense Salaries Payable (Adj. Entry)
4,000
A/R
8,000
6,000
8,400
4,000
Cleaning Fees (Adj. Entry) 12/31
Insurance Expense Prepaid Insurance (Adj. Entry)
Credit
8,000
1,200 1,200
PROBLEM #4 Date 12/31
12/31
12/31
12/31
Accounts & Explanations Service Revenue Income Summary (Closing Entry)
Debit 104,000
104,000
Income Summary Salaries Expense Rent Expense Supplies Expense Depreciation Expense - Store Equip. (Closing Entry)
70,600
Income Summary PC Capital (Closing Entry)
33,400
PC Capital PC Drawing (Closing Entry)
Credit
36,600 24,000 8,000 2,000
33,400
8,000 8,000
Hank's Service Company Worksheet For the Month Ended 07/31/00
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accum. Deprec.-Equip. Accounts Payable Unearned Service Fees Hank-Capital Hank-Drawing Service Revenue Salaries Expense Rent Expense Totals Supplies Expense Insurance Expense Depreciation Expense Salaries Payable Net Income
Trial Balance Adjustments Debit Credit Debit Credit 12,000 24,000 2,400 B) 400 1,000 A) 500 25,000 2,000 C) 400 5,000 8,000 D) 4,000 19,000 4,000 44,000 D) 4,000 8,000 E) 1,000 1,600 78,000 78,000 A) 500 B) 400 C) 400 E) 1,000 6,300 6,300
Adjusted Trial Bal. Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000 48,000 9,000 1,600 500 400 400 79,400
Income Statement Debit Credit
Balance Sheet Debit Credit 12,000 24,000 2,000 500 25,000 2,400 5,000 4,000 19,000 4,000
48,000 9,000 1,600 500 400 400
1,000 79,400
11,900 36,100 48,000
48,000
67,500
48,000
67,500
1,000 31,400 36,100 67,500
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