accounting cycle review problem

7/24/2019 Accounting Cycle Review Problem

1/33

Accounting Cycle Review Problem A Name:

For this problem, the journal, ledger, and work sheet and statements are under separate tabs.

Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists.

ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect answer.

1. & 5.

GENERAL J!RNAL

"ate "e#cri$tion Po#t. Re%. "ebit Creit

#$--

%uly & 'ash &&& &,$$$

*. %udar, 'apital && &,$$$

+nested cash in business.

# *and & ##,$$$

uilding # ,#$$

0ool/1lide Facility &23,3$$0ool Furniture ,3$$

4ortgage 0ayable ## 2#$,3$$

'ash &&& $,$$$

ought last 5ff6.

# 0repaid +nsurance &&2 ,#2$

'ash &&& ,#2$

0aid one-year premium for insurance.

# 0ool/1lide Facility &,##

!ccounts 0ayable ##& 7#

'ash &&& $$

ought inner tubes from 8orn 9ires.

'ash &&& #$

'oncessions +ncome 2 #$

:eceied payment for rental space for

ideo games and food concessions.

!dertising E;pense & &,#$

!ccounts 0ayable ##& &,#$


2/33

GENERAL J!RNAL


#$--

%uly 4iscellaneous E;pense ##

'ash &&&

0aid for employee picnic.

7 'ash &&& ,$3

+ncome from 1erices 2&& ,$3

:eceied cash for serices rendered.

0ool 4aintenance E;pense && 2

!ccounts 0ayable ##& 2

ought parts on account from !rlen=s

0ool 1upply.

&2 'ash &&& &$,22

+ncome from 1erices 2&& &$,22


& 8ages E;pense ,2$

'ash &&& ,2$

& !ccounts 0ayable ##& &,&$

'ash &&& &,&$

on account.

& *. %udar, >rawing #,$$

'ash &&& #,$$

8ithdrawal for personal use.

&7 0ool Furniture #,&$$

!ccounts 0ayable ##& #,&$$

ought pool furniture from 0ool

1uppliers.

GENERAL J!RNAL


#$--

%uly &3 4iscellaneous E;pense ## #3

0age'

0aid wages for period %uly &%uly &2.

0aid 0arty :entals and City Star

0age(


3/33

'ash &&& #3

0aid for costume alterations.

#& 'ash &&& &$,$

+ncome from 1erices 2&& &$,$


#& !ccounts 0ayable ##& $$

'ash &&& $$

0artial payment to 8orn 9ires.

# !ccounts 0ayable ##& ##

0ool Furniture ##

:eceied allowance from 0ool

1uppliers for damaged chairs.

# ?tilities E;pense &2 ##

'ash &&& ##

:eceied and paid telephone bill.

# 8ages E;pense 3,##7

'ash &&& 3,##7

& 'ash &&& &&,37$

+ncome from 1erices 2&& &&,37$


& !ccounts 0ayable ##& $

'ash &&& $

0aid !rlen=s 0ool 1upply on account.

& ?tilities E;pense &2 32

'ash &&& 32

:eceied and paid water bill.

GENERAL J!RNAL


#$--

%uly & +nterest E;pense & &,3$

4ortgage 0ayable ## &,&$

'ash &&& ,3$

0aid installment on mortgage.

& ?tilities E;pense &2 2#

0aid wages for period %uly &%uly #3.

0age)


4/33

'ash &&& 2#

:eceied and paid electric bill..

& 0ool/1lide Facility 23$

!ccounts 0ayable ##& 3$

'ash &&& &$$

ought inner tubes from 8orn 9ires.

& *. %udar, >rawing ,#$$

'ash &&& ,#$$

8ithdrawal for personal use.

& !ccounts :eceiable & #2

'oncessions +ncome 2 #2

!dditional reenue from concessions.

!djusting Entries

& +nsurance E;pense &7 &,$#$

0repaid +nsurance &&2 &,$#$

& >epreciation E;pense, uilding &3 23$

!ccum. >epr., uilding 23$

& >epr. E;pense, 0ool/1lide Facility & 7

!ccum. >epr., 0ool/1lide Facility 7

& >epr. E;pense, 0ool Furniture #$ ##$

!ccum. >epr., 0ool Furniture ##$

& 8ages E;pense #$

8ages 0ayable ### #$

1*.

GENERAL J!RNAL


#$-- 'losing Entries

%uly & +ncome from 1erices 2&& 22,7&

'oncessions +ncome 2 232

+ncome 1ummary & 2,#&

& +ncome 1ummary & #3,##

0ool 4aintenance E;pense && #,#2

8ages E;pense &3,$7

!dertising E;pense & &,#$

?tilities E;pense &2 &,&3

0age5


5/33

+nterest E;pense & &,3$

+nsurance E;pense &7 &,$#$

>epreciation E;pense, uilding &3 23$

>epr. E;pense, 0ool/1lide Facility & 7

>epr. E;pense, 0ool Furniture #$ ##$

4iscellaneous E;pense ## 2

& +ncome 1ummary & &,#

*. %udar, 'apital && &,#

& *. %udar, 'apital && ,7$$

*. %udar, >rawing ,7$$


6/33


7/33


8/33


9/33


10/33


11/33




ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect answer

Enter as per the transactions.

'. +. & 11.

GENERAL LE"GER

!ccount 'ash !ccount o.

,

"ate -tem "ebit Creit "ebit

#$--

%uly & &,$$$ &,$$$

# $,$$$ &,$$$

# ,#2$ #,7$

# $$ #,#$ #$ #,&$

&,$$ &$

73#

7 ,$3 ,33

&2 &$,22 #,&

& ,2$ &,3

& &,&$ ,7$

& #,$$ &$,#$

&3 #3 ,37

#& &$,$ #$,#$

#& $$ &,$

# ## &,&

# 3,##7 &&,$3

& &&,37$ ##,

& $ ##,

& 32 #&,

& ,3$ &3,$##

& 2# &7,$3$

& &$$ &,3$

& ,#$$ &,73$

!ccount !ccounts :eceiable !ccount o.

,


#$--

%uly & #2 #2

Po#t.Re%.

Po#t.Re%.


12/33

!ccount 0repaid +nsurance !ccount o.

,


#$--%uly # ,#2$ ,#2$

& !djusting &,$#$ &&,##$

!ccount *and !ccount o.

,


#$--

%uly # ##,$$$ ##,$$$

!ccount uilding !ccount o.

,


#$--

%uly # ,#$$ ,#$$

!ccount !ccumulated >epreciation, uilding !ccount o.

,


#$--

%uly & 23$

!ccount 0ool/1lide Facility !ccount o.,


#$--

%uly # &23,3$$ &23,3$$

# &,## &$,$#

& 23$ &$,$

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.


13/33

!ccount !ccumulated >epreciation, 0ool/1lide Facility !ccount o.

,


#$--

%uly & 7

!ccount 0ool Furniture !ccount o.

,


#$--

%uly # ,3$$ ,3$$

&7 #,&$$ ,$$

# ## ,7

!ccount !ccumulated >epreciation, 0ool Furniture !ccount o.

,


#$--

%uly & ##$

!ccount !ccounts 0ayable !ccount o.

,


#$--

%uly # 7#

&,#$

2

& &,&$

&7 #,&$$

#& $$

# ##

& $

& 3$

!ccount 8ages 0ayable !ccount o.

,


Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.


14/33

#$--

%uly & #$

!ccount 4ortgage 0ayable !ccount o.

,"ate -tem "ebit Creit "ebit

#$--

%uly # 2#$,3$$

& &,&$

!ccount *. %udar, 'apital !ccount o.

,


#$--%uly & &,$$$

& 'losing &,#

& 'losing ,7$$

!ccount *. %udar, >rawing !ccount o.

,


#$--

%uly & #,$$ #,$$& ,#$$ ,7$$

& 'losing ,7$$ -

!ccount +ncome 1ummary !ccount o.

,


#$--

%uly & 'losing 2,#&

& 'losing #3,##& 'losing &,# -

!ccount +ncome from 1erices !ccount o.

,


#$--

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.


15/33

%uly 7 ,$3

&2 &$,22

#& &$,$

& &&,37$

& 'losing 22,7&

!ccount 'oncessions +ncome !ccount o.

,


#$--

%uly #$

& #2

& 'losing 232

!ccount 0ool 4aintenance E;pense !ccount o.,


#$--

%uly &,$$ &,$$

2 #,#2

& 'losing #,#2

!ccount 8ages E;pense !ccount o.

,"ate -tem "ebit Creit "ebit

#$--

%uly & ,2$ ,2$

# 3,##7 &7,37

& !djusting #$ &3,$7

& 'losing &3,$7

!ccount !dertising E;pense !ccount o.,


#$--

%uly &,#$ &,#$

& 'losing &,#$

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.


16/33

!ccount ?tilities E;pense !ccount o.

,


#$--

%uly # ## ##

& 32 7

& 2# &,&3

& &,&3

!ccount +nterest E;pense !ccount o.

,


#$--

%uly & &,3$ &,3$

& 'losing &,3$ -

!ccount +nsurance E;pense !ccount o.

,


#$--

%uly & !djusting &,$#$ &,$#$

& 'losing &,$#$ -

!ccount >epreciation E;pense, uilding !ccount o.

,


#$--

%uly & !djusting 23$ 23$

& 'losing 23$

!ccount >epreciation E;pense, 0ool/1lide Facility !ccount o.

,


#$--

%uly & !djusting 7 7

& 'losing 7 -

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.

Po#t.Re%.


17/33

!ccount >epreciation E;pense, 0ool Furniture !ccount o.

,


#$--%uly & !djusting ##$ ##$

& 'losing ##$ -

!ccount 4iscellaneous E;pense !ccount o.

,


#$--

%uly &3 #3 2

& 'losing 2

Po#t.Re%.

Po#t.Re%.


18/33

.

&&&

lance

Creit

&

lance

Creit


19/33

&&2

lance

Creit

&

lance

Creit

#

lance

Creit

lance

Creit

23$

lance

Creit


20/33

lance

Creit

7

lance

Creit

lance

Creit

##$

##&

lance

Creit

7#

#,$2

#,&

&,2&

,2&

,$2&

#,3&

#,2

#,3

###

lance

Creit


21/33

#$

##

lanceCreit

2#$,3$$

2&3,3$

&&

lance

Creit

&,$$$

&&,#

&2,

lance

Creit

-

&

lance

Creit

2,#&

&,#-

2&&

lance

Creit


22/33

,$3

##,&

#,3&

22,7&

2

lance

Creit

#$

232

&&lance

Creit

lanceCreit

&lance

Creit


23/33

&2

lance

Creit

&

lance

Creit

-

&7

lance

Creit

-

&3

lance

Creit

-

&

lance

Creit

-


24/33

#$

lance

Creit

-

##

lance

Creit


25/33




ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect ans

+dentifying letter will not be graded.

(. & ).

3or t2e 4o

7rial ,alance A8u#tment

Account Name "ebit Creit "ebit

'ash &,73$

!ccounts :eceiable #2

0repaid +nsurance ,#2$

*and ##,$$$

uilding ,#$$

0ool/1lide Facility &$,$ -

0ool Furniture ,7

!ccounts 0ayable - #,3

4ortgage 0ayable - 2&3,3$

*. %udar, 'apital - &,$$$

*. %udar, >rawing ,7$$

+ncome from 1erices - 22,7&

'oncessions +ncome - 232

0ool 4aintenance E;pense #,#2 -

8ages E;pense &7,37 #$

!dertising E;pense &,#$

?tilities E;pense &,&3

+nterest E;pense &,3$

4iscellaneous E;pense 2

$&,2& $&,2&

+nsurance E;pense &,$#$

>epreciation E;pense, uilding 23$

!ccum. >epr., uilding

>epr. E;pense, 0ool/1lide Facility 7

!ccum. >epr., 0ool/1lide Facility>epr. E;pense, 0ool Furniture ##$

!ccum. >epr., 0ool Furniture

8ages 0ayable

,&

et +ncome


26/33

9. ,la#t %%

-ncome tatement

3or t2e 4ont2 Ene July (1 '*66

:eenues@

+ncome from 1erices A 22,7&

'oncessions +ncome 232

9otal :eenue A 2,#&

E;penses@

0ool 4aintenance E;pense A #,#2

8ages E;pense &3,$7

!dertising E;pense &,#$

?tilities E;pense &,&3

+nterest E;pense &,3$

+nsurance E;pense &,$#$

>epreciation E;pense, uilding 23$

>epr. E;pense, 0ool/1lide Facility 7

>epr. E;pense, 0ool Furniture ##$

4iscellaneous E;pense 2

9otal E;penses #3,##

et +ncome &,#

. ,la#t %%

tatement o% wner;# Eeduct 8ithdrawals for the 4onth ,7$$

+ncrease in 'apital &2,

*. %udar, 'apital, %uly &, #$-- A &2,

=. ,la#t %%

,alance 2eetJuly (1 '*66

A##et#

'ash A &,73$

!ccounts :eceiable #2

0repaid +nsurance $

*and ##$$$

uilding A ,#$$


27/33

!ccum. >epr., uilding 23$ ,7#$

0ool/1lide Facility A &$,$

!ccum. >epr., 0ool/1lide Facility 7 &2,3$

0ool Furniture A ,7

!ccum. >epr., 0ool Furniture ##$ ,2

9otal !ssets A 3,#

Liabilitie#

!ccounts 0ayable A #,3

8ages 0ayable #$

4ortgage 0ayable 2&3,3$

9otal *iabilities A 2##,2

wner;# Eepr., uilding 23$

0ool/1lide Facility &$,$

!ccum. >epr., 0ool/1lide Facility 7

0ool Furniture ,7

!ccum. >epr., 0ool Furniture ##$

!ccounts 0ayable #,3

8ages 0ayable #$

4ortgage 0ayable 2&3,3$

*. %udar, 'apital &2,

9otal ,&2 ,&2


28/33

er.

,la#t %%

or0 2eet

t2 Ene July (1 '*66

A8u#te 7rial ,alance -ncome tatement ,alance 2eet

Creit "ebit Creit "ebit Creit "ebit Creit

&,73$ &,73$

#2 #2

&,$#$ &&,##$ &&,##$

##,$$$ ##,$$$

,#$$ ,#$$

- &$,$ - - - &$,$

,7 ,7

#,3 #,3

2&3,3$ 2&3,3$

&,$$$ &,$$$

,7$$ - ,7$$

22,7& 22,7&

232 232

#,#2 #,#2

&3,$7 &3,$7

&,#$ &,#$

&,&3 &,&3

&,3$ &,3$

2 2

&,$#$ &,$#$

23$ 23$

23$ 23$ 23$

7 7

7 7 7##$ ##$

##$ ##$ ##$

#$ #$ #$

,& $2,# $2,# #3,## 2,#& 7,&2 ,$#&


29/33


30/33


31/33


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accounting cycle review problem

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