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CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal)
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DESCRIPTIONPOST.REF. DEBITDATE
GENERAL JOURNAL
CREDIT
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 655
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
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GENERAL JOURNAL
DATE DESCRIPTIONPOST.REF. CREDITDEBIT
656 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
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DEBIT CREDIT
GENERAL JOURNAL
DATE DESCRIPTIONPOST.REF.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 657
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
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CREDITPOST.REF. DEBIT
GENERAL JOURNAL
DATE DESCRIPTION
658 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
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CREDIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
GENERAL JOURNAL
DATE
DESCRIPTION
CREDIT
GENERAL JOURNAL
POST.REF. DEBIT
DESCRIPTIONPOST.REF. DEBIT
DATE
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 659
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
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COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
GENERAL JOURNAL
DATE DESCRIPTIONPOST.REF. DEBIT CREDIT
660 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
20— Feb. 1 Balance 34,641.34
DEBIT CREDIT
20— Feb. 1 Balance 70.00
DEBIT CREDIT
20— Feb. 1 Balance 15,611.16
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
CREDIT
BALANCE
DATE ITEMPOST.REF. CREDIT
GENERAL LEDGER
DATE
ACCOUNT
ACCOUNT ACCOUNT NO.
111Cash ACCOUNT NO.
CREDIT
BALANCE
Petty Cash Fund 112
DATE ITEMPOST.REF. DEBIT
BALANCE
DEBIT
ACCOUNT NO.ACCOUNT
DEBIT
Accounts Receivable
POST.REF.ITEM
113
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 661
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
DEBIT CREDIT
20— Feb. 1 Balance 52,640.00
DEBIT CREDIT
20— Feb. 1 Balance 2,480.00
Equipment ACCOUNT NO. 122
DEBIT CREDIT
20— Feb. 1 Balance 9,324.00
Accumulated Depreciation, Equipment ACCOUNT NO. 123
DEBIT CREDIT
20— Feb. 1 Balance 5,328.00
DEBIT CREDIT
20— Feb. 1 Balance 39,254.10
ACCOUNT
CREDIT
ACCOUNT Prepaid Insurance ACCOUNT NO. 118
ACCOUNT
DATE ITEM
DEBITDATEPOST.REF.ITEM
CREDIT
BALANCE
BALANCE
ACCOUNT
DATE ITEM
Merchandise Inventory ACCOUNT NO. 114
POST.REF. DEBIT
ITEMDATE
CREDIT
BALANCE
POST.REF.
BALANCE
CREDITDEBITPOST.REF.
DEBIT
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
221ACCOUNT Accounts Payable ACCOUNT NO.
662 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
DEBIT CREDIT
20— Feb. 1 Balance 1,285.00
DEBIT CREDIT
20— Feb. 1 Balance 1,615.80
DEBIT CREDIT
20— Feb. 1 Balance 536.76
DEBIT CREDIT
20— Feb. 1 Balance 79.52
BALANCE
ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Federal Unemployment Tax Payable ACCOUNT NO. 229
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Employees' Income Tax Payable ACCOUNT NO. 226
DATE
ACCOUNT ACCOUNT NO. 228
DEBIT CREDIT
DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
227ACCOUNT FICA Taxes Payable ACCOUNT NO.
State Unemployment Tax Payable
DATE ITEMPOST.REF.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 663
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
20— Feb. 1 Balance 620.00
DEBIT CREDIT
20— Feb. 1 Balance 66,047.32
DEBIT CREDIT
DEBIT CREDITDATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Income Summary ACCOUNT NO. 313
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT M. L. Langdon, Drawing ACCOUNT NO. 312
ACCOUNT M. L. Langdon, Capital ACCOUNT NO. 311
CREDIT
BALANCE
DATE ITEMPOST.REF. DEBIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
DEBIT CREDIT
BALANCE
ACCOUNT Salaries Payable 230ACCOUNT NO.
DATE ITEMPOST.REF.
664 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
ACCOUNT Purchases Returns and Allowances ACCOUNT NO.
ACCOUNT Purchases ACCOUNT NO.
512
DEBIT CREDIT
BALANCE
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
511
ACCOUNT Sales ACCOUNT NO. 411
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Sales Returns and Allowances ACCOUNT NO. 412
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Purchases Discounts ACCOUNT NO. 513
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 665
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
ACCOUNT Utilities Expense 614
BALANCE
CREDITDEBIT
ACCOUNT NO.
DATE ITEMPOST.REF.
DATE DEBITPOST.REF.ITEM CREDIT
BALANCE
613Rent ExpenseACCOUNT ACCOUNT NO.
DATE
ACCOUNT Payroll Tax Expense 612ACCOUNT NO.
ITEMPOST.REF. DEBIT CREDIT
BALANCE
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
ACCOUNT Salary Expense
DATE ITEMPOST.REF.
611ACCOUNT NO.
ACCOUNT ACCOUNT NO.Freight In 514
DEBIT CREDIT
BALANCE
666 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
ACCOUNT Miscellaneous Expense ACCOUNT NO. 619
DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
ITEMPOST.REF. DEBIT
ACCOUNT NO.
BALANCE
CREDITDATE
ACCOUNT Depreciation Expense, Equipment
DATE ITEMPOST.REF.
618
DEBIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
ACCOUNT NO.Insurance Expense 617
DATE
CREDIT
BALANCE
ACCOUNT
ITEMPOST.REF. DEBIT
ACCOUNT NO.Supplies ExpenseACCOUNT 616
CREDIT
BALANCE
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 667
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
20— Feb. 1 4,830.65
20— Feb. 1 10,780.51
POST.REF.
Dallas, TX 75294
DEBIT
642 Guthrie St.
CREDIT
ACCOUNTS RECEIVABLE LEDGER
NAME Fashion Decor
CREDIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
BALANCECREDIT
1420 Favela Road
ITEM
DEBIT
Balance
NAME
DATE ITEM
DATE
Dallas, TX 75294
DEBIT
ADDRESS
POST.REF.ITEM
DATE
Jason and Waldon
4600 Beaumont Drive
BALANCE
Balance
POST.REF.
NAME
Dallas, TX 75294
ADDRESS
Hotel Beritz
BALANCE
ADDRESS
668 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
20— Feb. 1 16,932.10
20— Feb. 1 9,782.00
20— Feb. 1 12,540.00Balance
Fort Worth, TX 76196
DATE ITEMPOST.REF. DEBIT CREDIT BALANCE
NAME Tyson Manufacturing Company
DATE
ADDRESS 842 N. Howard Ave.
Balance
POST.REF. DEBITITEM CREDIT BALANCE
ADDRESS
620 W. Huber St.Corpus Christi, TX 78410
Balance
DEBIT CREDIT BALANCE
Dallas, TX 752941464 Harding DriveKingston Fabrics
POST.REF. BALANCE
ITEM
ACCOUNTS PAYABLE LEDGER
NAME Magnuson Textiles
Amarillo, TX 79178
DATE ITEM
DATE
DEBIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
NAME
ADDRESS
Brandon, Inc.ADDRESS 400 W. Tatum St.
NAME
CREDIT
POST.REF.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 669
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
Schedule of Accounts Receivable
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous Furnishings
February 28, 20—
670 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
Schedule of Accounts PayableFebruary 28, 20—
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous Furnishings
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 671
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous Furnishings Work Sheet
For Month Ended February 28, 20—
DEBIT CREDIT
1 Cash
2 Petty Cash Fund
3 Accounts Receivable
4 Merchandise Inventory
5 Prepaid Insurance
6 Equipment
7 Accumulated Depreciation, Equipment
8 Accounts Payable
9 Employees' Income Tax Payable
10 FICA Taxes Payable
11 State Unemployment Tax Payable
12 Federal Unemployment Tax Payable
13 M. L. Langdon, Capital
14 M. L. Langdon, Drawing
15 Sales
16 Sales Returns and Allowances
17 Purchases
18 Purchases Returns and Allowances
19 Purchases Discounts
20 Freight In
21 Salary Expense
22 Payroll Tax Expense
23 Rent Expense
24 Utilities Expense
25 Supplies Expense
26 Miscellaneous Expense
27
28
29
30
31
32
33
34
35
36
37
38
ACCOUNT NAME
TRIAL BALANCE
672 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT DEBIT CREDIT
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32
33
34
35
36
37
38
CREDIT
ADJUSTMENTS
DEBIT
INCOME STATEMENT BALANCE SHEET
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 673
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous FurnishingsIncome Statement
For Month Ended February 28, 20—
674 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous FurnishingsStatement of Owner's Equity
For Month Ended February 28, 20—
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 675
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
Fabulous FurnishingsBalance Sheet
February 28, 20—
676 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
COMPREHENSIVE REVIEW PROBLEM (General Journal) (continued)
ACCOUNT NAME
Fabulous FurnishingsPost-Closing Trial Balance
February 28, 20—
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 677
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CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (Special Journals)
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SALES JOURNAL
DATEINV.
DATE
ACCOUNTSPAYABLECREDIT
POST.REF.
FREIGHT INDEBITSUPPLIER'S NAME
INV.NO.
ACCOUNTSRECEIVABLE DR.
SALES CR.POST.REF.CUSTOMER'S NAME
INV.NO.DATE
PURCHASESDEBITTERMS
PURCHASES JOURNAL
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 679
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
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CASH RECEIPTS JOURNAL
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
ACCOUNTSRECEIVABLE
CREDITSALESCREDITDATE
POST.REF.
ACCOUNTCREDITED
CASHDEBIT
OTHERACCOUNTS
CREDIT
680 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
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DATEPOST.REF.
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
ACCOUNT NAME
CASH PAYMENTS JOURNAL
CASHCREDIT
OTHERACCOUNTS
DEBITCK.NO.
ACCOUNTSPAYABLE
DEBIT
PURCHASESDISCOUNTS
CREDIT
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 681
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GENERAL JOURNAL
DATE
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
CREDITDESCRIPTION DEBITPOST.REF.
682 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
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POST.REF.
POST.REF. DEBIT
GENERAL JOURNAL
CREDITDESCRIPTION
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
GENERAL JOURNAL
DATE
DEBITDATE DESCRIPTION CREDIT
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CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
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COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
GENERAL JOURNAL
DATE DESCRIPTIONPOST.REF. DEBIT CREDIT
684 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
20— Feb. 1 Balance 34,641.34
DEBIT CREDIT
20— Feb. 1 Balance 70.00
DEBIT CREDIT
20— Feb. 1 Balance 15,611.16
DEBIT CREDIT
20— Feb. 1 Balance 52,640.00
DEBIT CREDIT
20— Feb. 1 Balance 2,480.00
DEBIT CREDITDATE
BALANCE
ITEMPOST.REF.
ACCOUNT Prepaid Insurance ACCOUNT NO. 118
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
Merchandise Inventory
DEBIT
Accounts Receivable
POST.REF.ITEM
ACCOUNT NO. 114ACCOUNT
113
BALANCE
DEBIT
ACCOUNT NO.ACCOUNT
112
DATE ITEMPOST.REF. DEBIT
ACCOUNT ACCOUNT NO.
CREDIT
BALANCE
Petty Cash Fund
111Cash ACCOUNT NO.ACCOUNT
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
CREDIT
BALANCE
DATE ITEMPOST.REF. CREDIT
GENERAL LEDGER
DATE
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 685
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
20— Feb. 1 Balance 9,324.00
DEBIT CREDIT
20— Feb. 1 Balance 5,328.00
DEBIT CREDIT
20— Feb. 1 Balance 39,254.10
DEBIT CREDIT
20— Feb. 1 Balance 1,285.00
DEBIT CREDIT
20— Feb. 1 Balance 1,615.80
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Employees' Income Tax Payable ACCOUNT NO. 226
221ACCOUNT Accounts Payable ACCOUNT NO.
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
DATE ITEM DEBITPOST.REF. CREDIT
BALANCE
CREDIT
BALANCE
Equipment
DATE
ACCOUNT ACCOUNT NO.Accumulated Depreciation, Equipment 123
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT FICA Taxes Payable ACCOUNT NO. 227
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
ACCOUNT
ITEMPOST.REF. DEBIT
ACCOUNT NO. 122
686 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
20— Feb. 1 Balance 536.76
DEBIT CREDIT
20— Feb. 1 Balance 79.52
DEBIT CREDIT
20— Feb. 1 Balance 620.00
DEBIT CREDIT
20— Feb. 1 Balance 66,047.32
DEBIT CREDIT
229
DATE
ACCOUNT Federal Unemployment Tax Payable ACCOUNT NO.
ACCOUNT NO.
DATE
BALANCE
ITEMPOST.REF. DEBIT CREDIT
ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Salaries Payable 230
ACCOUNT State Unemployment Tax Payable
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
ACCOUNT NO. 228
DATE
BALANCE
ITEMPOST.REF. DEBIT CREDIT
CREDIT
BALANCE
DATE ITEMPOST.REF. DEBIT
ACCOUNT M. L. Langdon, Capital ACCOUNT NO. 311
ITEMPOST.REF.
ACCOUNT M. L. Langdon, Drawing
DATE
ACCOUNT NO. 312
DEBIT CREDIT
BALANCE
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 687
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DATE ITEM CREDIT
BALANCE
DEBITPOST.REF.
313ACCOUNT ACCOUNT NO.Income Summary
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT NO. 412
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
511
ACCOUNT Sales ACCOUNT NO.
DATE ITEM
ACCOUNT Purchases ACCOUNT NO.
POST.REF. DEBIT CREDIT
BALANCE
ACCOUNT Sales Returns and Allowances
411
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
DATE ITEM
ACCOUNT Purchases Returns and Allowances ACCOUNT NO. 512
POST.REF. DEBIT CREDIT
BALANCE
688 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DATE ITEMPOST.REF. DEBIT CREDIT
BALANCE
ACCOUNT ACCOUNT NO.Freight In 514
DEBIT CREDIT
BALANCE
ACCOUNT Purchases Discounts ACCOUNT NO. 513
611ACCOUNT NO.ACCOUNT Salary Expense
DATE ITEMPOST.REF.
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
ITEMPOST.REF. DEBIT CREDIT
BALANCE
DATE
ACCOUNT Payroll Tax Expense 612ACCOUNT NO.
613
DATE DEBIT
Rent ExpenseACCOUNT ACCOUNT NO.
CREDITITEM
BALANCEPOST.REF.
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 689
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
DEBIT CREDIT
ACCOUNT
ACCOUNT Utilities Expense
CREDIT
BALANCE
614
BALANCE
CREDIT
ITEMPOST.REF. DEBIT
Supplies Expense
ACCOUNT NO. 617
ACCOUNT
DATE
616ACCOUNT NO.
Insurance Expense
ACCOUNT NO.
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
DATE ITEMPOST.REF. DEBIT
DATE ITEMPOST.REF. DEBIT
BALANCE
CREDIT
ACCOUNT NO.
BALANCE
618
CREDITDATE
ACCOUNT Depreciation Expense, Equipment
ITEMPOST.REF. DEBIT
DEBIT CREDIT
BALANCE
DATE ITEMPOST.REF.
ACCOUNT Miscellaneous Expense ACCOUNT NO. 619
690 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
20—
Feb. 1 4,830.65
20—
Feb. 1 10,780.51
CREDIT
POST.REF.
BALANCE
ITEM
Jason and Waldon
ACCOUNTS RECEIVABLE LEDGER
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
NAME Fashion Decor
Dallas, TX 75294
ADDRESS
Dallas, TX 75294
BALANCEPOST.REF. DEBIT
NAME
ADDRESS
DATE
Hotel Beritz
Balance
NAME
ADDRESS 1420 Favela Road
BALANCE
ITEM
DATE
Dallas, TX 75294
CREDIT
POST.REF. DEBIT
642 Guthrie St.
DEBIT
4600 Beaumont Drive
Balance
ITEM CREDIT
DATE
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 691
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
20— Feb. 1 16,932.10
20— Feb. 1 9,782.00
20— Feb. 1 12,540.00
ADDRESS
Balance
ITEM CREDIT BALANCE
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
NAME
ADDRESS
Brandon, Inc.ADDRESS 400 W. Tatum St.
NAME
CREDIT
POST.REF.
BALANCE
ITEM
ACCOUNTS PAYABLE LEDGER
NAME Magnuson Textiles
Amarillo, TX 79178
DATE ITEM
DATE
Dallas, TX 75294
DEBIT
Kingston Fabrics
POST.REF.
1464 Harding Drive
DEBIT CREDIT BALANCE
620 W. Huber St.Corpus Christi, TX 78410
Balance
POST.REF. DEBIT
NAME Tyson Manufacturing Company
DATE
ADDRESS 842 N. Howard Ave.
Balance
Fort Worth, TX 76196
DATE ITEMPOST.REF. DEBIT CREDIT BALANCE
692 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
February 28, 20—
Fabulous FurnishingsSchedule of Accounts Receivable
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
Fabulous FurnishingsSchedule of Accounts Payable
February 28, 20—
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 693
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
Fabulous Furnishings Work Sheet
For Month Ended February 28, 20—
DEBIT CREDIT
1 Cash
2 Petty Cash Fund
3 Accounts Receivable
4 Merchandise Inventory
5 Prepaid Insurance
6 Equipment
7 Accumulated Depreciation, Equipment
8 Accounts Payable
9 Employees' Income Tax Payable
10 FICA Taxes Payable
11 State Unemployment Tax Payable
12 Federal Unemployment Tax Payable
13 M. L. Langdon, Capital
14 M. L. Langdon, Drawing
15 Sales
16 Sales Returns and Allowances
17 Purchases
18 Purchases Returns and Allowances
19 Purchases Discounts
20 Freight In
21 Salary Expense
22 Payroll Tax Expense
23 Rent Expense
24 Utilities Expense
25 Supplies Expense
26 Miscellaneous Expense
27
28
29
30
31
32
33
34
35
36
37
38
ACCOUNT NAME
TRIAL BALANCE
694 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
INCOME STATEMENT BALANCE SHEET
DEBIT CREDIT DEBIT CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
CREDIT
ADJUSTMENTS
DEBIT
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 695
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
Fabulous FurnishingsIncome Statement
For Month Ended February 28, 20—
696 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
Fabulous FurnishingsStatement of Owner's Equity
For Month Ended February 28, 20—
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 697
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
Fabulous FurnishingsBalance Sheet
February 28, 20—
698 © 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 12 Financial Statements, Closing Entries, and Reversing Entries
DEBIT CREDIT
COMPREHENSIVE REVIEW PROBLEM (Special Journals) (continued)
ACCOUNT NAME
Fabulous FurnishingsPost-Closing Trial Balance
February 28, 20—
© 2011 Cengage Learning. All Rights Reserved. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 699
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