Brief Exercise 4-6The income statement for Weeping Willow Golf Club for the month ending July 31 shows Service Revenue $16,400, Salaries and Wages Expense $8,200, Maintenance and Repairs Expense $2,500, and Net Income $5,700. Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the three-column form of account.Service RevenueDateExplanationRefDebitCreditBalance7/31Balance 7/31Closing entry Salaries and Wages Expense DateExplanationRefDebitCreditBalance7/31Balance 7/31Closing entry Maintenance and Repairs Expense DateExplanationRefDebitCreditBalance7/31Balance 7/31Closing entry Brief Exercise 4-9At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.1.A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870.2.The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750.Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1. 2. Brief Exercise 4-11Match each of the following accounts to its proper balance sheet classification.AccountsBalance Sheet ClassificationAccounts PayableAccounts receivableAccumulated depreciation—buildingsBuildingsCashCopyrightsIncome taxes payableDebt investments (long-term)LandInventoryPatentsSuppliesExercise 4-7Kay Magill Company had the following adjusted trial balance.KAY MAGILL COMPANYAdjusted Trial BalanceFor the Month Ended June 30, 2014Adjusted Trial BalanceAccount TitlesDebitCreditCash$ Accounts Receivable Supplies Accounts Payable$ Unearned Service Revenue Owner’s Capital Owner’s Drawings Service Revenue Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable Total$$ Condition gt requires numbers instead of “null” and “0”Prepare closing entries at June 30, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)No.Account Titles and ExplanationDebitCredit1. (To close revenue account.) 2. (To close expense accounts) 3. (To close net income / (loss).) 4. (To close drawings) Condition gt requires numbers instead of “null” and “0”Prepare a post-closing trial balance.KAY MAGILL COMPANYPost-Closing Trial BalanceFor the Month Ended June 30, 2014DebitCredit$$ Total$$ Exercise 4-8Plevin Company ended its fiscal year on July 31, 2014. The company’s adjusted trial balance as of the end of its fiscal year is as shown below.PLEVIN COMPANYAdjusted Trial BalanceJuly 31, 2014No.Account TitlesDebitCredit101Cash$ 112Accounts Receivable 157Equipment 158Accumulated Depreciation—Equip.$ 201Accounts Payable 208Unearned Rent Revenue 301Owner’s Capital 306Owner’s Drawings 400Service Revenue 429Rent Revenue 711Depreciation Expense 726Salaries and Wages Expense 732Utilities Expense Total$$ Condition gt requires numbers instead of “null” and “0”Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 31 (To close revenue accounts.) July 31 (To close expense accounts.) July 31 (To close net income / ( loss).) July 31 (To close drawings.) Condition gt requires numbers instead of “null” and “0”Post to Owner’s Capital and Income Summary accounts. (Post entries in the order of journal entries presented in the previous part.)Owner’s CapitalNo. 301DateExplanationRefDebitCreditBalanceJuly 31 J15Income SummaryNo. 350 DateExplanationRefDebitCreditBalanceJuly 31 Condition gt requires numbers instead of “null” and “0”Prepare a post-closing trial balance at July 31.PLEVIN COMPANYPost-Closing Trial BalanceJuly 31, 2014DebitCredit$$ Total$$ Exercise 4-10Condition gt requires numbers instead of “null” and “0”Janis Engle has prepared the following list of statements about the accounting cycle.Identify each statement as true or false.1.“Journalize the transactions” is the first step in the accounting cycle. 2.Reversing entries are a required step in the accounting cycle. 3.Correcting entries do not have to be part of the accounting cycle. 4.If a worksheet is prepared, some steps of the accounting cycle are incorporated into the worksheet. 5.The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post-closing trial balance. 6.All steps of the accounting cycle occur daily during the accounting period. 7.The step of “post to the ledger accounts” occurs before the step of “journalize the transactions.” 8.Closing entries must be prepared before financial statements can be prepared.
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