Posted: February 5th, 2019

Assignment: Homework Ch04

Brief Exercise 4-5The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense$27,000; and Supplies Expense $7,000.The closing entries are as follows:(1) Close revenue accounts.(2) Close expense accounts.(3) Close net income/(loss)(4) Close drawings.Post the closing entries in the order presented in the problem and use the numbers as a reference.Salaries and Wages ExpenseSupplies ExpenseService RevenueOwner’s DrawingsIncome SummaryOwner’s CapitalBrief Exercise 4-7The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company.Identify the accounts that would be included in a post-closing trial balance.Accumulated DepreciationDepreciation ExpenseOwner’s CapitalOwner’s DrawingsService RevenueSuppliesAccounts PayableBrief Exercise 4-8The steps in the accounting cycle are listed in random order below.List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1–9.(a) Prepare a trial balance.(b) Journalize the transactions.(c) Journalize and post closing entries.(d) Prepare financial statements.(e) Journalize and post adjusting entries.(f) Post to ledger accounts.(g) Prepare a post-closing trial balance.(h) Prepare an adjusted trial balance.(i) Analyze business transactions.Brief Exercise 4-10The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash$4,100; Supplies $5,200, and Debt Investments (short-term) $6,700.Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.)Exercise 4-1The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.NANDURI COMPANYWorksheetFor the Month Ended June 30, 2014Trial BalanceAccount Titles Dr. Cr.Cash 2,320Accounts Receivable 2,440Supplies 1,880Accounts Payable 1,120Unearned Service Revenue 240Owner’s Capital 3,600Service Revenue 2,400Salaries and Wages Expense 560Miscellaneous Expense 160 Total 7,360 7,360Other data:1. A physical count reveals $500 of supplies on hand.2. $100 of the unearned revenue is still unearned at month-end.3. Accrued salaries are $210.Complete the worksheet.NANDURI COMPANYWorksheetFor the Month Ended June 30, 2014TrialBalance Adjustments Adj. Trial Balance Income StatementAccountTitles Dr Cr. Dr Cr. Dr Cr. Dr Cr. DrCash 2,320AccountsReceivable 2,440Supplies 1,880AccountsPayable 1,120UnearnedServiceRevenue240Owner’sCapital 3,600ServiceRevenue 2,400Salaries andWagesExpense560MiscellaneousExpense 160Totals 7,3607,360SuppliesExpenseSalaries andWagesPayableTotalsNet IncomeTotalsExercise 4-9 (Part level Submission)The adjusted trial balance for Plevin Company.PLEVIN COMPANYAdjusted Trial BalanceJuly 31, 2014No. Account Titles Debit Credit101 Cash $9,840112 Accounts Receivable 8,780157 Equipment 15,900158 Accumulated Depreciation-Equip. $7,400201 Accounts Payable 4,220208 Unearned Rent Revenue 1,800301 Owner’s Capital 45,200306 Owner’s Drawings 16,000400 Service Revenue 64,000429 Rent Revenue 6,500711 Depreciation Expense 8,000726 Salaries and Wages Expense 55,700732 Utilities Expense 14,900$129,120 $129,120(a1)Prepare an income statement for the year.PLEVIN COMPANYIncome StatementFor the Year Ended July 31, 2014$$$$(a2)Prepare an owner’s equity statement for the year. Plevin did not make any capital investments during the year. (List items that increase owner’s equity first.)PLEVIN COMPANYOwner’s Equity StatementFor the Year Ended July 31, 2014$:$(b)Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)PLEVIN COMPANYBalance SheetJuly 31, 2014Assets$$Liabilities and Owner’s EquityExercise 4-11 (Part level Submission)Selected accounts for Heather’s Salon are presented below. All June 30 postings are from closing entries.Salaries and Wages Expense6/10 3,200 6/30 8,8006/28 5,600Supplies Expense6/12 600 6/30 1,3006/24 700Service Revenue6/30 18,100 6/15 9,7006/24 8,400Rent Expense6/1 3,000 6/30 3,000Owner’s Capital6/30 2,500 6/1 12,0006/30 5,000Bal. 14,500Owner’s Drawings6/13 1,000 6/30 2,5006/25 1,500(a)Prepare the closing entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)(b)Post the closing entries to Income Summary. (Post entries in the order of journal entries posted in the previous part of the question.)Income SummaryJune 30 June 30June 30 June 30