ACC 557 Week 3 Homework Problems Strayer

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Chapter 4

Exercise 4-1

The trial balance columns of the worksheet for Cajon Company at June 30, 2014, are as follows.CAJON COMPANYWorksheetFor the Month Ended June 30, 2014

Trial Balance

Account TitlesDr.Cr.

Cash$4,020

Accounts Receivable2,440

Supplies1,900

Accounts Payable$1,120

Unearned Service Revenue240

Common Stock5,000

Service Revenue3,100

Salaries and Wages Expense860

Miscellaneous Expense240

$9,460$9,460

Other 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 $250.

Complete the worksheet.CAJON COMPANYWorksheetFor the Month Ended June 30, 2014

Trial BalanceAdjustmentsAdj. Trial BalanceIncome StatementBalance Sheet

Account TitlesDrCr.DrCr.DrCr.DrCr.DrCr.

Cash4,020

Accounts Receivable2,440

Supplies1,900

Accounts Payable1,120

Unearned Service Revenue240

Common Stock5,000

Service Revenue3,100

Salaries and Wages Expense860

Miscellaneous Expense240

Totals9,4609,460

Supplies Expense

Salaries and Wages Payable

Totals

Net Income

Totals

Exercise 4-5

Your answer is correct.

The adjustments columns of the worksheet for Munoz Company are shown below.Adjustments

Account TitlesDebitCredit

Accounts Receivable600

Prepaid Insurance400

Accumulated DepreciationEquipment900

Salaries and Wages Payable500

Service Revenue600

Salaries and Wages Expense500

Insurance Expense400

Depreciation Expense900

2,4002,400

(a)Prepare adjusting entries in order presented in the problem.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)(b)Indicate with an "X" the financial statement column to which each balance should be extended.

Exercise 4-7

Lanza Company had the following adjusted trial balance.LANZA COMPANYAdjusted Trial BalanceFor the Month Ended June 30, 2014

Adjusted Trial Balance

Account TitlesDebitCredit

Cash$3,712

Accounts Receivable3,904

Supplies480

Accounts Payable$1,556

Unearned Service Revenue160

Common Stock4,000

Retained Earnings1,760

Dividends600

Service Revenue4,300

Salaries and Wages Expense1,344

Miscellaneous Expense180

Supplies Expense1,900

Salaries and Wages Payable344

$12,120$12,120

a) Prepare closing entries at June 30, 2014.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)b) Prepare a post-closing trial balance.

Exercise 4-13

Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1.A payment on account of $840to a creditor was debited to Accounts Payable $480and credited to Cash $480.

2.The purchase of supplies on account for $380was debited to Equipment $38and credited to Accounts Payable $38.

3.A $500cash dividend was debited to Salaries and Wages Expense $500and credited to Cash $500.

Prepare the correcting entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Problem 4-4A

Excelsior Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Excelsior Amusement ParkWorksheetFor the Year Ended September 30, 2014

Trial BalanceAdjusted Trial Balance

Dr.Cr.Dr.Cr.

Cash34,40034,400

Supplies18,6002,200

Prepaid Insurance29,90010,900

Land80,00080,000

Equipment120,000120,000

Accumulated Depreciation-Equip.36,20042,200

Accounts Payable14,60014,600

Unearned Ticket Revenue3,9001,000

Mortgage Payable50,00050,000

Common Stock60,00060,000

Retained Earnings36,10036,100

Dividends14,00014,000

Ticket Revenue277,900280,800

Salaries and Wages Expense98,00098,000

Maintenance and Repairs Expense30,50030,500

Advertising Expense9,4009,400

Utilities Expense16,90016,900

Property Tax Expense21,00024,000

Interest Expense6,0008,000

Totals478,700478,700

Insurance Expense19,000

Supplies Expense16,400

Interest Payable2,000

Depreciation Expense6,000

Property Taxes Payable3,000

Totals489,700489,700

a) Prepare a complete worksheet.b) Prepare a classified balance sheet. (Note: $15,000of the mortgage note payable is due for payment in the next fiscal year.)(List current assets in order of liquidity.)C) Journalize the adjusting entries using the worksheet as a basisd) Journalize the closing entries using the worksheet as a basis.