Chapter 4 - The 10 Column Worksheet & Accounting Cycle
4-1A Financial Statements & Closing Entries
Last Name
First Name
email Address
Student ID
Gerald Powers Company prepared the end-of-period work sheet shown below at July 31, 2xxx,
the end of the fiscal year: The Powers Company adheres to GAAP which requires conformity to
the Matching Concept, Periodicity Concept, and Revenue Recognition Concept. Thus, the
accounts are adjusted at the end of the period. The adjustments follow:
a.
b.
c.
d.
e.
f.
Instructions
Unbilled fees amounted to $4,400.
Unexpired insurances is $1,700.
The balance in the supplies account at the end of the year is $900.
Depreciation on the Bldgs. & Equip. is $5,800.
Unpaid salaries & wages amount to $1,800.
Rent revenue of $1,000 has been earned.
Account Title
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building & Equip.
Accum. Deprec.. - Bldg. & Equip.
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Powers, Capital
Powers, Drawing
Fees Earned
Rent Revenue
Salaries & Wages Expense
Advertising Expense
Utilities Expense
Repairs Expense
Deprec. Exp. - Bldg. & Equip.
Insurance Expense
Supplies Expense
Totals
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Accounting Tutorials
©
Principles Accounting 1
Unadjusted Trial
Balance
Debit
Credit PR
10,800
38,900
4,200
2,730
98,000
501,000
290,400
15,700
10,000
College ID
1. Complete the income statement and balance sheet columns
of the worksheet.
2. Prepare the financial statements.
3. Prepare the adjusting & closing journal entries.
4. Post the journal entries to the T - accounts.
5. Prepare the Post Closing Trial Balance.
Adjustments
Debit PR Credit
Adjusted Trial
Balance
Debit
Credit
Income Statement
Debit
Credit
Balance Sheet
Debit
Credit
2,100
203,100
363,700
163,100
21,700
11,400
13,170
875,000
875,000
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Chapter 4 - The 10 Column Worksheet & Accounting Cycle
4-1A Financial Statements & Closing Entries
Last Name
First Name
email Address
Student ID
College ID
Instructions
1. Complete the income statement and balance sheet columns
of the worksheet.
2. Prepare the financial statements.
3. Prepare the adjusting & closing journal entries.
4. Post the journal entries to the T - accounts.
5. Prepare the Post Closing Trial Balance.
Account Title
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building & Equip.
Accum. Deprec.. - Bldg. & Equip.
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Powers, Capital
Powers, Drawing
Fees Earned
Rent Revenue
Salaries & Wages Expense
Advertising Expense
Utilities Expense
Repairs Expense
Deprec. Exp. - Bldg. & Equip.
Insurance Expense
Supplies Expense
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Accounting Tutorials
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Income Statement
Debit
Credit
Principles Accounting 1
Balance Sheet
Debit
Credit
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Next Page
Chapter 4 - The 10 Column Worksheet & Accounting Cycle
4-1A Financial Statements & Closing Entries
Last Name
First Name
email Address
Student ID
Instructions
College ID
1. Complete the income statement and balance sheet columns
of the worksheet.
2. Prepare the financial statements.
3. Prepare the adjusting & closing journal entries.
4. Post the journal entries to the T - accounts.
5. Prepare the Post Closing Trial Balance.
Account Title
Cash
Accounts Receivable
Prepaid Insurance
Supplies
Land
Building & Equip.
Accum. Deprec.. - Bldg. & Equip.
Accounts Payable
Salaries & Wages Payable
Unearned Rent
Powers, Capital
Powers, Drawing
Fees Earned
Rent Revenue
Salaries & Wages Expense
Advertising Expense
Utilities Expense
Repairs Expense
Deprec. Exp. - Bldg. & Equip.
Insurance Expense
Supplies Expense
Totals
All
American© 2012
Accounting Tutorials
©
Gerald Powers Company, 12/31/20xx
Adjustments
Income Statement
Debit
Credit
PR Debit PR Credit
Principles Accounting 1
Date
General Journal
Account
Balance Sheet
Debit
Credit
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Next Page
PR
Debit
Credit
Chapter 4 - The 10 Column Worksheet & Accounting Cycle
4-1A Financial Statements & Closing Entries
Last Name
First Name
email Address
College ID
Student ID
Instructions
1. Complete the income statement and balance sheet columns
of the worksheet.
2. Prepare the financial statements.
3. Prepare the adjusting & closing journal entries.
4. Post the journal entries to the T - accounts.
5. Prepare the Post Closing Trial Balance.
General Journal
Date
Account
PR
Debit
Credit
Cash
Accts. Receivable
38,900
10,800
Bldg. & Equip.
Accts. Payable
290,400
Powers, Capital
203,100
Advertising Exp.
21,700
Supplies Expense
Powers, Drawing
Supplies
2,730
4,200
Acc. Dep. Bldg. & Eq.
501,000
Prepaid Insurance
Sal. & Wage Payable
©
Principles Accounting 1
98,000
Unearned Rent
2,100
15,700
Fees Earned
Rent Revenue
363,700
10,000
Utilities Exp.
Repairs Exp.
11,400
13,170
Dep. Exp. B & E
Income Summary
Back
Sal. & Wage Exp.
163,100
completed by student
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Land
Next Page
Insurance Exp.
Chapter 4 - The 10 Column Worksheet & Accounting Cycle
4-1A Financial Statements & Closing Entries
Last Name
First Name
email Address
Student ID
College ID
Instructions
1. Complete the income statement and balance sheet columns of
the worksheet.
2. Prepare the financial statements.
3. Prepare the adjusting & closing journal entries.
4. Post the journal entries to the T - accounts.
5. Prepare the Post Closing Trial Balance.
Cash
Accts. Receivable
10,800
38,900
Bldg. & Equip.
4,200
Acc. Dep. Bldg. & Eq.
501,000
Prepaid Insurance
203,100
Advertising Exp.
21,700
Supplies Expense
Powers, Drawing
2,730
Accts. Payable
Sal. & Wage Payable
Land
98,000
Unearned Rent
15,700
290,400
Powers, Capital
Supplies
Fees Earned
10,000
2,100
Rent Revenue
363,700
Utilities Exp.
Repairs Exp.
11,400
13,170
Sal. & Wage Exp.
163,100
Dep. Exp. B & E
Insurance Exp.
Income Summary
completed by student
All
American© 2012
Accounting Tutorials
©
Principles Accounting 1
Back