WeyAP14eETCh04Completing-the-Account-Cycle

.xlsx
School
CUNY Queensborough Community College**We aren't endorsed by this school
Course
CIS 101
Subject
Accounting
Date
Dec 18, 2024
Pages
22
Uploaded by HighnessStrawZebra46
E4.2 Complete the worksheetThe adjusted trial balance columns of the worksheet for Auburn Company are as follows.AUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Income StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,000Accounts Receivable7,840Prepaid Rent2,280Equipment23,050Accumulated Depreciation−Equipment4,900Notes Payable5,700Accounts Payable4,920Owner's Capital27,960Owner's Drawings3,650Service Revenue15,590Salaries and Wages Expense10,840Rent Expense760Depreciation Expense650Interest Expense57Interest Payable57Totals59,12759,127InstructionsComplete the worksheet.Adjusted Trial BalanceNOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
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AUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Income StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,000Accounts Receivable7,840Prepaid Rent2,280Equipment23,050Accumulated Depreciation−Equipment4,900Notes Payable5,700Accounts Payable4,920Owner's Capital27,960Owner's Drawings3,650Service Revenue15,590Salaries and Wages Expense10,840Rent Expense760Depreciation Expense650Interest Expense57Interest Payable57Totals59,12759,127Net incomeTotalsWhen you have completed E4.2, respond to the additional question, on the E4.2 Add Ques worksheet.Adjusted Trial Balance
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E4.2 Additional QuestionThe adjusted trial balance columns of the worksheet for Auburn Company are as follows.AUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Income StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,000Accounts Receivable7,840Prepaid Rent2,280Equipment23,050Accumulated Depreciation−Equipment4,900Notes Payable5,700Accounts Payable4,920Owner's Capital27,960Owner's Drawings3,650Service Revenue15,590Salaries and Wages Expense10,840Rent Expense760Depreciation Expense650Interest Expense57Interest Payable57Totals59,12759,127InstructionsComplete the worksheet.Adjusted Trial BalanceNOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
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Additional QuestionAUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Income StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,000Accounts Receivable10,840Prepaid Rent2,280Equipment23,050Accumulated Depreciation−Equipment4,900Notes Payable5,700Accounts Payable4,920Owner's Capital27,960Owner's Drawings3,650Service Revenue18,590Salaries and Wages Expense10,840Rent Expense760Depreciation Expense650Interest Expense57Interest Payable57Totals62,12762,127Net incomeTotalsSuppose Accounts Receivable balance changed to $10,840 and Service Revenue changed to $18,590, what is the impact on the Income Statement and the Balance Sheet?Adjusted Trial Balance
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Impact on income statement and balance sheet
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E4.3 Prepare financial statements from worksheetAUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Adjusted Trial BalanceIncome StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,00010,000Accounts Receivable7,8407,840Prepaid Rent2,2802,280Equipment23,05023,050Accumulated Depreciation−Equip4,9004,900Notes Payable5,7005,700Accounts Payable4,9204,920Owner's Capital27,96027,960Owner's Drawings3,6503,650Service Revenue15,59015,590Salaries and Wages Expense10,84010,840Rent Expense760760Depreciation Expense650650Interest Expense5757Interest Payable5757Totals59,12759,12712,30715,59046,82043,5373,2833,28315,59015,59046,82046,820InstructionsPrepare an income statement, an owner's equity statement, and a classified balance sheet.Worksheet data for Auburn Company are presented below. The owner did not make any additional investments in the business in April.NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
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AUBURN COMPANYIncome StatementFor the Month Ended April 30, 2022RevenuesService revenueExpensesSalaries and wages expenseRent ExpenseDepreciation expenseInterest expenseTotal expensesNet incomeAUBURN COMPANYOwner's Equity StatementFor the Month Ended April 30, 2022Owner's Capital, April 1Add: Net incomeLess: DrawingsOwner's Capital, April 30
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AUBURN COMPANYBalance SheetApril 30, 2020AssetsCurrent assetsCashAccounts receivablePrepaid rentTotal current assetsProperty, plant, and equipmentEquipmentLess: Accumulated depreciation - equipmentTotal assetsLiabilities and Owner's EquityCurrent liabilitiesNotes payableAccounts payableInterest payableTotal current liabilitiesOwner's EquityOwner's CapitalTotal liabilities and owner's equityWhen you have completed E4.3, respond to the additional questions on the E4.3 Add Ques worksheet.
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E4.3 Additional QuestionAUBURN COMPANYWorksheet (Partial)For the Month Ended April 30, 2022Adjusted Trial BalanceIncome StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,00010,000Accounts Receivable7,8407,840Prepaid Rent2,2802,280Equipment23,05023,050Accumulated Depreciation−Equip4,9004,900Notes Payable5,7005,700Accounts Payable4,9204,920Owner's Capital27,96027,960Owner's Drawings3,6503,650Service Revenue15,59015,590Salaries and Wages Expense10,84010,840Rent Expense760760Depreciation Expense650650Interest Expense5757Interest Payable5757Totals59,12759,12712,30715,59046,82043,5373,2833,28315,59015,59046,82046,820InstructionsPrepare an income statement, an owner's equity statement, and a classified balance sheet.Worksheet data for Auburn Company are presented below. The owner did not make any additional investments in the business in April.
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Additional QuestionsAUBURN COMPANYIncome StatementFor the Month Ended April 30, 2022RevenuesService revenueExpensesSalaries and wages expenseRent ExpenseDepreciation expenseInterest expenseTotal expensesNet incomeAUBURN COMPANYOwner's Equity StatementFor the Month Ended April 30, 2022Owner's Capital, April 1Add: Net incomeLess: DrawingsOwner's Capital, April 30NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.Suppose Accounts Receivable balance changed to $10,840 and Service Revenue changed to $18,590, what is the impact on the Income Statement and the Balance Sheet?
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AUBURN COMPANYBalance SheetApril 30, 2020AssetsCurrent assetsCashAccounts receivablePrepaid rentTotal current assetsProperty, plant, and equipmentEquipmentLess: Accumulated depreciation - equipmentTotal assetsLiabilities and Owner's EquityCurrent liabilitiesNotes payableAccounts payableInterest payableTotal current liabilitiesOwner's EquityOwner's CapitalTotal liabilities and owner's equity
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P4.1 Prepare a worksheet, financial statements, and adjusting and closing entriesThe trial balance columns of the worksheet for Warren Roofing at March 31, 2022 are as follows.WARREN ROOFINGWorksheetFor the Month Ended March 31, 2022Trial BalanceAccount TitlesDr.Cr.Cash4,500 Accounts Receivable3,200 Supplies2,000 Equipment11,000 Accumulated Depreciation-Equipment1,250 Accounts Payable2,500 Unearned Service Revenue550 Owner's Capital12,900 Owner's Drawings1,100 Service Revenue6,300 Salaries and Wages Expense1,300 Miscellaneous Expense400 23,500 23,500 1.A physical count reveals only $480 of roofing supplies on hand.2.Depreciation for March is $250.3.Unearned service revenue amounted to $260 at March 31.4.Accrued salaries are $700.Instructionsa.Enter the trial balance on a worksheet and complete the worksheet.b.c.Journalize the adjusting entries from the adjustments columns of the worksheet.d.Journalize the closing entries from the financial statement columns of the worksheet.Prepare an income statement and owner's equity statement for the month of March and a classified balance sheet at March 31. T. Warren made an additional investment in the business of $10,000 in March.NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
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a.WARREN ROOFINGWorksheetFor the Month Ended March 31, 2022Account TitlesTrial BalanceAdjustmentsBalance SheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Cash4,500 Accounts Receivable3,200 Supplies2,000 Equipment11,000 Accumulated Depr-Equip1,250 Accounts Payable2,500 Unearned Service Revenue550 Owner's Capital12,900 Owner's Drawings1,100 Service Revenue6,300 Salaries and Wages Expense1,300 Miscellaneous Expense400 23,500 23,500 Supplies ExpenseDepreciation ExpenseSalaries and Wages PayableTotalsNet incomeTotalsAdjusted Trial BalanceIncome Statement
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b.WARREN ROOFINGIncome StatementFor the Month Ended March 31, 2022RevenuesService RevenuesExpensesSalaries and wages expenseSupplies expenseMiscellaneous expenseDepreciation expenseTotal expensesNet incomeWARREN ROOFINGOwner's Equity StatementFor the Month Ended March 31, 2022Owner's Capital, March 1Add: InvestmentsNet incomeLess: DrawingsOwner's Capital, March 31
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WARREN ROOFINGBalance SheetMarch 31, 2022AssetsCurrent AssetsCashAccounts receivableSuppliesTotal current assetsProperty, plant and equipmentEquipmentLess: Accumulated depr -equipTotal assetsLiabilities and Owner's EquityCurrent liabilitiesAccounts payableSalaries and wages payableUnearned service revenueTotal current liabilitiesOwner's equityOwner's capitalTotal liabilities and owner's equityc.Adjusting entries:Mar 31Mar 31Mar 31
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Mar 31d.Closing entries:Mar 31Mar 31Mar 31Mar 31
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P4.1 Additional QuestionThe trial balance columns of the worksheet for Warren Roofing at March 31, 2022 are as follows.WARREN ROOFINGWorksheetFor the Month Ended March 31, 2022Trial BalanceAccount TitlesDr.Cr.Cash4,500 Accounts Receivable3,200 Supplies2,000 Equipment11,000 Accumulated Depreciation-Equipment1,250 Accounts Payable2,500 Unearned Service Revenue550 Owner's Capital12,900 Owner's Drawings1,100 Service Revenue6,300 Salaries and Wages Expense1,300 Miscellaneous Expense400 23,500 23,500 1A physical count reveals only $480 of roofing supplies on hand.2Depreciation for March is $250.3.Unearned service revenue amounted to $260 at March 31.4.Accrued salaries are $700.Instructionsa,Enter the trial balance on a worksheet and complete the worksheet.b.c.Journalize the adjusting entries from the adjustments columns of the worksheet.d.Journalize the closing entries from the financial statement columns of the worksheet.Prepare an income statement and owner's equity statement for the month of March and a classified balance sheet at March 31. T. Warren made an additional investment in the business of $10,000 in March.NOTE: Enter a formula, a cell reference, or a value (if you are unable to reference a cell), into the yellow shaded input cells.
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Additional QuestionSuppose the March 31 physical count of Supplies changed to $750, show how this changes the Worksheet, Income Statement, the Balance Sheet,adjusting and closing entries.a.WARREN ROOFINGWorksheetFor the Month Ended March 31, 2022Account TitlesTrial BalanceAdjustmentsBalance SheetDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Cash4,500 Accounts Receivable3,200 Supplies2,000 Equipment11,000 Accumulated Depr-Equip1,250 Accounts Payable2,500 Unearned Service Revenue550 Owner's Capital12,900 Owner's Drawings1,100 Service Revenue6,300 Salaries and Wages Expense1,300 Miscellaneous Expense400 23,500 23,500 Supplies ExpenseDepreciation ExpenseSalaries and Wages PayableTotalsNet incomeTotalsAdjusted Trial BalanceIncome Statement
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b.WARREN ROOFINGIncome StatementFor the Month Ended March 31, 2022RevenuesService RevenuesExpensesSalaries and wages expenseSupplies expenseMiscellaneous expenseDepreciation expenseTotal expensesNet incomeWARREN ROOFINGOwner's Equity StatementFor the Month Ended March 31, 2020Owner's Capital, March 1Add: InvestmentsNet incomeLess: DrawingsOwner's Capital, March 31
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WARREN ROOFINGBalance SheetMarch 31, 2022AssetsCurrent AssetsCashAccounts receivableSuppliesTotal current assetsProperty, plant and equipmentEquipmentLess: Accumulated depr -equipTotal assetsLiabilities and Owner's EquityCurrent liabilitiesAccounts payableSalaries and wages payableUnearned service revenueTotal current liabilitiesOwner's equityOwner's capitalTotal liabilities and owner's equityc.Adjusting entries:Mar 31Mar 31Mar 31
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Mar 31d.Closing entries:Mar 31Mar 31Mar 31Mar 31
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