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 COMPANY Worksheet For the Month Ended June 30, 2014
		Trial Balance
Account Titles		Dr.		Cr.
Cash		$4,020
Accounts Receivable		2,440
Supplies		1,900
Accounts Payable				$1,120
Unearned Service Revenue				240
Common Stock				5,000
Service Revenue				3,100
Salaries and Wages Expense		860
Miscellaneous Expense		240
		$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 COMPANY Worksheet For the Month Ended June 30, 2014

Trial Balance

Adjustments

Adj. Trial Balance

Income Statement

Balance Sheet

Account Titles

Dr

Cr.

Dr

Cr.

Dr

Cr.

Dr

Cr.

Dr

Cr.

Cash

4,020

Accounts Receivable

2,440

Supplies

1,900

Accounts Payable

1,120

Unearned Service Revenue

240

Common Stock

5,000

Service Revenue

3,100

Salaries and Wages Expense

860

Miscellaneous Expense

240

Totals

9,460

9,460

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 Titles		Debit		Credit
Accounts Receivable		600
Prepaid Insurance				400
Accumulated Depreciation—Equipment				900
Salaries and Wages Payable				500
Service Revenue				600
Salaries and Wages Expense		500
Insurance Expense		400
Depreciation Expense		900
		2,400		2,400

(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 COMPANY Adjusted Trial Balance For the Month Ended June 30, 2014
		Adjusted Trial Balance
Account Titles		Debit		Credit
Cash		$3,712
Accounts Receivable		3,904
Supplies		480
Accounts Payable				$1,556
Unearned Service Revenue				160
Common Stock				4,000
Retained Earnings				1,760
Dividends		600
Service Revenue				4,300
Salaries and Wages Expense		1,344
Miscellaneous Expense		180
Supplies Expense		1,900
Salaries and Wages Payable				344
		$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 $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2.		The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38.
3.		A $500 cash dividend was debited to Salaries and Wages Expense $500 and 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 Park Worksheet For the Year Ended September 30, 2014
		Trial Balance				Adjusted Trial Balance
		Dr.		Cr.		Dr.		Cr.
Cash		34,400				34,400
Supplies		18,600				2,200
Prepaid Insurance		29,900				10,900
Land		80,000				80,000
Equipment		120,000				120,000
Accumulated Depreciation-Equip.				36,200				42,200
Accounts Payable				14,600				14,600
Unearned Ticket Revenue				3,900				1,000
Mortgage Payable				50,000				50,000
Common Stock				60,000				60,000
Retained Earnings				36,100				36,100
Dividends		14,000				14,000
Ticket Revenue				277,900				280,800
Salaries and Wages Expense		98,000				98,000
Maintenance and Repairs Expense		30,500				30,500
Advertising Expense		9,400				9,400
Utilities Expense		16,900				16,900
Property Tax Expense		21,000				24,000
Interest Expense		6,000				8,000
Totals		478,700		478,700
Insurance Expense						19,000
Supplies Expense						16,400
Interest Payable								2,000
Depreciation Expense						6,000
Property Taxes Payable								3,000
Totals						489,700		489,700

a) Prepare a complete worksheet.

b) Prepare a classified balance sheet. (Note: $15,000 of 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 basis

d) Journalize the closing entries using the worksheet as a basis.