2014 Mar. 31 Balance 30, Adjusting 26 22,500 7, Mar. 31 Balance 3, Adjusting 26 1,800 1,800
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1 Prob. 4 4A 1., 3., and 6. Cash Account No. 11 Mar ,000 Supplies Account No. 13 Mar , Adjusting 26 22,500 7,500 Prepaid Insurance Account No. 14 Mar. 31 3, Adjusting 26 1,800 1,800 Equipment Account No. 16 Mar ,000 Accumulated Depreciation Equipment Account No. 17 Mar , Adjusting 26 8,350 33,350 Trucks Account No. 18 Mar , Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2 Accumulated Depreciation Trucks Account No. 19 Mar , Adjusting 26 6,200 21,200 Accounts Payable Account No. 21 Mar. 31 4,000 Wages Payable Account No. 22 Mar. 31 Adjusting Kaya Tarango, Capital Account No. 31 Mar , Closing 27 51, , Closing 27 15, ,150 Kaya Tarango, Drawing Account No. 32 Mar , Closing 27 15, Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3 Income Summary Account No. 33 Mar. 31 Closing , , Closing ,850 51, Closing 27 51,150 Service Revenue Account No. 41 Mar , Closing ,000 Wages Expense Account No. 51 Mar , Adjusting , Closing 27 45,600 Supplies Expense Account No. 52 Mar. 31 Adjusting 26 22,500 22, Closing 27 22,500 Rent Expense Account No. 53 Mar , Closing 27 10, Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
4 Truck Expense Account No. 54 Mar. 31 9, Closing 27 9,000 Depreciation Expense Equipment Account No. 55 Mar. 31 Adjusting 26 8,350 8, Closing 27 8,350 Depreciation Expense Trucks Account No. 56 Mar. 31 Adjusting 26 6,200 6, Closing 27 6,200 Insurance Expense Account No. 57 Mar. 31 Adjusting 26 1,800 1, Closing 27 1,800 Miscellaneous Expense Account No. 59 Mar. 31 4, Closing 27 4, Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
5 2. Optional (Appendix) End-of-Period Spreadsheet (Work Sheet) For the Year Ended March 31, Unadjusted Adjusted Income Trial Adjustments Trial Statement Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 12,000 12,000 12,000 Supplies 30,000 (a) 22,500 7,500 7,500 Prepaid Insurance 3,600 (b) 1,800 1,800 1,800 Equipment 110, , ,000 Accum. Depr. Equip. 25,000 (c) 8,350 33,350 33,350 Trucks 60,000 60,000 60,000 Accum. Depr. Trucks 15,000 (d) 6,200 21,200 21,200 Accounts Payable 4,000 4,000 4,000 Wages Payable (e) Kaya Tarango, Capital 96,000 96,000 96,000 Kaya Tarango, Drawing 15,000 15,000 15,000 Service Revenue 160, , ,000 Wages Expense 45,000 (e) ,600 45,600 Supplies Expense (a) 22,500 22,500 22,500 Rent Expense 10,600 10,600 10,600 Truck Expense 9,000 9,000 9,000 Depr. Exp. Equipment (c) 8,350 8,350 8,350 Depr. Exp. Trucks (d) 6,200 6,200 6,200 Insurance Expense (b) 1,800 1,800 1,800 Miscellaneous Expense 4,800 4,800 4, , ,000 39,450 39, , , , , , ,150 Net income 51,150 51, , , , , Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
6 3. JOURNAL Page 26 Ref. Debit Credit Mar. Adjusting Entries 31 Supplies Expense 52 22,500 Supplies 13 22,500 Supplies used ($30,000 $7,500). 31 Insurance Expense 57 1,800 Prepaid Insurance 14 1,800 Insurance expired. 31 Depreciation Expense Equipment 55 8,350 Accumulated Depr. Equipment 17 8,350 Equipment depreciation. 31 Depreciation Expense Trucks 56 6,200 Accumulated Depr. Trucks 19 6,200 Truck depreciation. 31 Wages Expense Wages Payable Accrued wages Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
7 4. Adjusted Trial March 31, Debit Credit s s Cash 12,000 Supplies 7,500 Prepaid Insurance 1,800 Equipment 110,000 Accumulated Depreciation Equipment 33,350 Trucks 60,000 Accumulated Depreciation Trucks 21,200 Accounts Payable 4,000 Wages Payable 600 Kaya Tarango, Capital 96,000 Kaya Tarango, Drawing 15,000 Service Revenue 160,000 Wages Expense 45,600 Supplies Expense 22,500 Rent Expense 10,600 Truck Expense 9,000 Depreciation Expense Equipment 8,350 Depreciation Expense Trucks 6,200 Insurance Expense 1,800 Miscellaneous Expense 4, , , Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
8 5. Income Statement For the Year Ended March 31, Service revenue $160,000 Expenses: Wages expense $45,600 Supplies expense 22,500 Rent expense 10,600 Truck expense 9,000 Depreciation expense equipment 8,350 Depreciation expense trucks 6,200 Insurance expense 1,800 Miscellaneous expense 4,800 Total expenses 108,850 Net income $ 51,150 Statement of Owner s Equity For the Year Ended March 31, Kaya Tarango, capital, April 1, 2013 $ 96,000 Net income for the year $51,150 Less withdrawals 15,000 Increase in owner s equity 36,150 Kaya Tarango, capital, March 31, $132, Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
9 Sheet March 31, Assets Liabilities Current assets: Current liabilities: Cash $12,000 Accounts payable $4,000 Supplies 7,500 Wages payable 600 Prepaid insurance 1,800 Total liabilities $ 4,600 Total current assets $ 21,300 Property, plant, and equipment: Equipment $110,000 Owner s Equity Less accum. depreciation 33,350 $76,650 Kaya Tarango, capital 132,150 Trucks $ 60,000 Less accum. depreciation 21,200 38,800 Total property, plant, and equipment 115,450 Total liabilities and owner s Total assets $136,750 equity $136, Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
10 Prob. 4 4A (Concluded) 6. JOURNAL Page 27 Ref. Debit Credit Mar. Closing Entries 31 Service Revenue ,000 Income Summary , Income Summary ,850 Wages Expense 51 45,600 Supplies Expense 52 22,500 Rent Expense 53 10,600 Truck Expense 54 9,000 Depreciation Expense Equipment 55 8,350 Depreciation Expense Trucks 56 6,200 Insurance Expense 57 1,800 Miscellaneous Expense 59 4, Income Summary 33 51,150 Kaya Tarango, Capital 31 51, Kaya Tarango, Capital 31 15,000 Kaya Tarango, Drawing 32 15, Post-Closing Trial March 31, Debit Credit s s Cash 12,000 Supplies 7,500 Prepaid Insurance 1,800 Equipment 110,000 Accumulated Depreciation Equipment 33,350 Trucks 60,000 Accumulated Depreciation Trucks 21,200 Accounts Payable 4,000 Wages Payable 600 Kaya Tarango, Capital 132, , , Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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