PR 4-4B test 2

47 JOURNAL Page 26 Post. Rel. Debit Credit Description Adjusting Entries 31 48 49 50 Date 51 2042 52 Jan. 31 53 54 55 56 57 58 31 59 60 61 31 62 63 64 31 3 65 66 13 Balance Credit Debit Credit Debit 8,000 14 Balance Credit Debit Credit Debit 75 76 Supplies 77 Post. 78 Date Item Ref. 79 2092 80 Jan. 31 Balance 81 31 Adjusting 82 83 84 Prepaid Insurance 85 Post. 86 Date Item Ref. 87 20Y2 88 Jan. 31 Balance 89 31 Adjusting 90 91 92 Equipment 93 Post. 94 Date Item Ref. 95 2012 96 Jan. 31 Balance v 97 98 99 Accumulated Depreciation Equipment 7,500 16 Balance Credit Debit Credit Debit 113,000 17 17 Balance Credit Debit Credit Debit 12 000 104 18 Balance Credit Ret Debit Credit Debit 99 Accumulated Depreciation Equipment 100 Post 101 Date Item Ret 102 2012 103 Jan 31 Balance 31 Adjusting 105 106 107 Trucks 108 Post. 109 Date tem 110 2012 111 Jan. 31 Balance 112 113 114 Accumulated Depreciation Trucks 115 Post 116 Date Hem Ref 117 2012 118 Jan 31 Balance 119 31 Adjusting 120 121 122 Accounts Payable 123 Post Pr. 4.48 90,000 19 Balance Credit Dett Credit Debit 27.100 21 Balance Red 21 Balance Credit Post. Ref. Debit Credit Debit 4,500 22 Accounts Payable 23 124 Date Item 25 2022 126 Jan. 31 Balance 127 128 129 Wages Payable 130 131 Date Item 132 20Y2 133 Jan. 31 Adjusting 134 135 Post. Ref. 22 Balance Credit Debit Credit Debit 31 Post. Ref. Balance Credit Debit Credit Debit 30,000 136 Common Stock 137 138 Date Item 139 2042 140 Jan 31 Balance 141 142 143 Retained Earnings 144 145 Date Item 146 2042 Post. Ref. 32 Balance Credit Debit Credit Debit Pr. 4-4B Post Ref. Balance Credit Debit Credit Debit 3,000 152 Dividends 153 154 Date Item 155 20Y2 156 Jan. 31 Balance 157 31 Closing 158 159 160 Service Revenue 161 162 Date Item 163 2012 164 Jan 31 Balance 165 31 Closing 166 167 41 Balance Credit Post. Ret. Debit Credit Credit Debit 155,000 Post. Ref. 51 Balance Credit Debit Credit Debit 168 Wages Expense 169 170 Date Item 171 2072 172 Jan 31 Balance 173 31 Adjusting 174 31 Closing 175 176 V 72,000 176 52 Balance Credit Debit Credit Debit 7,600 53 Balance Credit Debit Credit Debit 177 Rent Expense 178 Post. 179 Date Item Ref. 180 20Y2 181 Jan. 31 Balance 182 31 Closing 183 184 185 Truck Expense 186 Post. 187 Date Item Ref. 188 2012 189 Jan 31 Balance V 190 31 Closing 191 192 193 Depreciation Expense - Equipment 194 Post. 195 Date Item Ref. 196 2012 197 Jan 31 Adjusting 198 31 Closing 199 200 5,350 54 Balance Credit Debit Credit Debit Post. Ref. Balance Credit Debit Credit Debit Post. Ref. 56 Balance Credit Debit Credit Debit 1 Supplies Expense 2 3 Date Item 42092 5 Jan. 31 Adjusting 6 31 Closing 7 8 9 Depreciation Expense - Trucks 0 1 Date Item 2 20Y2 13 Jan. 31 Adjusting 31 Closing 15 16 7 Insurance Expense 18 19 Date Item 20 2042 21 Jan. 31 Adjusting 22 31 Closing 23 24 25 Miscellaneous Expense 4 Post. Ref. 57 Balance Credit Debit Credit Debit 59 DAAR 8883R Recessive Interiors Income Statement For the Year Ended January 31, 20Y2 Revenues Expenses: 65 266 267 268 269 270 271 272 273 274 275 276 277 278 279 Total expenses Net income Recessive Interiors Balance Sheet January 31, 20Y2 Assets Current assets: Total current assets Property, plant, and equipment: 3 3 0 1 2 03 24 35 06 07 Book value - equipment 08 Book value - trucks Total property, plant, and equipment Total assets Liabilities Current liabilities: 509 310 311 312 313 314 315 316 Total liabilities D B C -4 Page 27 JOURNAL Post. Rel. Debit Credit Description Closing Entries 25 26 27 Date 28 2042 29 Jan. 31 330 331 332 333 334 335 336 337 338 339 340 31 341 242 PR 4-4B. Ledger Accounts, Adjusting Entries, Financial Statements, and Clcn Entries; Optional End-of-Period Spreadsheet Obj. 2, 3 The unadjusted trial balance of Recessive Interiors at January 31, 20Y2, the end of the year, follows: Credit Balances Debit Balances 13.100 8.000 7.500 113.000 12.000 Recessive Interiors Unadjusted Trial Balance January 31, 20Y2 Account No 11 13 14 16 17 18 19 21 31 32 33 41 51 52 53 59 Cash Supplies Prepaid insurance Equipment Accumulated Depreciation - Equipment Trucks Accumulated Depreciation Trucks Accounts Payable Common Stock Retained Earning Dividends Service Revenue Wages Expense Rent pente Truck Expense Miscellaneous Expense 90.000 27,100 4500 30.000 400 3,000 155.000 72.000 7600 5.350 ASO 125.000 13.0 325,000 The data needed to determine year-end adjustments are as follows: a Supplies on hand at January 31 are $2,850. 200 Insurance premiums expired during the year are $3,150. 295 Depreciation of equipment during the year is $5,250. 202 a Depreciation of trucks during the year is $4,000 Wages accrued but not paid at January 31 are 5900 221 226 INSTRUCTIONS 1 For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four column account and place a check mark (V) in the Posting Reference column 221 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet Add the accounts listed in cart (31 as needed Net 2 eTextbook: Financial & Managerial Accounting Quick Tour Print Search Annotations Accessibility Bookman 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22Depreciation Expense-Equipment, 54; Supplies Expense, 55 Depreciation Expense-Trucks, 56. Insurance Expense, 57 4 Prepare an adjusted trial balance 5 Prepare an income statement, a statement of stockholders' equity, and a balance sheet. During the year ended January 31, 20Y2, additional common stock of $7,500 was issued. ANSWER 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry 7 Prepare a post-closing trial balance