Accounting Cycle Review Problem A

Name:

For this problem, the journal, ledger, and work sheet and statements are under separate tabs.
Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists.
Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer.
1. & 5.
GENERAL JOURNAL
Date
20-July 1

Description

Page

Post. Ref.

Debit

Cash
L. Judar, Capital
Invested cash in business.

111
311

135,000

Land
Building
Pool/Slide Facility
Pool Furniture
Mortgage Payable
Cash
Bought Blast Off!.

121
122
124
126
223
111

292,000
96,200
148,800
3,800

Prepaid Insurance
Cash
Paid one-year premium for insurance.

114
111

12,240

Pool/Slide Facility
Accounts Payable
Cash
Bought inner tubes from Worn Tires.

124
221
111

1,225

Cash
Concessions Income
Received payment for rental space for
video games and food concessions.

111
412

250

Advertising Expense
Accounts Payable
Grand opening expenses from Party
Rentals and City Star.

513
221

1,320

Pool Maintenance Expense

Cash
July payment on contract to All-Around
Maintenance.

511
111

1,600

Credit

135,000

420,800
120,000

12,240

725
500

250

1,320

1,600

GENERAL JOURNAL
Date
20-July 6

14

15

16

16

17

Description

Page 2

Post. Ref.

Debit

Miscellaneous Expense
Cash
Paid for employee picnic.

522
111

128

Cash
Income from Services
Received cash for services rendered.

111
411

12,086

Pool Maintenance Expense

Accounts Payable
Bought parts on account from Arlen's
Pool Supply.

511
221

646

Cash
Income from Services
Received cash for services rendered.

111
411

10,445

Wages Expense
Cash
Paid wages for period July 1July 14.

512
111

9,460

Accounts Payable
Cash
Paid Party Rentals and City Star
on account.

221
111

1,150

L. Judar, Drawing
Cash
Withdrawal for personal use.

312
111

2,500

Pool Furniture
Accounts Payable
Bought pool furniture from Pool
Suppliers.

126
221

2,100

128

12,086

646

10,445

9,460

1,150

2,500

2,100

GENERAL JOURNAL
Date
20-July 18

Description
Miscellaneous Expense

Credit

Page 3

Post. Ref.
522

Debit
328

Credit

Cash
Paid for costume alterations.
21

21

23

25

29

31

31

31

111

328

Cash
Income from Services
Received cash for services rendered.

111
411

10,330

Accounts Payable
Cash
Partial payment to Worn Tires.

221
111

600

Accounts Payable
Pool Furniture
Received allowance from Pool
Suppliers for damaged chairs.

221
126

225

Utilities Expense
Cash
Received and paid telephone bill.

514
111

292

Wages Expense
Cash
Paid wages for period July 15July 28.

512
111

8,227

Cash
Income from Services
Received cash for services rendered.

111
411

11,870

Accounts Payable
Cash
Paid Arlen's Pool Supply on account.

221
111

360

Utilities Expense
Cash
Received and paid water bill.

514
111

684

10,330

600

225

292

8,227

11,870

360

684

GENERAL JOURNAL
Date
20-July 31

31

Description

Page 4

Post. Ref.

Debit

Interest Expense
Mortgage Payable
Cash
Paid installment on mortgage.

515
223
111

1,980
1,910

Utilities Expense

514

942

Credit

3,890

Cash
Received and paid electric bill..
31

31

31

31

31

31

31

31

111

942

Pool/Slide Facility
Accounts Payable
Cash
Bought inner tubes from Worn Tires.

124
221
111

480

L. Judar, Drawing
Cash
Withdrawal for personal use.

312
111

3,200

Accounts Receivable
Concessions Income
Additional revenue from concessions.

112
412

234

Adjusting Entries
Insurance Expense
Prepaid Insurance

517
114

1,020

Depreciation Expense, Building

Accum. Depr., Building

518
123

480

Depr. Expense, Pool/Slide Facility

Accum. Depr., Pool/Slide Facility

519
125

675

Depr. Expense, Pool Furniture

Accum. Depr., Pool Furniture

520
127

220

Wages Expense
Wages Payable

512
222

920

380
100

3,200

234

1,020

480

675

220

920

10.
GENERAL JOURNAL
Date
20-July 31

31

Description

Page 5

Post. Ref.

Debit

Closing Entries
Income from Services
Concessions Income
Income Summary

411
412
313

44,731
484

Income Summary
Pool Maintenance Expense
Wages Expense
Advertising Expense
Utilities Expense

313
511
512
513
514

28,922

Credit

45,215

2,246
18,607
1,320
1,918

31

31

Interest Expense
Insurance Expense
Depreciation Expense, Building
Depr. Expense, Pool/Slide Facility
Depr. Expense, Pool Furniture
Miscellaneous Expense

515
517
518
519
520
522

1,980
1,020
480
675
220
456

Income Summary
L. Judar, Capital

313
311

16,293

L. Judar, Capital
L. Judar, Drawing

311
312

5,700

16,293

5,700

Accounting Cycle Review Problem A

Name:

For this problem, the journal, ledger, and work sheet and statements are under separate tabs.
Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists.
Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer.
Enter as per the transactions.
2. 6. & 11.
GENERAL LEDGER
Account
Date

20-July

Cash

Account No.
Item

Post.
Ref.

Date

20-July

Credit

120,000
12,240
500
250
1,600
128
12,086
10,445
9,460
1,150
2,500
328
10,330
600
292
8,227
11,870
360
684
3,890
942
100
3,200

Accounts Receivable
Item

31

Debit

135,000

2
2
2
3
6
6
7
14
15
16
16
18
21
21
25
29
31
31
31
31
31
31
31

Account

Balance
Debit

135,000
15,000
2,760
2,260
2,510
910
782
12,868
23,313
13,853
12,703
10,203
9,875
20,205
19,605
19,313
11,086
22,956
22,596
21,912
18,022
17,080
16,980
13,780

Account No.
Post.
Ref.

Balance
Debit

234

Credit

Debit

234

Account

Prepaid Insurance

Date

20-July

Item

2
31

Account

20-July

20-July

Post.
Ref.

Debit

Debit

292,000

Account No.
Post.
Ref.

Balance
Debit

Credit

96,200

Post.
Ref.

Debit

96,200

Accumulated Depreciation, Building

Account No.
Balance
Debit

Credit

Debit

480

Pool/Slide Facility
Item

2
2
31

Credit

Building

31

Date

12,240
11,220

Balance

292,000

Item

Account

Debit

Account No.

Date

Credit

Land

Item

Account

Debit

1,020

Date

Balance

Adjusting

Item

Account

20-July

Post.
Ref.

12,240

Date

20-July

Account No.

Account No.
Post.
Ref.

Balance
Debit

148,800
1,225
480

Credit

Debit

148,800
150,025
150,505

Account
Date

20-July

Accumulated Depreciation, Pool/Slide Facility

Item

Post.
Ref.

Account No.
Balance

Debit

31

Account
Date

20-July

Pool Furniture

Account No.
Post.
Ref.

2
17
23

Date

20-July

Balance
Debit

225

Accumulated Depreciation, Pool Furniture

Post.
Ref.

20-July

Balance
Debit

Credit

Accounts Payable

Debit

Account No.
Post.
Ref.

2
5
9
16
17
21
23
31
31

Date

3,800
5,900
5,675

220

Item

Account

Debit

Account No.

31

Date

Credit

3,800
2,100

Item

Account

Debit

675

Item

Account

Credit

Balance
Debit

Credit

Debit

725
1,320
646
1,150
2,100
600
225
360
380

Wages Payable
Item

Account No.
Post.
Ref.

Balance
Debit

Credit

Debit

20-July

31

Account

920

Mortgage Payable

Date

20-July

Item

Post.
Ref.

2
31

Account

20-July

Account

Account

Account
Date

Post.
Ref.

Balance
Debit

Credit

Debit

5,700

L. Judar, Drawing

Account No.
Post.
Ref.

Balance
Debit

Credit

2,500
3,200
Closing

5,700

Income Summary
Item

31
31
31

Account No.

Closing
Closing

Date

20-July

Debit

135,000
16,293

Item

16
31
31

Credit

L. Judar, Capital

Date

20-July

Debit

420,800

Item

1
31
31

Balance

1,910

Date

20--

Account No.

Debit

2,500
5,700
-

Account No.
Post.
Ref.

Closing
Closing
Closing

Balance
Debit

Credit

Debit

45,215
28,922
16,293

Income from Services

Item

Account No.
Post.
Ref.

Balance
Debit

Credit

Debit

July

7
14
21
31
31

Account

12,086
10,445
10,330
11,870
Closing

Concessions Income

Date

20-July

Item

3
31
31

Account

Account

Account

Debit

Account No.
Post.
Ref.

Balance
Debit

Closing

Credit

1,600
2,246

Wages Expense

Account No.
Post.
Ref.

Balance
Debit

Credit

9,460
8,227
920

Adjusting
Closing

Debit

9,460
17,687
18,607
18,607

Advertising Expense

Account No.
Post.
Ref.

Balance
Debit

Credit

1,320
Closing

Debit

2,246

Item

5
31

Credit

1,600
646

Date

20-July

Debit

484

Item

15
29
31
31

Balance

Pool Maintenance Expense

Date

20-July

Post.
Ref.

Closing

Item

6
9
31

Account No.

250
234

Date

20-July

44,731

Debit

1,320
1,320

Account

Utilities Expense

Date

20-July

Item

Post.
Ref.

25
31
31
31

Account

20-July

Account

Account

Account

Balance
Debit

Credit

Insurance Expense
Post.
Ref.

1,980
-

Balance
Debit

Credit

1,020
1,020

Depreciation Expense, Building

Post.
Ref.

Adjusting
Closing

Debit

1,020
-

Account No.
Balance
Debit

Credit

480

Debit

480
480

Depreciation Expense, Pool/Slide Facility

Item

Adjusting
Closing

Debit

Account No.

Adjusting
Closing

Date

31
31

Post.
Ref.

1,980

Item

31
31

292
976
1,918

1,980

Date

20-July

Debit

Account No.

Closing

Item

31
31

Credit

Interest Expense

Date

20-July

Debit

1,918

Item

31
31

Balance

292
684
942

Date

20-July

Account No.

Post.
Ref.

Account No.
Balance
Debit

Credit

675
675

Debit

675
-

Account

Depreciation Expense, Pool Furniture

Date

20-July

Item

31
31

Account

Adjusting
Closing

Debit

Credit

220
220

Item

6
18
31

Balance

Miscellaneous Expense

Date

20-July

Post.
Ref.

Account No.

220
-

Account No.
Post.
Ref.

Balance
Debit

Credit

128
328
Closing

Debit

Debit

128
456
456

rect answer.

111
Balance
Credit

112
Balance
Credit

114
Balance
Credit

121
Balance
Credit

122
Balance
Credit

123
Balance
Credit

480

124
Balance
Credit

125
Balance
Credit

675

126
Balance
Credit

127
Balance
Credit

220

221
Balance
Credit

725
2,045
2,691
1,541
3,641
3,041
2,816
2,456
2,836

222
Balance
Credit

920

223
Balance
Credit

420,800
418,890

311
Balance
Credit

135,000
151,293
145,593

312
Balance
Credit

313
Balance
Credit

45,215
16,293
-

411
Balance
Credit

12,086
22,531
32,861
44,731

412
Balance
Credit

250
484

511
Balance
Credit

512
Balance
Credit

513
Balance
Credit

514
Balance
Credit

515
Balance
Credit

517
Balance
Credit

518
Balance
Credit

519
Balance
Credit

520
Balance
Credit

522
Balance
Credit

Accounting Cycle Review Problem A

Name:

For this problem, the journal, ledger, and work sheet and statements are under separate tabs.
Enter the appropriate amounts/formulas in the shaded (gray) cells, or select from the drop-down lists.
Not all cells should be populated. An asterisk (*) will appear in the column to the right of an incorrect answer.
Identifying letter will not be graded.
3. & 4.

Blast Off!
Work Sheet
For the Month Ended July 31

Account Name
Cash
Accounts Receivable
Prepaid Insurance
Land
Building
Pool/Slide Facility
Pool Furniture
Accounts Payable
Mortgage Payable
L. Judar, Capital
L. Judar, Drawing
Income from Services
Concessions Income
Pool Maintenance Expense
Wages Expense
Advertising Expense
Utilities Expense
Interest Expense
Miscellaneous Expense
Insurance Expense
Depreciation Expense, Building
Accum. Depr., Building
Depr. Expense, Pool/Slide Facility
Accum. Depr., Pool/Slide Facility
Depr. Expense, Pool Furniture
Accum. Depr., Pool Furniture
Wages Payable

Trial Balance
Debit
Credit
13,780
234
12,240
292,000
96,200
150,505
5,675
2,836
418,890
135,000
5,700
44,731
484
2,246
17,687
1,320
1,918
1,980
456
601,941
601,941

Adjustments
Debit

Credit

920

1,020
480
675
220

3,315
Net Income

7.

Blast Off!
Income Statement
For the Month Ended July 31, 20-Revenues:
Income from Services
Concessions Income
Total Revenue

Expenses:
Pool Maintenance Expense
Wages Expense
Advertising Expense
Utilities Expense
Interest Expense
Insurance Expense
Depreciation Expense, Building
Depr. Expense, Pool/Slide Facility
Depr. Expense, Pool Furniture
Miscellaneous Expense
Total Expenses
Net Income

8.

44,731
484

45,215

2,246
18,607
1,320
1,918
1,980
1,020
480
675
220
456
28,922
16,293

Blast Off!
Statement of Owner's Equity
For the Month Ended July 31, 20-L. Judar, Capital, July 1, 20-Add Investments during Month
Add Net Income for the Month
Subtotal
Deduct Withdrawals for the Month
Increase in Capital
L. Judar, Capital, July 31, 20--

9.

$ 135,000
16,293
$ 151,293
5,700
145,593
$ 145,593

Blast Off!
Balance Sheet
July 31, 20-Assets
Cash
Accounts Receivable
Prepaid Insurance
Land
Building

96,200

13,780
234
11220
292000

Accum. Depr., Building

Pool/Slide Facility
Accum. Depr., Pool/Slide Facility
Pool Furniture
Accum. Depr., Pool Furniture
Total Assets
Liabilities
Accounts Payable
Wages Payable
Mortgage Payable
Total Liabilities

480
$ 150,505
675
$
5,675
220

149,830
5,455
$ 568,239

2,836
920
418,890
$ 422,646

Owner's Equity
L. Judar, Capital
Total Liabilities and Owner's Equity

12.

95,720

145,593
$ 568,239

Blast Off!
Post-Closing Trial Balance
July 31, 20--

Cash
Accounts Receivable
Prepaid Insurance
Land
Building
Accum. Depr., Building
Pool/Slide Facility
Accum. Depr., Pool/Slide Facility
Pool Furniture
Accum. Depr., Pool Furniture
Accounts Payable
Wages Payable
Mortgage Payable
L. Judar, Capital
Total

Debits
13,780
234
11,220
292,000
96,200

Credits

480
150,505
675
5,675

569,614

220
2,836
920
418,890
145,593
569,614

correct answer.

Blast Off!
Work Sheet
For the Month Ended July 31, 20--

djustments
Credit

1,020

Adjusted Trial Balance

Debit
Credit
13,780
234
11,220
292,000
96,200
150,505
5,675
2,836
418,890
135,000
5,700
44,731
484
2,246
18,607
1,320
1,918
1,980
456
1,020
480

480

Balance Sheet
Debit
Credit
13,780
234
11,220
292,000
96,200
150,505
5,675
2,836
418,890
135,000
5,700

44,731
484
2,246
18,607
1,320
1,918
1,980
456
1,020
480

480
675

675

480
675

675
220

220
920
3,315

Income Statement
Debit
Credit

604,236

675
220

220
920
604,236

28,922

45,215

575,314

220
920
559,021