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
Account Titles
Cash
Accounts Receivable
Supplies
Accounts Payable
Unearned Service Revenue
Common Stock
Service Revenue
Salaries and Wages Expense
Miscellaneous Expense

Trial Balance
Dr.
Cr.
$4,020
2,440
1,900
$1,120
240
5,000
3,100
860
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
Adj. Trial
Income
Adjustments
Balance
Balance
Statement
Account Dr Cr. Dr
Cr.
Dr
Cr.
Dr
Cr.

Balance Sheet
Dr

Cr.

Titles
Cash

4,0
20

Accounts 2,4
Receivable 40
Supplies

1,9
00

Accounts
Payable
Unearned
Service
Revenue
Common
Stock

1,12
0
240
5,00
0

Service
3,10
Revenue
0
Salaries
and Wages 860
Expense
Miscellane
ous
240
Expense
9,4 9,46
Totals
60 0
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

Accounts Receivable
Prepaid Insurance
Accumulated DepreciationEquipment
Salaries and Wages Payable
Service Revenue
Salaries and Wages Expense
Insurance Expense
Depreciation Expense

Credit

600
400
900
500
600
500
400
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
Cash
Accounts Receivable
Supplies
Accounts Payable
Unearned Service Revenue
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries and Wages Expense
Miscellaneous Expense
Supplies Expense
Salaries and Wages Payable

Debit

Credit

$3,712
3,904
480
$1,556
160
4,000
1,760
600
4,300
1,344
180
1,900
344
$12,120

a) Prepare closing entries at June 30, 2014. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)

$12,120

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
.
2
.
3
.

A payment on account of $840 to a creditor was debited to Accounts Payable

$480 and credited to Cash $480.
The purchase of supplies on account for $380 was debited to Equipment $38 and
credited to Accounts Payable $38.
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
Dr.
Cr.
Cash
34,400
Supplies
18,600
Prepaid Insurance
29,900
Land
80,000
Equipment
120,000
Accumulated Depreciation-Equip.
36,200
Accounts Payable
14,600
Unearned Ticket Revenue
3,900
Mortgage Payable
50,000
Common Stock
60,000
Retained Earnings
36,100
Dividends
14,000
Ticket Revenue
277,900

Adjusted Trial Bala

Dr.
C
34,400
2,200
10,900
80,000
120,000

14,000

Salaries and Wages Expense

Maintenance and Repairs Expense
Advertising Expense
Utilities Expense
Property Tax Expense
Interest Expense
Totals

98,000
30,500
9,400
16,900
21,000
6,000
478,700

98,000
30,500
9,400
16,900
24,000
8,000
478,700

Insurance Expense
Supplies Expense
Interest Payable
Depreciation Expense
Property Taxes Payable
Totals
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.

19,000
16,400
6,000
489,700