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CCC4

CONTINUING COOKIE CHRONICLE

(a)
COOKIE CREATIONS
Income Statement
Two Months Ended December 31, 2009
Revenues
Teaching revenue ...............................................................
Expenses
Baking supplies expense.................................................
Salaries expense.................................................................
Advertising supplies expense........................................
Telephone expense ............................................................
Insurance expense .............................................................
Depreciation expense........................................................
Interest expense..................................................................
Total expenses ...............................................................
Net income .................................................................................

$4,515
$1,025
1,006
165
125
110
40
15
2,486
$2,029

COOKIE CREATIONS
Statement of Owners Equity
Two Months Ended December 31, 2009
N. Koebel, Capital, November 1...........................................
Add: Net income....................................................................
Less: Drawings ........................................................................
N. Koebel, Capital, December 31 ........................................

Copyright 2009 John Wiley & Sons, Inc.

Weygandt, Accounting Principles, 9/e, Continuing Cookie Chronicles

$ 800
2,029
2,829
500
$2,329

(For Instructor Use Only)

4-1

CCC4 (Continued)
(a) (Continued)
COOKIE CREATIONS
Balance Sheet
December 31, 2009
Assets
Current assets
Cash .........................................................................................
Accounts receivable ...........................................................
Baking supplies....................................................................
Prepaid insurance ...............................................................
Total current assets.......................................................
Property, plant, and equipment
Baking equipment................................................................
Less: Accumulated depreciation...................................
Total assets ......................................................................

$1,180
875
350
1,210
3,615
$1,200
40

1,160
$4,775

Liabilities and Owners Equity


Current liabilities
Accounts payable .................................................................
Salaries payable....................................................................
Unearned revenue ................................................................
Total current liabilities...................................................
Long-term liabilities
Interest payable.....................................................................
Notes payable ........................................................................
Total long-term liabilities ..............................................
Total liabilities............................................................
Owners equity
N. Koebel, Capital .................................................................
Total liabilities and owners equity............................

Copyright 2009 John Wiley & Sons, Inc.

Weygandt, Accounting Principles, 9/e, Continuing Cookie Chronicles

0$

75
56
300
431

15
2,000
2,015
2,446
2,329
$4,775

(For Instructor Use Only)

4-2

CCC4 (Continued)
(b)
Date

GENERAL JOURNAL
Account Titles and Explanation

2009
Dec. 31 Teaching Revenue ..................................
Income Summary ...............................

Debit

4,515
4,515

31 Income Summary ....................................


Salaries Expense................................
Telephone Expense...........................
Advertising Supplies Expense ......
Baking Supplies Expense ...............
Insurance Expense............................
Depreciation Expense ......................
Interest Expense ................................

2,486

31 Income Summary ....................................


N. Koebel, Capital ..............................

2,029

31 N. Koebel, Capital....................................
N. Koebel, Drawings..........................

500

Copyright 2009 John Wiley & Sons, Inc.

J4
Credit

1,006
125
165
1,025
110
40
15

Weygandt, Accounting Principles, 9/e, Continuing Cookie Chronicles

2,029

500

(For Instructor Use Only)

4-3

CCC4 (Continued)
(c)
COOKIE CREATIONS
Post-Closing Trial Balance
December 31, 2009
Account
Cash......................................................................................
Accounts Receivable ......................................................
Baking Supplies................................................................
Prepaid Insurance ...........................................................
Baking Equipment ...........................................................
Accumulated Depreciation, Baking Equipment.....
Accounts Payable ............................................................
Salaries Payable ...............................................................
Unearned Revenue ..........................................................
Interest Payable ................................................................
Note Payable......................................................................
N. Koebel, Capital.............................................................

Debit
$1,180
875
350
1,210
1,200

$4,815

Copyright 2009 John Wiley & Sons, Inc.

Credit

Weygandt, Accounting Principles, 9/e, Continuing Cookie Chronicles

40
75
56
300
15
2,000
2,329
$4,815

(For Instructor Use Only)

4-4