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Week 2 Homework Template Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year. REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line. Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet. (a) WALZ SERVICE INC. Assets = Liabilities + Stockholders’ Equity Date Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Common Stock + Retained Earnings Revenues – Expenses – Dividends June 1 Totals $ $ Total of All Columns under Assets Total of All columns under Liabilities & Stockholder’s Equity (a) Continued Changes in Retained Earnings: (b) Prepare an Income Statement for June WALZ SERVICE INC. Income Statement For the Month Ended June, 30, 2014 Revenues Account title Amount Expenses Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Amount Net income Amount (Part C is on the next page) (c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere). WALZ SERVICE Inc. Balance Sheet June 30, 2014 Assets Current assets Account title Amount Account title Amount Account title Amount Total current assets Amount Account title Amount Total assets Amount Liabilities and Stockholders’ Equity Current liabilities Account title Amount Account title Amount Total current liabilities Amount Stockholders’ equity Account title Amount Account title Amount Amount Total liabilities and stockholders’ equity Amount Problem 3-5B is on the next page. (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). Remember that every transaction affects TWO accounts! Date Account Titles and Explanation Debit Credit May 1 2 3 7 11 12 17 31 31 Part B is on the next page. PROBLEM 3-5B (Continued) (b) Post the transactions to the ledger T Accounts Be sure to post the amounts to the correct side of the T-Account! Cash Bal. Accounts Receivable Bal. Supplies Bal. Accounts Payable Bal. Unearned Service Revenue Bal. Common Stock Bal. Service Revenue Bal. Salaries and Wages Expense Bal. Rent Expense Bal. PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014. (c) ROYCE CONSULTING Trial Balance May 31, 2014 Account Name Debit Credit Total E4-13. Answer questions A through D. Remember to show your calculations! (Add more space as necessary). (E 4-14 is on the next page). E4-14. Prepare the closing entries at January 31, 2014. (Enter all accounts for each transaction in one box. Dates have been provided). Date Account Titles and Explanation Debit Credit Jan 31 31 31 E4-15. Journalize (a) the July transactions and (b) adjusting entries that were made on July 31. Enter all accounts in one box. Dates have been provided. Part A Date Account Titles and Explanation Debit Credit July 10 14 15 20 Part B Date Account Titles and Explanation Debit Credit July 10 14 15 20 E4-16 Prepare the adjusting entries that were made: (a) Enter all accounts in one box. The dates have been included to help with formatting. Date Account Titles and Explanation Debit Credit Aug 31 31 31 31 31 31 E4-17 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31. BERE COMPANY Income Statement For the Month Ended August 31, 2014 Revenues Account title Amount Account title Amount Total Revenues Expenses Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Amount Net income Amount (Continued on next page) BERE COMPANY Retained Earnings Statement For the Month Ended August 31, 2014 Retained earnings, September 1, 2011 Amount Add: Account title Amount Total Less: Account title Amount Retained earnings, August 31, 2012 Total BERE COMPANY Balance Sheet August 31, 2014 Assets Current assets Account title Amount Account title Amount Account title Amount Account title Amount Total current assets Amount Account title Amount Total assets Amount Liabilities and Stockholders’ Equity Current liabilities Account title Amount Account title Amount Account title Amount Total current liabilities Amount Stockholders’ equity Account title Amount Account title Amount Amount Total stockholder’s equity Total liabilities and stockholders’ equity Amount Exercise 4-18 is on the next page Exercise 4-18 (a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box. The dates have been included to help with formatting). Date Account Titles and Explanation Debit Credit Aug 31 31 31 31

Week 2 Homework Template

 

Problem 3-2B:  (a) Show the effects of each transaction on the accounting equation.  Enter each amount in the proper column.  Assume the note payable is to be repaid within the year.

 

REMEMBER: each transaction affects TWO accounts!  Use the + or – signs to indicate whether the amount increased or decreased the account.  Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity.   Put each transaction on a separate line.

 

Remember the accounting equation: assets = liabilities + equity.  Note any changes in Retained Earnings on the page below the worksheet.

 

(a)            WALZ SERVICE INC.

 

    Assets = Liabilities + Stockholders’ Equity  

Date
  Cash  

+

Accounts Receivable + Supplies + Equipment
=
Notes Payable + Accounts Payable + Common Stock + Retained Earnings  
Revenues Expenses Dividends  
June 1                                          
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
                                           
Totals                                          
                                           
                                        $ $  
    Total of All Columns under Assets Total of All columns under Liabilities & Stockholder’s Equity  

 

(a) Continued

 

Changes in Retained Earnings:

 

 

 

 

 

 

 

 

(b)  Prepare an Income Statement for June

 

 

 

WALZ SERVICE INC.
Income Statement
For the Month Ended June, 30, 2014
Revenues
Account title Amount
Expenses  
Account title Amount  
Account title Amount  
Account title Amount  
Account title Amount  
Total expenses Amount
Net income Amount

 

 

(Part C is on the next page)

(c)  Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal).  If it doesn’t, there is an error somewhere).

 

WALZ SERVICE Inc.
Balance Sheet
June 30, 2014
 
Assets
Current assets  
Account title Amount  
Account title Amount  
Account title Amount  
Total current assets Amount
Account title Amount
Total assets Amount
 
Liabilities and Stockholders’ Equity
Current liabilities  
Account title Amount  
Account title Amount  
Total current liabilities Amount
Stockholders’ equity  
Account title Amount  
Account title Amount Amount
Total liabilities and stockholders’ equity Amount

 

 

Problem 3-5B is on the next page.

 

 

(a) Journalize the transactions, including explanations.  (Note, enter all accounts in one box.  The dates have been included to help with formatting). 

 

Remember that every transaction affects TWO accounts!

 

 

Date   Account Titles and Explanation   Debit   Credit
May      1

 

           
             
             2            
             
             3            
             
             7            
             
           11            
             
           12            
             
           17            
             
          31            
             
          31            

 

Part B is on the next page.

PROBLEM 3-5B (Continued)

 

 

(b) Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

 

Cash
   
Bal.  

 

 

Accounts Receivable
   
Bal.  

 

 

Supplies
   
Bal.  

 

 

Accounts Payable
   
  Bal.

 

 

Unearned Service Revenue
   
  Bal.

 

 

Common Stock
   
   Bal.

 

 

Service Revenue
   
   Bal.

 

 

 

 

 

Salaries and Wages Expense
   
Bal.  

 

 

Rent Expense
   
Bal.  

 

 

 

PROBLEM 3-5B (Continued) Prepare a Trial Balance on May 31, 2014.

 

(c)                                                               ROYCE CONSULTING

Trial Balance

May 31, 2014

 

 

Account Name   Debit   Credit
         
         
         
         
         
         
         
         
         
Total        

 

 

 

E4-13.  Answer questions A through D.  Remember to show your calculations! (Add more space as necessary).

 

 

 

 

 

 

 

 

 

 

 

(E 4-14 is on the next page).

E4-14.  Prepare the closing entries at January 31, 2014.

(Enter all accounts for each transaction in one box.  Dates have been provided). 

 

Date   Account Titles and Explanation   Debit   Credit
Jan      31            
             
           31            
             
           31            
             

 

 

 

E4-15.  Journalize (a) the July transactions and (b) adjusting entries that were made on July 31.  Enter all accounts in one box.  Dates have been provided.

 

Part A

 

Date   Account Titles and Explanation   Debit   Credit
July     10            
             
           14            
             
           15            
             
           20            
             

 

 

Part B

 

Date   Account Titles and Explanation   Debit   Credit
July     10            
             
           14            
             
           15            
             
           20            
             

 

 

E4-16  Prepare the adjusting entries that were made:

 

(a)  Enter all accounts in one box.  The dates have been included to help with formatting. 

 

 

Date   Account Titles and Explanation   Debit   Credit
Aug    31

 

           
             
           31            
             
           31            
             
           31            
             
           31            
             
           31            
             

 

 

E4-17 Prepare the income statement and retained earnings statements for the year and the classified balance sheet at August 31.

 

BERE COMPANY
Income Statement
For the Month Ended August 31, 2014
Revenues
Account title Amount  
Account title Amount  
     Total Revenues  
Expenses  
Account title Amount  
Account title Amount  
Account title Amount  
Account title Amount  
Account title Amount  
Total expenses Amount
Net income Amount

 

(Continued on next page)

 

 

BERE COMPANY
Retained Earnings Statement
For the Month Ended August 31, 2014
Retained earnings, September 1, 2011 Amount
Add:   Account title Amount
  Total
Less:  Account title Amount
Retained earnings, August 31, 2012 Total

 

 

BERE COMPANY
Balance Sheet
August 31, 2014
 
Assets
Current assets  
Account title Amount  
Account title Amount  
Account title Amount  
Account title Amount  
Total current assets Amount
Account title Amount
Total assets Amount
 
Liabilities and Stockholders’ Equity
Current liabilities  
Account title Amount  
Account title Amount  
Account title Amount  
Total current liabilities Amount
Stockholders’ equity  
Account title Amount  
Account title Amount Amount
     Total stockholder’s equity  
Total liabilities and stockholders’ equity Amount

 

 

Exercise 4-18 is on the next page

 

Exercise 4-18

 

 

(a) Prepare the closing entries for the temporary accounts at August 31. (Note, enter all accounts in one box.  The dates have been included to help with formatting). 

 

 

Date   Account Titles and Explanation   Debit   Credit
Aug    31            
             
           31            
             
           31            
             
           31            
             

 

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