Comprehensive Problem Workpapers-Yerbury

Accounting Cycle Review Problem
Your Name:____Sue Christensen_________________________________

Complete the Comprehensive Problem for Chapters 1-5, on page 253 on the following work papers. You can use
a word processor or do them by hand. I would prefer by hand (legibly written) because I think you will learn
more that way!
Please add two steps to the instructions:
(f)
Prepare closing entries and post them
(g)
Prepare a post closing trial balance
Use proper formatting techniques like underling, double underling, dollars signs.
Include proper headings on all reports (company name, name of report, dating)
Submit the problem on the due date shown on the daily schedule by:
turning it in during class (if you have an onsite class)
emailing it to me: [email protected]
dropping it off in the accounting lab and having them put it in my folder
sliding it under my office door, bb330M, Redwood campus
snail mail:
SLCC
4600 South Redwood Road
BB330M
Salt Lake City, UT 84130
Please be sure and put your name on the problem regardless of how you turn it in.
You will not have access to a solution for this problem. Here are some check figures:
Unadjusted Trial Balance
Adjusted Trial Balance
Post Closing Trial Balance
Net Income
$64,300
$65,300
$47,740
$ 740
Good luck!
GENERAL JOURNAL
DATE
2012
Dec. 6
Dec. 8
Dec. 10
Dec. 13
Dec. 15
Dec. 18
Dec. 20
Dec. 23
ACCOUNT TITLES AND EXPLANATION
DEBIT
CREDIT
Record Transactions, Adjusting Entries, Closing Entries in this journal
Salaries and wages expense

Salaries and wages payable
Cash
(paid salaries from November and December)
1,000
600
Cash
Accounts receivable
(received cash from customers)
1,900
Cash
Sales revenue
(sold merchandise for cash)
6,300
Cost of goods sold

Inventory
(to record cost of merchandise sold)
4,100
Inventory
Accounts payable
(purchase merchandise from Gong Co. 2/10, n/30)
9,000
Supplies
Cash
(purchase supplies for cash)
2,000
1,600
1,900
6,300
4,100
9,000
2,000
Accounts receivable
Sales revenue
(sole merchandise on account terms 3/10, n/30)
12,000
12,000
Cost of goods sold

Inventory
(to record cost of merchandise sold)
8,000
Salaries and wage expense

Cash
(paid salaries to date)
1,800
Accounts payable
Inventory
Cash
9,000
8,000
1,800
180
8,820
2
GENERAL JOURNAL
DATE
Dec. 27
ACCOUNT TITLES AND EXPLANATION

(paid in full, les discount for merchandise from Gong Co.)
Cash
Sales Discounts
Accounts payable
(to record collection within 3/10, n/30 discount period)
DEBIT
CREDIT
11,640
360
12,000
Adjusted entries
Dec. 31
Dec. 31
Dec. 31

Salaries and wage payable
(salaries paid to date)
800
Depreciation expense
Accumulated depreciation equipment
(to record monthly depreciation)
200
800
Supplies expense
Supplies
(adjust to supplies on hand)
200
1,700
1,700
Closing entries
Dec. 31
Dec. 31
Dec. 31
Sales revenue
Income summary
(to close income statement accounts with credit balances)
18,300
Income summary
Sales discounts
Cost of goods sold
Supplies expense
(to close income statement accounts with debit balances)
17,960
Income summary
Owners capital
(to close net income/loss)
18,300
360
12,100
3,600
200
1,700
340
340
General Ledger
Cash
Dec. 1
7,200
Dec. 8
1,900
Dec. 10
6,300
Dec. 27
11,640
Dec. 6 1,
600
Dec. 15
2,000
Dec. 20
1,800
Dec. 23
8,820
Accounts Receivable
Dec. 1
4,600
Dec. 18
12,000
Dec. 8
1,900
Inventories
Dec 1.
12,000
Dec. 13
9,000
Dec. 10 4,100
Dec. 18 8,000
Dec. 23
14,700
180
8,720
12,820
Supplies
Dec. 1
1,200
Dec. 15
2,000
Dec. 31 Adj.
1, 700
Equipment
Dec. 1
22,000
Dec. 1 2,200
Dec. 31 Adj.
200
3,200
22,000
Accounts Payable
Dec. 1
4,500
Dec. 23
Dec. 13
9,000
9,000
Salaries & Wages

Payable
Dec. 1
Dec. 6 600 1,000
Dec. 31
Adj. 800
16,500
Withdrawls
Accumulated
Depreciation
2,200
Dec. 31 Adj.
2,400
400
Dec. 31
Adj 1,200
Income Summary
Owners Capital
Dec. 1 39,300
Dec. 31 Adj.
340
39,300 Dec.
31 Adj. 39,
640
Sales Revenue
Dec. 31
17,960
Dec. 31
340
Dec. 31
18,300
Dec. 31
adj. 18,300
Dec. 10 6,
300
Dec. 8 12,000
18,300
Sales Discount
Dec. 27
360
Dec. 31
Adj. 360
Cost of Goods Sold

Dec. 10
4,100
Dec. 10
8,000
Depreciation Expense
Dec. 31
200
Dec. 31
adj. 200
Dec. 31
Adj.
12,100
360
Salaries & Wage

Expense
Dec. 6
1,000
Dec. 20
1,800
Dec. 31
Dec. 31
adj. 800
adj. 3,600
12,100
Supplies Expense
Dec. 31
adj. 1,700
3,600
1,700
200
SHIRAS DISTRIBUTING COMPANY

Unadjusted Trial Balance
For the month ended December 31, 2012
Debits
12,820
14,700
8,720
3,200
22,000
Cash
Accounts receivable
Inventory
Supplies
Equipment
Accumulated Depreciation Equipment
Accounts payable
Owners capital
Sales revenue
Sales discount
Cost of goods sold
Credits
2,200
16,500
400
39,300
18,300
360
12,100
2,800
76,700
76,700

Adjusted Trial Balance
For the month ended December 31, 2012
Debits
12,820
14,700
8,720
1,500
22,000
Cash
Accounts receivable
Inventory
Supplies
Equipment
Accounts payable
Owners capital
Sales revenue
Sales discount
Cost of goods sold
Supplies expense
Credits
2,400
16,500
1,200
39,300
18,300
360
12,100
200
3,600
1,700
77,700
77,700

Post Closing Trial Balance
December 31, 2012
Debits
12,820
14,700
8,720
1,500
22,000
Cash
Accounts receivable
Inventory
Supplies
Equipment
Accounts payable
Owners capital
Credits
2,400
16,500
1,200
39,640
59,740
59,740

Income Statement
For the Month ended December 31, 2012
Sales revenue
Less: Sales discounts
Net sales
18,300
360
17,940
Cost of goods sold

Gross profit
12,100
5,840
Operating expenses
Supplies expense
Total operating expense
3,600
200
1,700
5,500
Net income
340

Statement of Changes in Owners Equity
For the Month ended December 31, 2012
Owners Capital, Dec. 1
Net income
39,300
340
Total Owners equity
39,640

10
Balance Sheet
December 31, 2012
Assets
Cash
Accounts receivable
Inventory
Supplies
Equipment
Less: Accumulated depreciation equipment
Total Assets
12,820
14,700
8,720
1,500
22,000
2,400
19,600
$57,340
Liabilities
Accounts payable
Total Liabilities
16,500
1,200
17,700
Owners equity
Owners capital
Total liabilities and owners equity
39,640
$57,340
11

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Accounting Cycle Review Problem

Your Name:____Sue Christensen_________________________________

ACCOUNT TITLES AND EXPLANATION

Record Transactions, Adjusting Entries, Closing Entries in this journal

Salaries and wages expense

Cost of goods sold

Cost of goods sold

Salaries and wage expense

ACCOUNT TITLES AND EXPLANATION

Salaries and wage expense

Salaries & Wages

Cost of Goods Sold

Salaries & Wage

SHIRAS DISTRIBUTING COMPANY

SHIRAS DISTRIBUTING COMPANY

SHIRAS DISTRIBUTING COMPANY

SHIRAS DISTRIBUTING COMPANY

Cost of goods sold

SHIRAS DISTRIBUTING COMPANY

Total Owners equity

SHIRAS DISTRIBUTING COMPANY

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Your Name:Sue Christensen_____________________________