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7/24/2019 Accounting Cycle Review Problem
1/33
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.
ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect answer.
1. & 5.
GENERAL J!RNAL
"ate "e#cri$tion Po#t. Re%. "ebit Creit
#$--
%uly & 'ash &&& &,$$$
*. %udar, 'apital && &,$$$
+nested cash in business.
# *and & ##,$$$
uilding # ,#$$
0ool/1lide Facility &23,3$$0ool Furniture ,3$$
4ortgage 0ayable ## 2#$,3$$
'ash &&& $,$$$
ought last 5ff6.
# 0repaid +nsurance &&2 ,#2$
'ash &&& ,#2$
0aid one-year premium for insurance.
# 0ool/1lide Facility &,##
!ccounts 0ayable ##& 7#
'ash &&& $$
ought inner tubes from 8orn 9ires.
'ash &&& #$
'oncessions +ncome 2 #$
:eceied payment for rental space for
ideo games and food concessions.
!dertising E;pense & &,#$
!ccounts 0ayable ##& &,#$
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GENERAL J!RNAL
"ate "e#cri$tion Po#t. Re%. "ebit Creit
#$--
%uly 4iscellaneous E;pense ##
'ash &&&
0aid for employee picnic.
7 'ash &&& ,$3
+ncome from 1erices 2&& ,$3
:eceied cash for serices rendered.
0ool 4aintenance E;pense && 2
!ccounts 0ayable ##& 2
ought parts on account from !rlen=s
0ool 1upply.
&2 'ash &&& &$,22
+ncome from 1erices 2&& &$,22
:eceied cash for serices rendered.
& 8ages E;pense ,2$
'ash &&& ,2$
& !ccounts 0ayable ##& &,&$
'ash &&& &,&$
on account.
& *. %udar, >rawing #,$$
'ash &&& #,$$
8ithdrawal for personal use.
&7 0ool Furniture #,&$$
!ccounts 0ayable ##& #,&$$
ought pool furniture from 0ool
1uppliers.
GENERAL J!RNAL
"ate "e#cri$tion Po#t. Re%. "ebit Creit
#$--
%uly &3 4iscellaneous E;pense ## #3
0age'
0aid wages for period %uly &%uly &2.
0aid 0arty :entals and City Star
0age(
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'ash &&& #3
0aid for costume alterations.
#& 'ash &&& &$,$
+ncome from 1erices 2&& &$,$
:eceied cash for serices rendered.
#& !ccounts 0ayable ##& $$
'ash &&& $$
0artial payment to 8orn 9ires.
# !ccounts 0ayable ##& ##
0ool Furniture ##
:eceied allowance from 0ool
1uppliers for damaged chairs.
# ?tilities E;pense &2 ##
'ash &&& ##
:eceied and paid telephone bill.
# 8ages E;pense 3,##7
'ash &&& 3,##7
& 'ash &&& &&,37$
+ncome from 1erices 2&& &&,37$
:eceied cash for serices rendered.
& !ccounts 0ayable ##& $
'ash &&& $
0aid !rlen=s 0ool 1upply on account.
& ?tilities E;pense &2 32
'ash &&& 32
:eceied and paid water bill.
GENERAL J!RNAL
"ate "e#cri$tion Po#t. Re%. "ebit Creit
#$--
%uly & +nterest E;pense & &,3$
4ortgage 0ayable ## &,&$
'ash &&& ,3$
0aid installment on mortgage.
& ?tilities E;pense &2 2#
0aid wages for period %uly &%uly #3.
0age)
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'ash &&& 2#
:eceied and paid electric bill..
& 0ool/1lide Facility 23$
!ccounts 0ayable ##& 3$
'ash &&& &$$
ought inner tubes from 8orn 9ires.
& *. %udar, >rawing ,#$$
'ash &&& ,#$$
8ithdrawal for personal use.
& !ccounts :eceiable & #2
'oncessions +ncome 2 #2
!dditional reenue from concessions.
!djusting Entries
& +nsurance E;pense &7 &,$#$
0repaid +nsurance &&2 &,$#$
& >epreciation E;pense, uilding &3 23$
!ccum. >epr., uilding 23$
& >epr. E;pense, 0ool/1lide Facility & 7
!ccum. >epr., 0ool/1lide Facility 7
& >epr. E;pense, 0ool Furniture #$ ##$
!ccum. >epr., 0ool Furniture ##$
& 8ages E;pense #$
8ages 0ayable ### #$
1*.
GENERAL J!RNAL
"ate "e#cri$tion Po#t. Re%. "ebit Creit
#$-- 'losing Entries
%uly & +ncome from 1erices 2&& 22,7&
'oncessions +ncome 2 232
+ncome 1ummary & 2,#&
& +ncome 1ummary & #3,##
0ool 4aintenance E;pense && #,#2
8ages E;pense &3,$7
!dertising E;pense & &,#$
?tilities E;pense &2 &,&3
0age5
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+nterest E;pense & &,3$
+nsurance E;pense &7 &,$#$
>epreciation E;pense, uilding &3 23$
>epr. E;pense, 0ool/1lide Facility & 7
>epr. E;pense, 0ool Furniture #$ ##$
4iscellaneous E;pense ## 2
& +ncome 1ummary & &,#
*. %udar, 'apital && &,#
& *. %udar, 'apital && ,7$$
*. %udar, >rawing ,7$$
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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.
ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect answer
Enter as per the transactions.
'. +. & 11.
GENERAL LE"GER
!ccount 'ash !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & &,$$$ &,$$$
# $,$$$ &,$$$
# ,#2$ #,7$
# $$ #,#$ #$ #,&$
&,$$ &$
73#
7 ,$3 ,33
&2 &$,22 #,&
& ,2$ &,3
& &,&$ ,7$
& #,$$ &$,#$
&3 #3 ,37
#& &$,$ #$,#$
#& $$ &,$
# ## &,&
# 3,##7 &&,$3
& &&,37$ ##,
& $ ##,
& 32 #&,
& ,3$ &3,$##
& 2# &7,$3$
& &$$ &,3$
& ,#$$ &,73$
!ccount !ccounts :eceiable !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & #2 #2
Po#t.Re%.
Po#t.Re%.
7/24/2019 Accounting Cycle Review Problem
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!ccount 0repaid +nsurance !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--%uly # ,#2$ ,#2$
& !djusting &,$#$ &&,##$
!ccount *and !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly # ##,$$$ ##,$$$
!ccount uilding !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly # ,#$$ ,#$$
!ccount !ccumulated >epreciation, uilding !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & 23$
!ccount 0ool/1lide Facility !ccount o.,
"ate -tem "ebit Creit "ebit
#$--
%uly # &23,3$$ &23,3$$
# &,## &$,$#
& 23$ &$,$
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
7/24/2019 Accounting Cycle Review Problem
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!ccount !ccumulated >epreciation, 0ool/1lide Facility !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & 7
!ccount 0ool Furniture !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly # ,3$$ ,3$$
&7 #,&$$ ,$$
# ## ,7
!ccount !ccumulated >epreciation, 0ool Furniture !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & ##$
!ccount !ccounts 0ayable !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly # 7#
&,#$
2
& &,&$
&7 #,&$$
#& $$
# ##
& $
& 3$
!ccount 8ages 0ayable !ccount o.
,
"ate -tem "ebit Creit "ebit
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
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#$--
%uly & #$
!ccount 4ortgage 0ayable !ccount o.
,"ate -tem "ebit Creit "ebit
#$--
%uly # 2#$,3$$
& &,&$
!ccount *. %udar, 'apital !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--%uly & &,$$$
& 'losing &,#
& 'losing ,7$$
!ccount *. %udar, >rawing !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & #,$$ #,$$& ,#$$ ,7$$
& 'losing ,7$$ -
!ccount +ncome 1ummary !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & 'losing 2,#&
& 'losing #3,##& 'losing &,# -
!ccount +ncome from 1erices !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
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%uly 7 ,$3
&2 &$,22
#& &$,$
& &&,37$
& 'losing 22,7&
!ccount 'oncessions +ncome !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly #$
& #2
& 'losing 232
!ccount 0ool 4aintenance E;pense !ccount o.,
"ate -tem "ebit Creit "ebit
#$--
%uly &,$$ &,$$
2 #,#2
& 'losing #,#2
!ccount 8ages E;pense !ccount o.
,"ate -tem "ebit Creit "ebit
#$--
%uly & ,2$ ,2$
# 3,##7 &7,37
& !djusting #$ &3,$7
& 'losing &3,$7
!ccount !dertising E;pense !ccount o.,
"ate -tem "ebit Creit "ebit
#$--
%uly &,#$ &,#$
& 'losing &,#$
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
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!ccount ?tilities E;pense !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly # ## ##
& 32 7
& 2# &,&3
& &,&3
!ccount +nterest E;pense !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & &,3$ &,3$
& 'losing &,3$ -
!ccount +nsurance E;pense !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & !djusting &,$#$ &,$#$
& 'losing &,$#$ -
!ccount >epreciation E;pense, uilding !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & !djusting 23$ 23$
& 'losing 23$
!ccount >epreciation E;pense, 0ool/1lide Facility !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly & !djusting 7 7
& 'losing 7 -
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
Po#t.Re%.
7/24/2019 Accounting Cycle Review Problem
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!ccount >epreciation E;pense, 0ool Furniture !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--%uly & !djusting ##$ ##$
& 'losing ##$ -
!ccount 4iscellaneous E;pense !ccount o.
,
"ate -tem "ebit Creit "ebit
#$--
%uly &3 #3 2
& 'losing 2
Po#t.Re%.
Po#t.Re%.
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.
&&&
lance
Creit
&
lance
Creit
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&&2
lance
Creit
&
lance
Creit
#
lance
Creit
lance
Creit
23$
lance
Creit
7/24/2019 Accounting Cycle Review Problem
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lance
Creit
7
lance
Creit
lance
Creit
##$
##&
lance
Creit
7#
#,$2
#,&
&,2&
,2&
,$2&
#,3&
#,2
#,3
###
lance
Creit
7/24/2019 Accounting Cycle Review Problem
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#$
##
lanceCreit
2#$,3$$
2&3,3$
&&
lance
Creit
&,$$$
&&,#
&2,
lance
Creit
-
&
lance
Creit
2,#&
&,#-
2&&
lance
Creit
7/24/2019 Accounting Cycle Review Problem
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,$3
##,&
#,3&
22,7&
2
lance
Creit
#$
232
&&lance
Creit
lanceCreit
&lance
Creit
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&2
lance
Creit
&
lance
Creit
-
&7
lance
Creit
-
&3
lance
Creit
-
&
lance
Creit
-
7/24/2019 Accounting Cycle Review Problem
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#$
lance
Creit
-
##
lance
Creit
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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.
ot all cells should be populated. !n asterisk (") will appear in the column to the right of an incorrect ans
+dentifying letter will not be graded.
(. & ).
3or t2e 4o
7rial ,alance A8u#tment
Account Name "ebit Creit "ebit
'ash &,73$
!ccounts :eceiable #2
0repaid +nsurance ,#2$
*and ##,$$$
uilding ,#$$
0ool/1lide Facility &$,$ -
0ool Furniture ,7
!ccounts 0ayable - #,3
4ortgage 0ayable - 2&3,3$
*. %udar, 'apital - &,$$$
*. %udar, >rawing ,7$$
+ncome from 1erices - 22,7&
'oncessions +ncome - 232
0ool 4aintenance E;pense #,#2 -
8ages E;pense &7,37 #$
!dertising E;pense &,#$
?tilities E;pense &,&3
+nterest E;pense &,3$
4iscellaneous E;pense 2
$&,2& $&,2&
+nsurance E;pense &,$#$
>epreciation E;pense, uilding 23$
!ccum. >epr., uilding
>epr. E;pense, 0ool/1lide Facility 7
!ccum. >epr., 0ool/1lide Facility>epr. E;pense, 0ool Furniture ##$
!ccum. >epr., 0ool Furniture
8ages 0ayable
,&
et +ncome
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9. ,la#t %%
-ncome tatement
3or t2e 4ont2 Ene July (1 '*66
:eenues@
+ncome from 1erices A 22,7&
'oncessions +ncome 232
9otal :eenue A 2,#&
E;penses@
0ool 4aintenance E;pense A #,#2
8ages E;pense &3,$7
!dertising E;pense &,#$
?tilities E;pense &,&3
+nterest E;pense &,3$
+nsurance E;pense &,$#$
>epreciation E;pense, uilding 23$
>epr. E;pense, 0ool/1lide Facility 7
>epr. E;pense, 0ool Furniture ##$
4iscellaneous E;pense 2
9otal E;penses #3,##
et +ncome &,#
. ,la#t %%
tatement o% wner;# Eeduct 8ithdrawals for the 4onth ,7$$
+ncrease in 'apital &2,
*. %udar, 'apital, %uly &, #$-- A &2,
=. ,la#t %%
,alance 2eetJuly (1 '*66
A##et#
'ash A &,73$
!ccounts :eceiable #2
0repaid +nsurance $
*and ##$$$
uilding A ,#$$
7/24/2019 Accounting Cycle Review Problem
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!ccum. >epr., uilding 23$ ,7#$
0ool/1lide Facility A &$,$
!ccum. >epr., 0ool/1lide Facility 7 &2,3$
0ool Furniture A ,7
!ccum. >epr., 0ool Furniture ##$ ,2
9otal !ssets A 3,#
Liabilitie#
!ccounts 0ayable A #,3
8ages 0ayable #$
4ortgage 0ayable 2&3,3$
9otal *iabilities A 2##,2
wner;# Eepr., uilding 23$
0ool/1lide Facility &$,$
!ccum. >epr., 0ool/1lide Facility 7
0ool Furniture ,7
!ccum. >epr., 0ool Furniture ##$
!ccounts 0ayable #,3
8ages 0ayable #$
4ortgage 0ayable 2&3,3$
*. %udar, 'apital &2,
9otal ,&2 ,&2
7/24/2019 Accounting Cycle Review Problem
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er.
,la#t %%
or0 2eet
t2 Ene July (1 '*66
A8u#te 7rial ,alance -ncome tatement ,alance 2eet
Creit "ebit Creit "ebit Creit "ebit Creit
&,73$ &,73$
#2 #2
&,$#$ &&,##$ &&,##$
##,$$$ ##,$$$
,#$$ ,#$$
- &$,$ - - - &$,$
,7 ,7
#,3 #,3
2&3,3$ 2&3,3$
&,$$$ &,$$$
,7$$ - ,7$$
22,7& 22,7&
232 232
#,#2 #,#2
&3,$7 &3,$7
&,#$ &,#$
&,&3 &,&3
&,3$ &,3$
2 2
&,$#$ &,$#$
23$ 23$
23$ 23$ 23$
7 7
7 7 7##$ ##$
##$ ##$ ##$
#$ #$ #$
,& $2,# $2,# #3,## 2,#& 7,&2 ,$#&
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