DRAFT - Pearson Educationassets.pearsonschool.com/asset_mgr/current/201241/pdf...Name Date SECTION 8.3 EXERCISES (continued)Exercise 3, p. 299 Indicate whether each of the following

CHAPTER 8 Completing the Accounting Cycle

SECTION 8.1 REVIEW QUESTIONS (page 275)

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

Name Date

Copyright © 2013 Pearson Canada Inc. Chapter 8 Completing the Accounting Cycle 221

DRAFT

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SECTION 8.1 REVIEW QUESTIONS (continued)

15.

16.

17.

18.

19.

20.

21.

22.

SECTION 8.1 EXERCISES (page 276)Exercise 1, p. 276

Supplies

UnadjustedBalance

InventoryCount

SuppliesExpense

1. $ 300 $1002. $1 400 $6503. $175 $2504. $ 950 $740

222 Accounting 1 Student Workbook Copyright © 2013 Pearson Canada Inc.

DRAFT

Name Date

SECTION 8.1 EXERCISES (continued)Exercise 1, p. 276 (continued)

Prepaid Insurance

UnadjustedBalance

Year-endPrepaid Calculation

Insurance Expense

1. $ 875 $325

2. $9 600 $800

3. $ 925 $ 315

4. $410 $ 375

Exercise 2, p. 277

A.

Balance SheetAdjustments

Income Statement Adjustments

1. Supplies Supplies ExpenseDr Cr Dr Cr

Dec. 31, 20–3 5 050

2. Prepaid Insurance Insurance ExpenseDr Cr Dr Cr

Dec. 31, 20–3 2 100

3. Accounts Payable Advertising ExpenseDr Cr Dr Cr

4. Unearned Revenue Fees EarnedDr Cr Dr Cr

Dec. 15, 20–3 20 000


DRAFT

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B.

C.

PARTICULARSDATE DEBITP.R. CREDIT

GENERAL JOURNAL PAGE

Adjustment Omission Assets Liabilities Net Income

1. Supplies

2. Insurance

3. Late Invoices

4. Unearned Revenue


DRAFT

Name Date

SECTION 8.1 EXERCISES (continued)Exercise 3, p. 277

Inventory Item Quantity Unit Price ValueRubber bands 3 boxes $ 1.50 per boxEnvelopes #8 10 boxes 32.00 per box

Envelopes #10 4 1/2 boxes 36.00 per box

Envelopes, manila 2 boxes 28.00 per boxPrinter cartridges 2 boxes 31.20 per box

Letterhead 10M sheets 22.50 per M

Copy paper 4M sheets 10.00 per M

File folders 2 boxes 6.00 per box

Paper clips 12 boxes 1.50 per box

Staples 15 boxes 4.10 per box

Pencils, regular 4 dozen 5.50 per dozen

Pencils, red 2 dozen 6.10 per dozenTotal

Exercise 4, p. 278

A.

B.

Year Insurance Expense Prepaid Insurance (Dec. 31)20–1

20–2

Total

Supplies Supplies ExpenseDr Cr Dr Cr

2 018.00


DRAFT

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A.

Total number of months of insurance used as of the

designated year-end

Total number of months of insurance unused as of the

designated year-end

Value of the prepaid insurance at the

designated year-end a. b.

c.d.

e.

f.

B.



a.

b.

c.

d.


DRAFT

Name Date

SECTION 8.1 EXERCISES (continued)

Exercise 5, p. 278 (continued)

B.

Exercise 6, p. 278

A.

B.

C.

D.



e.

f.

Prepaid Licenses BankDr Cr Dr Cr

Prepaid Licenses Truck License ExpenseDr Cr Dr Cr

720


DRAFT

Name Date



E.

F.

G.


1.

2.

3.

4.

Prepaid Licenses BankDr Cr Dr Cr

180

Prepaid LicensesTruck License

ExpenseDr Cr Dr Cr

900


DRAFT

Name Date

SECTION 8.2 EXERCISES (page 288)

Exercise 1, p. 288

A.A

CC

OU

NT

ST

RIA

L B

ALA

NC

E

P. T

an

g a

nd

Co

mp

an

yY

ea

r E

nd

ed

De

c. 3

1, 2

0–4

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Prep

aid

Insu

ranc

e

Equi

pmen

t

Aut

omob

ile

Acc

ount

s Pa

yabl

e

Bank

Loa

n

HST

Pay

able

HST

Rec

over

able

P. T

ang,

Cap

ital

P. T

ang,

Dra

win

gs

Fees

Ear

ned

Car

Exp

ense

Gen

eral

Exp

ense

Misc

ella

neou

s Ex

pens

e

Rent

Exp

ense

Wag

es E

xpen

se

Dr

Cr

43

60

50

00

23

25

540

58

699

25

135

66

8

– – – – – –

AD

JUST

MEN

TS

Dr

Cr

– – – – – – – – – – – – – –

19

00

195

00

10

00

16

68

220

00

210

00

95

0

150

00

38

00

29

50

70

0

172

00

280

00

135

66

8

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet


DRAFT

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B.


DRAFT

Name Date



B. (continued)


DRAFT

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Exercise 2, p. 289

A.

AC

CO

UN

TS

TR

IAL B

ALA

NC

E

Mis

sio

n M

ark

eti

ng

Ye

ar E

nd

ed

De

c. 3

1, 2

0–3

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Prep

aid

Insu

ranc

e

Equi

pmen

t

Aut

omob

ile

Acc

ount

s Pa

yabl

e

HST

Pay

able

HST

Rec

over

able

C. A

ns, C

apita

l

C. A

ns, D

raw

ings

Fees

Ear

ned

Car

Exp

ense

Misc

ella

neou

s Ex

pens

e

Rent

Exp

ense

Util

ities

Exp

ense

Wag

es E

xpen

se

Dr

Cr

65

65

78

0

151

27

5

135

70

0

294

32

0

– – – – –

AD

JUST

MEN

TS

Dr

Cr

– – – – – – – – – – – – – –

24

90

216

00

42

50

12

54

692

00

442

00

51

0

200

00

132

14

15

63

180

00

28

00

952

39

294

32

0

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet


DRAFT

Name Date



B.


DRAFT

Name Date



B. (continued)


DRAFT

Name Date



C.


1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.


DRAFT

Name Date


16.


Exercise 2, p. 298

A. Accounting is in nature.

B. The states that fi nancial reporting is

done in equal periods of time.

C. Assets and liability accounts are considered to be

accounts.

D. have their balances continue on into the

succeeding fi scal period.

E. Revenue expense, and drawing accounts are considered to be

accounts.

F. The balances in do not continue into the

fi scal period.

G. Another name for nominal account is a .

H. Nominal accounts begin each fi scal period with

.

I. The process of removing the “old” balances from the nominal accounts is known as

.

J. means to cause it to have no balance.

K. During a fi scal period, the Capital account shows

.

L. Changes in equity during a fi scal period (except for additional investments by the

owner) are contained in accounts.

M. At the end of the fi scal period, the ledger is brought up to date by

.

N. One of the fi nal steps in the accounting cycle is to bring the Capital account

and to

the nominal accounts.

O. The fi nal step in the accounting cycle is .


DRAFT

Name Date


Exercise 3, p. 299

Indicate whether each of the following statements is true or false by entering a T or an F in

the space provided. Explain the reason for each F response in the space provided.

A. Journalizing and posting the adjusting and closing entries is a routine task

that can be done by any knowledgeable accounting clerk.

B. All of the data required to journalize the adjusting and closing entries can

be found on the worksheet.

C. It can be assumed that all adjustments have been thought of once the

worksheet is completed.

D. The adjusting entries must be journalized and posted to bring the ledger

into agreement with the fi gures on the fi nancial statements.

E. An explanation is needed for each individual adjusting entry being

journalized.

F. The adjusting and closing entries in the journal are dated as of the end of

the fi scal period.

G. The closing entries can be processed only by using the four-step method.

H. The fi gures for the fi rst closing entry are taken from the income statement

section, debit column, of the work sheet.

I. Since revenue accounts have debit balances, credit entries are needed to

close them out.

J. The second closing entry transfers the balances in the expense accounts to

the Income Summary account.

K. When the adjusting entries and the fi rst two closing entries are journalized

and posted, all but three of the accounts in the equity section of the ledger

will have nil balances.

L. A loss has occurred if the Income Summary account as a credit balance

before it is closed out.

M. The fi rst two entries in the Income Summary account are the same as the

subtotals of the income statement section of the worksheet.

N. The Income Summary account is not closed out if a loss occurs.

Explanation for F Responses


DRAFT

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DRAFT

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Exercise 5, p. 300

A.

B.




DRAFT

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C.

GENERAL LEDGER

Bank Supplies Prepaid Insurance700 2 755 2 450

Equipment Accounts Payable HST Payable17 005 1 075 580

HST Recoverable R. Tompko, CapitalR. Tompko,

Drawings365 9 342 42 000

Revenue Advertising ExpenseBank Charges

Expense98 370 1 200 96

Supplies ExpenseMiscellaneous

Expense Rent Expense6 950 1 902 6 000

Utilities Expense Wages Expense Insurance Expense2 104 25 750

Income Summary


DRAFT

Name Date



D.


1.

2.

3.

4.

5.

6.

7.

8.


DRAFT

Name Date


9.

10.

11.

12.

13.

14.

15.

SECTION 8.4 EXERCISES (page 311)

Exercise 1, p. 311

A.

B.

C.

20–1 20–2 20–3 20–4 20–5

20–1 20–2 20–3 20–4 20–5

20–1 20–2 20–3 20–4 20–5


DRAFT

Name Date



D.

E.

F.

Exercise 2, p. 312

A.

B.

20–1 20–2 20–3 20–4 20–5

20–1 20–2 20–3 20–4 20–5

20–1 20–2 20–3 20–4 20–5

Straight-line Depreciation

YearDepreciation

($)Balance

($)

1

2

3

4

5

Declining-balance Depreciation

YearDepreciation

($)Balance

($)

1

2

3

4

5


DRAFT

Name Date



C.

Exercise 3, p. 312

A.

20–1 20–2 20–3 20–4 20–5Revenues

Expenses

Depreciation––Van

Other Expenses

Total Expenses

Net Income

Net Income (from p. 302)


DRAFT

Name Date


B.

20-1 20-2 20-3 20-4 20-5

Net Income Comparison$30 000

$25 000

$20 000

$15 000

$10 000

$ 5 000

0

$(5 000)

C.

Exercise 4, p. 313

A.

GENERAL LEDGERBank Accounts Receivable Supplies

400 8 285 1 900

Prepaid Insurance Land Buildings1 800 50 000 70 000


DRAFT

Name Date

Accum. Depr.—Buildings Equipment Accum. Depr.—Equipment 6 750 96 500 24 000

Accounts Payable J. Salk, Capital J. Salk, Drawings

3 200 144 985 30 000

Revenue Bank Charges Expense Delivery Expense 140 700 450 1 500

Miscellaneous Expense Telephone Expense Utilities Expense 490 390 1 300

Wages Expense Supplies Expense Insurance Expense

56 620

Depreciation Expense— Depreciation Expense— Buildings Equipment


A. (continued)


DRAFT

Name Date


B.


DRAFT

Name Date


AC

CO

UN

TS

TR

IAL B

ALA

NC

E

Vie

ra

Asso

cia

tes

Ye

ar E

nd

ed

De

ce

mb

er 3

1, 2

0–

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Prep

aid

Insu

ranc

e

Equi

pmen

t

Acc

um. D

epre

c.—

Equi

p.

Aut

omob

iles

Acc

um. D

epre

c.—

Aut

o.

Acc

ount

s Pa

yabl

e

HST

Pay

able

HST

Rec

over

able

C. V

iera

, Cap

ital

C. V

iera

, Dra

win

gs

Con

sulti

ng F

ees

Aut

omob

ile E

xpen

se

Gen

eral

Exp

ense

Rent

Exp

ense

Tele

phon

e Ex

pens

e

Wag

es E

xpen

se

Dr

Cr

60

22

165

75

48

02

94

0

218

21

154

32

6

204

48

6

08 – 50 20 04 – 82

AD

JUST

MEN

TS

Dr

Cr

20 – – – – – 80 – 04 – – – 78 82

50

80

174

91

26

35

18

00

102

00

325

00

51

6

480

00

327

56

15

75

100

00

15

67

403

65

204

48

6

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet


DRAFT

Name Date




A., B.


1.

2.

3.

4.

5.

6.


DRAFT

Name Date


A.


DRAFT

uwongsu

Cross-Out

Name Date


B.


DRAFT

Name Date


B. (continued)


DRAFT

Name Date


B. (continued)


DRAFT

Name Date

SECTION 8.5 SPREADSHEET EXTENSIONS (page 320)


DRAFT

Name Date

SECTION 8.5 SPREADSHEET EXTENSIONS (continued)


DRAFT

Name Date

CHAPTER 8 REVIEW EXERCISES (page 322)

Using Your KnowledgeExercise 1, p. 322

A.

B.

Exercise 2, p. 322

A. to C.

ACCOUNT No.

PARTICULARSDATE DEBIT Dr/Cr BALANCEP.R. CREDIT

ACCOUNT No.

PARTICULARSDATE DEBIT Dr/Cr BALANCEP.R. CREDIT

Bank Prepaid Insurance Insurance Expense


DRAFT

Name Date

CHAPTER 8 REVIEW EXERCISES (continued)Exercise 3, p. 322

A.

B.

C.

D.

E.

F.

G.

H.

Prepaid Insurance Insurance Expense


DRAFT

Name Date

CHAPTER 8 REVIEW EXERCISES (continued)

Exercise 4, p. 323

A.

TR

IAL B

ALA

NC

E

J. S

oo

an

d A

sso

cia

tes

Yea

r E

nd

ed

Dec. 31, 20–5

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Prep

aid

Insu

ranc

e

Equi

pmen

t

Aut

omob

ile

Acc

ount

s Pa

yabl

e

HST

Pay

able

HST

Rec

over

able

J. So

o, C

apita

l

J. So

o, D

raw

ings

Com

miss

ions

Car

Exp

ense

Misc

ella

neou

s Ex

pens

e

Rent

Exp

ense

Util

ities

Exp

ense

Wag

es E

xpen

se

Dr

Cr

AD

JUST

MEN

TS

Dr

Cr

59

20

31

0

366

62

356

50

785

42

– – – – –

– – – – – – – – – – – – – –

51

60

85

00

19

50

62

4

92

00

183

50

34

0

75

00

32

14

90

2

60

00

15

63

152

39

785

42

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet

AC

CO

UN

TS


DRAFT

Name Date

GENERAL LEDGER

BankAccounts

Receivable SuppliesPrepaid

Insurance

5 160 8 500 1 950 624

Equipment AutomobileAccounts Payable Unearned Revenue

9 200 18 350 5 920

HST PayableHST

Recoverable J. Soo, Capital J. Soo, Drawings

310 340 36 662 7 500

CHAPTER 8 REVIEW EXERCISES (continued)Exercise 4, p. 323 (continued)

B.

C.




DRAFT

Name Date



C. (continued)

Commissions Car ExpenseMiscellaneous

Expense Rent Expense

3 214 902 6 000

Utilities Expense Wages Expense Supplies Expense Insurance Expense

1 563 15 239


DRAFT

Name Date



D.


DRAFT

Name Date



D. (continued)


DRAFT

Name Date


Exercise 5, p. 324

AC

CO

UN

TS

TR

IAL B

ALA

NC

E

Ka

re

n M

ille

tte R

ea

l E

sta

teY

ea

r E

nd

ed

Se

p. 3

0, 2

0–4

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Prep

aid

Insu

ranc

e

Land

Build

ing

Acc

. Dep

.—Bu

ildin

g

Furn

iture

and

Equ

ipm

ent

Acc

. Dep

.—Fu

rn. &

Equ

ip.

Aut

omot

ive

Equi

pmen

t

Acc

. Dep

.—A

uto.

Equ

ip.

Acc

ount

s Pa

yabl

e

Bank

Loa

n

HST

Pay

able

HST

Rec

over

able

Kare

n M

illet

te, C

apita

l

Kare

n M

illet

te, D

raw

ings

Com

miss

ions

Rev

enue

Adv

ertis

ing

Expe

nse

Bank

Cha

rges

Car

Exp

ense

Com

miss

ions

Exp

ense

Misc

ella

neou

s Ex

pens

e

Offi

ce E

xpen

se

Dr

Cr

67

78

63

60

72

08

24

00

600

00

41

00

872

05

996

00

– – – – – – – –

AD

JUST

MEN

TS

Dr

Cr

– – – – – – – – – – – – – – – –

38

00

109

00

50

0

10

00

500

00

700

00

150

00

170

00

75

1

300

00

47

00

81

00

80

00

180

00

20

0

60

0

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet


DRAFT

Name Date


Exercise 5, p. 324 (continued)A

CC

OU

NT

ST

RIA

L B

ALA

NC

E

Ka

ren

Mil

lett

e R

ea

l E

sta

teY

ea

r E

nd

ed

Sep

. 30, 20–4

Tele

phon

e Ex

pens

e

Util

ities

Exp

ense

Wag

es E

xpen

se

Dr

Cr

273

65

1–

AD

JUST

MEN

TS

Dr

Cr

– – – –

90

0

22

00

322

00

273

65

1

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet


DRAFT

Name Date

TR

IAL B

ALA

NC

E

To

m’s

Pla

ste

rin

gY

ea

r E

nd

ed

Oct.

31, 20–5

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

Smal

l Too

ls

Prep

aid

Insu

ranc

e

Equi

pmen

t

Acc

um. D

ep.—

Equi

pmen

t

Truc

k

Acc

um. D

ep.—

Truc

k

Acc

ount

s Pa

yabl

e

HST

Pay

able

HST

Rec

over

able

Bank

Loa

n

Tom

Mic

haud

, Cap

ital

Tom

Mic

haud

, Dra

win

gs

Reve

nue

Bank

Inte

rest

and

Cha

rges

Mat

eria

ls U

sed

Misc

ella

neou

s Ex

pens

e

Rent

Exp

ense

Tele

phon

e Ex

pens

e

Truc

k Ex

pens

e

Util

ities

Exp

ense

Wag

es E

xpen

se

Dr

Cr

AD

JUST

MEN

TS

Dr

Cr

32

00

80

00

24

07

70

2

100

00

175

10

120

36

5

162

18

4

– – 35 – – 28 – 63

01 – 70 – 80 – – – – 15 20 32 – 32 40 26 47 63

14

12

75

45

14

16

19

03

21

07

95

00

195

00

48

0

355

34

13

25

253

69

75

6

60

00

86

4

83

25

45

63

355

82

162

18

4

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

Wo

rk

sh

eet

AC

CO

UN

TS



DRAFT

Name Date

TR

IAL B

ALA

NC

E

Dr

Cr

AD

JUST

MEN

TS

Dr

Cr

IN

CO

ME S

TA

TEM

EN

T

Dr

Cr

B

ALA

NC

E S

HEET

Dr

Cr

AC

CO

UN

TS

To

m’s

Pla

ste

rin

gY

ea

r E

nd

ed

Oct.

31, 20–5

Wo

rk

sh

eet



DRAFT

Name Date




DRAFT

Name Date




DRAFT

Name Date


Exercise 7, p. 326

A.

Bank

Acc

ount

s Re

ceiv

able

Supp

lies

and

Mat

eria

ls

Prep

aid

Insu

ranc

e

Land

Build

ings

Acc

. Dep

.—Bu

ildin

gs

Equi

pmen

t

Acc

. Dep

.—Eq

uipm

ent

Aut

omot

ive

Equi

pmen

t

Acc

. Dep

.—A

uto.

Equ

ip.

Acc

ount

s Pa

yabl

e

HST

Pay

able

HST

Rec

over

able

Bank

Loa

n

Mor

tgag

e Pa

yabl

e

R. L

ucht

, Cap

ital

R. L

ucht

, Dra

win

gs

Reve

nue—

Adv

ertis

ing

Reve

nue—

Circ

ulat

ion

Bank

Int.

& C

harg

es E

xp.

Build

ing

Mai

nten

ance

Exp

ense

Car

Exp

ense

Misc

ella

neou

s Ex

pens

e

Mor

tgag

e In

tere

st E

xpen

se

Offi

ce E

xpen

se

Offi

ce S

alar

ies

Expe

nse

Sale

s Pr

omot

ions

Exp

ense

AC

CO

UN

TS

TR

IAL B

ALA

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DRAFT

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Tele

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e

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Util

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DRAFT

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B.


DRAFT

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B. (continued)


DRAFT

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B. (continued)

C.

PARTICULARSDATE P.R. DEBIT CREDIT



DRAFT

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C. (continued)




DRAFT

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D.

Bank Accounts Receivable Supplies & Materials

2 000 15 317.20 23 795.16

Prepaid Insurance Land Buildings

4 200

Accum. Dep.—Buildings Equipment Accum. Dep.—Equipment

95 700 22 710

Accum. Dep.— Automotive Equipment Auto. Equip. Unearned Revenue

75 325 30 000

Accounts Payable HST Payable HST Recoverable

9 216.42 1 280 750

Bank Loan Mortgage Payable R. Lucht, Capital

100 000

R. Lucht, Drawings Revenue—Advertising Revenue—Circulation

50 000 100 000 218 946 91 315

GENERAL LEDGER


DRAFT

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D. (continued)

Building Maintenance Bank Interest & Charges Expense Car Expense

12 150 3 220 4 960.50

Miscellaneous Expense Mortgage Interest Expense Office Salaries Expense

5 940.13 34 319.15

Office Expense Sales Promotion Expense Telephone Expense

1 240 2 750 2 946

Truck Expense Utilities Expense Wages Expense

26 334.19 11 350 94 319

Depreciation Expense— Depreciation Expense— Depreciation Expense— Buildings Equipment Automotive Equipment

Supplies and Materials Expense Insurance Expense Income Summary


DRAFT

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E.


DRAFT

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Questions for Further Thought, p. 328

1.

2.

3.


DRAFT

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Questions for Further Thought, p. 328 (continued)

4.

5.

6.

7.

8.

9.

CASE STUDIES (page 329)

Case 1 A Balancing Act (p. 329)

1.

2.


DRAFT

Name Date

CASE STUDIES (continued)

Case 1 A Balancing Act (continued)

3.

Case 2 A Mix-Up in Year-End Accounting (p. 330)

1.

2.

3.

4.

5., 6.




DRAFT

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Case 2 A Mix-Up in Year-End Accounting (continued)

5., 6. (continued)




Case 3: Challenge Can You Meet This Deadline? (p. 333)


DRAFT

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Case 3: Challenge Can You Meet This Deadline? (continued)

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DRAFT

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DRAFT

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DRAFT

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Case 4: Co-operative Learning A Better Way of Depreciating a Truck? (p. 334)

1.

Year Distance Travelled (km)

Declining-balance Depreciation ($)

Distance-usedDepreciation ($)

2.

CAREER Nitasha Ragnauth/Manager, Audit and Assurance Services, McGovern, Hurley, Cunningham, LLP, Toronto (page 335)

Discussion (p. 336)

1.

2.

3.

4.


DRAFT

Documents

DRAFT - Pearson Educationassets.pearsonschool.com/asset_mgr/current/201241/pdf...Name Date SECTION 8.3 EXERCISES (continued)Exercise 3, p. 299 Indicate whether each of the following