College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 6, Problem 7SPB
FINANCIAL STATEMENTS A work sheet for Juanita’s Consulting is shown on the following page. There were no additional investments made by the owner during the month.
REQUIRED
1. Prepare an income statement.
2. Prepare a statement of owner’s equity.
3. Prepare a
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You must complete the following tasks below for the month of April in the Excel workbook provided.
Required:
Part 1. Prepare a journal entry to record each transaction. You must provide a short explanation for each transaction.
Part 2. Setup appropriate T-accounts. All accounts begin with 0 balances.
Part 3. Record in the T-accounts the effects of each transaction for Sydney Stables in April, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts.
Part 4. Prepare a trial balance.
Part 5. Prepare a statement of earnings, a statement of shareholders’ equity and a statement of financial position for the month ended April 30, 2020.
For additional help, see the demonstration problem at the beginning of each chapter in your Working Papers.
The completed worksheet for Valerie Insurance Agency as of December 31 is presented in your Working Papers or in CengageNow, along with the general ledger as of December 31 before adjustments.
Check Figure
Post-closing trial balance total, $10, 170
Required
1. Write the name of the owner, M. Valerie, in the Capital and Drawing accounts.
2. Write the balances from the unadjusted trial balance in the general ledger.
3. Journalize and post the adjusting entries.
4. Journalize and post the closing entries in the correct order.
5. Prepare a post-closing trial balance.
Chapter 6 Solutions
College Accounting, Chapters 1-27
Ch. 6 - Expenses are listed on the income statement as...Ch. 6 - Additional investments of capital during the month...Ch. 6 - Prob. 3TFCh. 6 - Prob. 4TFCh. 6 - Temporary accounts are closed at the end of each...Ch. 6 - Multiple choice Which of these types of accounts...Ch. 6 - Which of these accounts is considered a temporary...Ch. 6 - Which of these is the first step in the closing...Ch. 6 - The ________ is prepared after closing entries are...Ch. 6 - Steps that begin with analyzing source documents...
Ch. 6 - Joe Fisher operates Fisher Consulting. A partial...Ch. 6 - Prob. 2CECh. 6 - Prob. 3CECh. 6 - Identify the source of the information needed to...Ch. 6 - Describe two approaches to listing the expenses in...Ch. 6 - Prob. 3RQCh. 6 - If additional investments were made during the...Ch. 6 - Identify the sources of the information needed to...Ch. 6 - What is a permanent account? On which financial...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - List the 10 steps in the accounting cycle.Ch. 6 - Prob. 1SEACh. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS Page 206 shows a work sheet...Ch. 6 - PROBLEM 6-7A CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - INCOME STATEMENT From the partial work sheet for...Ch. 6 - STATEMENT OF OWNERS EQUITY From the partial work...Ch. 6 - BALANCE SHEET From the statement of owners equity...Ch. 6 - CLOSING ENTRIES (NET INCOME) Set up T accounts for...Ch. 6 - CLOSING ENTRIES (NET INCOME) Using the following...Ch. 6 - CLOSING ENTRIES (NET LOSS) Using the following...Ch. 6 - FINANCIAL STATEMENTS A work sheet for Juanitas...Ch. 6 - PROBLEM 6-7B CLOSING ENTRIES AND POST-CLOSING...Ch. 6 - STATEMENT OF OWNERS EQUITY The capital account for...Ch. 6 - MASTERY PROBLEM Elizabeth Soltis owns and operates...Ch. 6 - CHALLENGE PROBLEM This problem challenges you to...
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- Question Topic– Analysing business transactions. The following table contains several business transactions for the current month. Required: Identify the names of which accounts are affected, how they are affected (+/-, increase or decrease), and the element of the financial statement of these accounts (A, L, OE, R, E).arrow_forwardLeanders Landscaping Service maintains the following chart of accounts: The following transactions were completed by Leander: Required 1. Journalize the transactions in the general journal. Prepare a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated April 30, 20. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.arrow_forwardIdentify the letter for the principle or assumption from A through F in the blank space next to each numberedsituation that it best explains or justifies.A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year.arrow_forward
- Based on the preceding spreadsheet, prepare a statement of owner's equity for Paoli Consulting. If a net loss is incurred or Mary Paoli, Drawing were paid, enter that amount as a negative number using a minus sign. If an amount box does not require an entry, leave it blank. Paoli Consulting Statement of Owner's Equity For the Year Ended March 31, 20Y9 Line Item Description Amount Mary Paoli, capital, April 1, 2018 ✓ X Additional investment by owner く 15,000 ✔ x Net income for the year Withdrawals Mary Paoli, capital, March 31, 2019 X xarrow_forwardSTATEMENT OF OWNERS EQUITY The capital account for Autumn Chou, including an additional investment, and a partial work sheet are shown below and on page 208. REQUIRED Prepare a statement of owners equity.arrow_forwardSTATEMENT OF OWNERS EQUITY From the partial work sheet below, prepare a statement of owners equity, assuming no additional investment was made by the owner. (FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)arrow_forward
- When the management accountsants prepare the reports in an entity ? a . Every month b . Once a year c Whenever cost accountant has free time d . Whenever required by the top managementarrow_forwardGeneral Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Pam Fisher opens a web consulting business called Fisher Consulting and completes the following transactions in March.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Fisher invested $237,000 cash along with $24,900 in office equipment in the company. Mar. 2 The company prepaid $8,000 cash for six months’ rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $5,900 and office supplies for $4,100. Payment is due within 10 days. Mar. 6 The company completed…arrow_forward9. PostingA. Accumulates the effects of ledger entries and transfers them to the general journal.B. Is done only for income statement activity because activity related to the statement of financial position does not require postingC. Is done once every year.D. Transfers journal entries to the ledger accounts.arrow_forward
- Here are facts for Haileys Collision Service for January. Assuming no investments or withdrawals, what is the ending balance in the owners capital account?arrow_forwardINCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND BALANCE SHEET Backlund Farm Supply completed the work sheet on page 609 for the year ended December 31, 20--. Owners equity as of January 1, 20--, was 50.000. The current portion of Mortgage Payable is 1,000. REQUIRED 1. Prepare a multiple-step income statement. 2. Prepare a statement of owner s equity. 3. Prepare a balance sheet.arrow_forwardLaras Landscaping Service has the following chart of accounts: The following transactions were completed by Laras Landscaping Service: Required 1. Journalize the transactions in the general journal. Provide a brief explanation for each entry. 2. If you are using working papers, write the name of the owner on the Capital and Drawing accounts. (Skip this step if you are using CLGL.) 3. Post the journal entries to the general ledger accounts. (Skip this step if you are using CLGL.) 4. Prepare a trial balance dated March 31, 20. If you are using CLGL, use the year 2020 when recording transaction! and preparing reports.arrow_forward
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