Reversing Entries
Reversing Entries
Reversing Entries
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Your grading outcome (still in progress) Awarded Total Points (prior to this page) Points (on this page) Points (after this page) Total 906 1,056 66 ! 70 0
972 1,126
Completed: 99%
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Today is the first day of July. To simplify the recording of transactions in the new accounting period, you are required to journalize appropriate reversing entries into the general journal and post these to the general ledger.
Instructions for reversing entries 1) Using the adjusting entries information and the post-closing trial balance for the month of June, record in the general journal any entries that are required to reverse the following adjusting entries from that month: Electricity expense incurred but not paid Water expense incurred but not paid Wages owed to the employees but have not yet been paid in cash Interest expense incurred but not paid to the lender Interest earned but not received in cash Note that all ledger accounts presented on this page have normal opening balances. 2) Post the reversing entries from the general journal to the relevant general ledger accounts. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. You are also required to apply the journals and ledgers instructions provided in the previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.
General Journal
Date Jul Jul Account and Explanation 1 Electricity Payable 1 Electricity Expense
(select)
Post Ref.
221 541
Debit
969 0
Credit
0 969
Jul Jul
222 542
235 0
0 235
Jul Jul
220 516
1440 0
0 1440
Jul Jul
225 571
240 0
0 240
Jul Jul
403 112
110 0
0 110
Jul Jul
151 150
100 0
0 100
Jul Jul
161 160
354 0
0 354
Feedback
GENERAL JOURNAL
Date Account and Explanation Post Debit Credit Ref. 221 541 969 969
222 542
235 235
225 571
240 240
403 112
110 110
Account: ARC - Accounts Receivable Control Account No. 110 Date Jun Jul Jul 30 Balance
1 accrued receivables GJ 0 5707
(Q=982-110.acctsRecControl)
Description
Ref.
Debit
Credit
Balance 5,707
0 DR
Feedback There are no relevant entries in the Accounts Receivable Control ledger for this question.
Account: Interest Receivable Account No. 112 Date Jun Jul Jul 30 Balance
1 accrued interest GJ 0 110
(Q=982-112.interestReceivable)
Description
Ref.
Debit
Credit
Balance 110
0 DR
Feedback
Account: Interest Receivable Account No. 112 Date Jun Jul 30 Balance 1 Reversing entry GJ 110 Description Ref. Debit Credit Balance 110 0
Account: Prepaid Rent Account No. 140 Date Jun Jul Jul 30 Balance
1 accrued rent GJ 2500 0
(Q=982-140.prepaidRent)
Description
Ref.
Debit
Credit
Balance 2,500
5000 DR
Feedback There are no relevant entries in the Prepaid Rent ledger for this question.
Account: Prepaid Advertising Account No. 141 Date Jun Jul Jul 30 Balance
1 accrued advertising GJ 4000 0
(Q=982-141.prepaidAdvertising)
Description
Ref.
Debit
Credit
Balance 8,000
12000 DR
Feedback There are no relevant entries in the Prepaid Advertising ledger for this question.
Account: Prepaid Insurance Account No. 142 Date Jun Jul Jul 30 Balance
1 accrued insurance GJ 700 0
(Q=982-142.prepaidInsurance)
Description
Ref.
Debit
Credit
Balance 2,800
3500 DR
Feedback There are no relevant entries in the Prepaid Insurance ledger for this question.
Account: APC - Accounts Payable Control Account No. 210 Date Jun Jul Jul 30 Balance
1 accrued pay GJ 1260 0
(Q=982-210.acctsPayControl)
Description
Ref.
Debit
Credit
Balance 1,260
0 DR
Feedback
There are no relevant entries in the Accounts Payable Control ledger for this question.
Account: Wages Payable Account No. 220 Date Jun Jul Jul 30 Balance
1 accrued wages GJ 10661 0
(Q=982-220.wagesPayable)
Description
Ref.
Debit
Credit
Balance 1,440
12101 CR
Feedback
Account: Wages Payable Account No. 220 Date Jun Jul 30 Balance 1 Reversing entry GJ 1,440 Description Ref. Debit Credit Balance 1,440 0
Account: Electricity Payable Account No. 221 Date Jun Jul Jul 30 Balance
1 pay GJ 969 0
(Q=982-221.electricityPayable)
Description
Ref.
Debit
Credit
Balance 969
0 DR
Feedback
Account: Electricity Payable Account No. 221 Date Jun Jul 30 Balance 1 Reversing entry GJ 969 Description Ref. Debit Credit Balance 969 0
(Q=982-222.waterPayable)
Description
Ref.
Debit
Credit
Balance 235
GJ
235
DR
Feedback
Account: Water Payable Account No. 222 Date Jun Jul 30 Balance 1 Reversing entry GJ 235 Description Ref. DR CR Balance 235 0
Account: Interest Payable Account No. 225 Date Jun Jul Jul 30 Balance
1 pay GJ 240 0
(Q=982-225.interestPayable)
Description
Ref.
Debit
Credit
Balance 240
0 DR
Feedback
Account: Interest Payable Account No. 225 Date Jun Jul 30 Balance 1 Reversing entry GJ 240 Description Ref. Debit Credit Balance 240 0
Account: Interest Revenue Account No. 403 Date Jun Jul 30 Balance
1 pay GJ 270 0
(Q=982-403.interestRevenue)
Description
Ref.
Debit
Credit
Balance 0
270 DR
Jul
Feedback
Account: Interest Revenue Account No. 403 Date Jun Jul 30 Balance 1 Reversing entry GJ 110 Description Ref. Debit Credit Balance 0 110 DR
Account: Advertising Expense Account No. 511 Date Jun Jul Jul 30 Balance
1 accrued ad costs GJ 0 4000
(Q=982-511.advertisingExpense)
Description
Ref.
Debit
Credit
Balance 0
4000 CR
Feedback There are no relevant entries in the Advertising Expense ledger for this question.
Account: Wages Expense Account No. 516 Date Jun Jul Jul 30 Balance
1 accrued wages GJ 0 1440
(Q=982-516.wagesExpense)
Description
Ref.
Debit
Credit
Balance 0
1440 CR
Feedback
Account: Wages Expense Account No. 516 Date Jun Jul 30 Balance 1 Reversing entry GJ 1,440 Description Ref. Debit Credit Balance 0 1,440 CR
Account: Rent Expense Account No. 540 Date Jun Jul Jul 30 Balance
1 accrued rent GJ 0 2500
(Q=982-540.rentExpense)
Description
Ref.
Debit
Credit
Balance 0
2500 CR
Feedback There are no relevant entries in the Rent Expense ledger for this question.
Account: Electricity Expense Account No. 541 Date Jun Jul Jul 30 Balance
1 accrued electricity bill GJ 0 969
(Q=982-541.electricityExpense)
Description
Ref.
Debit
Credit
Balance 0
969 CR
Feedback
Account: Electricity Expense Account No. 541 Date Jun Jul 30 Balance 1 Reversing entry GJ 969 Description Ref. Debit Credit Balance 0 969 CR
Account: Water Expense Account No. 542 Date Jun Jul Jul 30 Balance
1 accrued water bill GJ 0 235
(Q=982-542.waterExpense)
Description
Ref.
Debit
Credit
Balance 0
235 CR
Feedback
Account: Water Expense Account No. 542 Date Jun Jul 30 Balance 1 Reversing entry GJ 235 Description Ref. Debit Credit Balance 0 235 CR
Account: Insurance Expense Account No. 543 Date Jun Jul Jul 30 Balance
1 accrued insurance GJ 0 700
(Q=982-543.insuranceExpense)
Description
Ref.
Debit
Credit
Balance 0
700 CR
Feedback There are no relevant entries in the Insurance Expense ledger for this question.
Account: Interest Expense Account No. 571 Date Jun Jul Jul 30 Balance
1 accrued expense GJ 0 240
(Q=982-571.interestExpense)
Description
Ref.
Debit
Credit
Balance 0
240 CR
Feedback
Account: Interest Expense Account No. 571 Date Jun Jul 30 Balance 1 Reversing entry GJ 240 Description Ref. Debit Credit Balance 0 240 CR
Manual Accounting Practice Set Coffee & Caf Supplier, US GAAP Edition 3 (VCU3m) 2010 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Thursday, May 10, 2012, 14:31