Axia College Material

Appendix G
Comprehensive Problem
Journalize Transactions
Use this template to journalize and post the July transactions for Julie's Maid Cleaning Service, Inc.

GENERAL JOURNAL J1
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT CREDIT
July 1 Cash 14,000
Common Stock 14,000

1 Equipment 10,000
Cash 3,000
Accounts Payable 7,000

3 Cleaning Supplies 800

Accounts Payable 800

5 Prepaid Insurance 1,800

Cash 1,800

12 Accounts Receivable 3,800

Service Revenue 3,800

18 Accounts Payable 1,400

Cash 1,400

20 Salaries Expense 1,600

Cash 1,600

21 Cash 1,400
Accounts Receivable 14,000

25 Accounts Receivable 1,500

Service Revenue 1,500

31 Gas & Oil Expense 400

Cash 400

31 Dividends 600
Cash 600

a) General Journal
Axia College Material
Appendix G
Comprehensive Problem
Prepare a 10-Column Worksheet
Complete this worksheet for Julie's Maids Cleaning Service, Inc. Make sure to: a) Prepare a trial balance at July 31; b) Enter th
remaining parts of the worksheet; and d) Verify your totals.

JULIES MAIDS CLEANING SERVICE INC.

Worksheet
For the Month Ended July 31, 2008
Adjusted
Trial Balance Adjustments Trial Balance
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 6,600 6,600
Accounts Receivable 3,900 1,300 5,200
Cleaning Supplies 800 700 100
Prepaid Insurance 1,800 150 1,650
Equipment 10,000 10,000
Accounts Payable 6,400 6,400
Common Stock 14,000 14,000
Dividends 600 600
Service Revenue 5,300 1,300 6,600
Gas and Oil Expense 400 400
Salaries Expense 1,600 500 2,100
Total 25,700 25,700
Depreciation Expense 200 200
Accumulated Depreciation 200 200
Equipment
Insurance Expense 150 150
Cleaning Supplies Expense 700 700
Salaries Payable 500 500
Totals 2,850 2,850 27,700 27,700
Net Income
Totals
lance at July 31; b) Enter the five adjustments; c) Complete the

INC.

8
Income
Statement Balance Sheet
Dr. Cr. Dr. Cr.
6,600
5,200
100
1,650
10,000
6,400
17,050
600
6,600
400
2,100

200
200

150
700
500
3,550 6,600 24,150 24,150
3,050
7,600 7,600
Axia College Material
Appendix G
Comprehensive Problem
Post Accounts
Post the July accounts for Julie's Maids Cleaning Service, Inc. You have 18 accounts altogether.

GENERAL LEDGER

Cash
DATE EXPLANATION REF. DEBIT CREDIT
7/1/2005 Common stock 14,000
7/1/2005 Equipment 3,000
7/5/2005 Prepaid insurance 1,800
7/18/2005 Accounts payable 1,400
7/20/2005 Salaries expense 1,600
7/21/2005 Accounts receivable 1,400
7/31/2005 Gas and oil 400
7/31/2005 Dividends 600

Accounts Receivable
DATE EXPLANATION REF. DEBIT CREDIT
7/12/2005 Service revenue 3,800
7/21/2005 Cash 1,400
7/25/2005 Service revenue 1,500
7/31/2005 Service revenue 1,300

Cleaning Supplies
DATE EXPLANATION REF. DEBIT CREDIT
7/3/2005 Accounts payable 800
7/31/2005 Cleaning supplies expense 700

Prepaid Insurance
DATE EXPLANATION REF. DEBIT CREDIT
7/5/2005 Cash 1,800
7/31/2005 Insurance expense 150

Equipment
DATE EXPLANATION REF. DEBIT CREDIT
7/1/2005 Cash 3,000
Accounts payable 7,000

a) e) & f) Posting to Accounts

Accumulated Depreciation - Equipment
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Depreciation 200

Accounts Payable
DATE EXPLANATION REF. DEBIT CREDIT
7/1/2005 Equipment 7,000
7/3/2005 Cleaning supplies 800
7/18/2005 Cash 1,400

Salaries Payable
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Salaries expense 500

Common Stock
DATE EXPLANATION REF. DEBIT CREDIT
7/1/2005 Cash 14,000

Retained Earnings
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 closing 4,050

Dividends
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Cash 600

Income Summary
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Closing 3,550
7/31/2005 Closing 7,600
7/31/2005 Closing 4,050

Service Revenue
DATE EXPLANATION REF. DEBIT CREDIT
7/12/2005 Accounts receivable 3,800
7/25/2005 Accounts receivable 1,500
7/31/2005 Accounts receivable 1,300

a) e) & f) Posting to Accounts

Gas & Oil Expense
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Cash 400

Cleaning Supplies Expense

DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Cleaning supplies 700

Depreciation Expense
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Accumulated depreciation 200

Insurance Expense
DATE EXPLANATION REF. DEBIT CREDIT
7/31/2005 Prepaid insurance 150

Salaries Expense
DATE EXPLANATION REF. DEBIT CREDIT
7/20/2005 Cash 1,600
7/31/2005 Salaries payable 500

a) e) & f) Posting to Accounts

 Appendix G

Service, Inc. You have 18 accounts altogether.

No. 101
BALANCE

6,600

No. 112
BALANCE

5,200

No. 128
BALANCE

100

No. 130
BALANCE

1,650

No. 157
BALANCE

10,000

a) e) & f) Posting to Accounts

No. 158
BALANCE
200

No. 201
BALANCE

6,400

No. 212
BALANCE
500

No. 311
BALANCE
14,000

No. 320
BALANCE
4,050

No. 332
BALANCE
600

No. 350
BALANCE

No. 400
BALANCE

6,600

a) e) & f) Posting to Accounts

No. 633
BALANCE
400

No. 634
BALANCE
700

No. 711
BALANCE
200

No. 722
BALANCE
150

No. 726
BALANCE

2,100

a) e) & f) Posting to Accounts

Axia College Material
Appendix G
Closing Entries and a Post-closing Trial Balance
Prepare Income and Retained Earnings Statements, and a Balance Sheet
Prepare an Income Statement and a Retained Earnings Statement for July. Also complete the classified Balance
Sheet at July 31, 2008 for Julie's Maids Cleaning Service, Inc.

JULIES MAIDS CLEANING SERVICE INC.

Income Statement
For the Month Ended July 31, 2008

Revenues
Service revenue 6,600
Expenses
Salaries expense 2,100
Cleaning supplies expense 700
Gas & oil expense 400
Depreciation expense 200
Insurance expense 150
Total expenses 3,550
Net income 3,050

Retained Earnings Statement

For the Month Ended July 31, 2008
Retained earnings, July 1 -
Add: Net income 3,050 3,050

Less: Dividends (600)

Retained earnings, July 31 2,450

JULIES MAIDS CLEANING SERVICE INC.

Balance Sheet
July 31, 2008
Assets
Current assets
Cash 6,600
Accounts receivable 5,200
Cleaning supplies 100
Prepaid insurance 1,650
Total current assets 13,550
Capital assets

d) Statements & Balance Sheet

 Equipment 10,000
Less: Accumulated depreciation 200 9,800
Total assets 23,350

Liabilities and Stockholders Equity

Current liabilities
Accounts payable 6,400
Salaries payable 500
Total current liabilities 6,900
Stockholders equity
Common stock 14,000
Retained earnings 2,450
Total stockholders equity 16,450
Total liabilities and stockholders equity 23,350

d) Statements & Balance Sheet

Axia College Material
Appendix G
Comprehensive Problem
Journalize Adjusting and Closing Entries
For Julie's Maids Cleaning Service, Inc., a) Use General Journal J2 to journalize and post adjusting entries, and b) Use
General Journal J3 to journalize and post closing entries.

GENERAL JOURNAL
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT
July 31 Accounts receivables 1,300
Service revenue

July 31 Depreciation - equipment 200

Accumulated depreciation - equipment

July 31 Insurance expenses 200

Prepaid insurance

July 31 Cleaning Supplies expenses 500

Cleaning Supplies

July 31 Salaries expenses 500

Salaries payable

GENERAL JOURNAL
DATE ACCOUNT TITLE AND EXPLANATION REF. DEBIT
July 31 Service revenue 6,600
Income summary

July 31 Income summary 3,550

Gas & oil
Cleaning supplies expenses
Depreciation expenses
Insurance expenses
Salaries expenses

July 31 Income summary 3,050

Retained earnings
st adjusting entries, and b) Use

J2
CREDIT

1,300

200

200

500

500

J3
CREDIT

6,600

400
700
200
150
2,100

3,050
Axia College Material
Appendix G
Comprehensive Problem
Preparing a Post Closing Trial Balance
Prepare a post-closing trial balance at July 31, 2008.

JULIES MAIDS CLEANING SERVICE INC.

Post-Closing Trial Balance
July 31, 2008

ACCOUNTS DEBIT
Cash 6,600
Accounts Receivable 5,200
Cleaning Supplies 100
Prepaid Insurance 1,650
Equipment 10,000
Accumulated DepreciationEquipment
Accounts Payable
Salaries Payable
Common Stock
Retained Earnings
Totals 23,550
CREDIT

200
6,400
500
14,000
2,450
23,550