Teamwork For Ibl1201
Teamwork For Ibl1201
Teamwork For Ibl1201
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TEAMWORK FOR IBL1201
ACCOUNTING PRINCIPLES
Lecturer: Dao Van Thi
Code 1
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Ashley Williams opened Ashley’s Maids Cleaning Service on July 1, 2017. During
July, the company completed the following transactions.
July 1 Invested $14,000 cash in the business.
1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account.
3 Purchased cleaning supplies for $800 on account.
5 Paid $2,160 on a 1-year insurance policy, effective July 1.
12 Billed customers $3,800 for cleaning services.
18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning
supplies.
20 Paid $1,600 for employee salaries.
21 Collected $1,400 from customers billed on July 12.
25 Billed customers $1,900 for cleaning services.
31 Paid gasoline for the month on the truck, $400.
31 Withdrew $700 cash for personal use.
The chart of accounts for Ashley’s Maids Cleaning Service contains the
following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies,
No. 130 Prepaid Insurance, No. 157 Equip- ment, No. 158 Accumulated
Depreciation—Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages
Payable, No. 301 Owner’s Capital, No. 306 Owner’s Drawings, No. 350 Income
Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No. 633 Gasoline
Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726
Salaries and Wages Expense.
Instructions
(a) Journalize and post the July transactions. Use page J1 for the journal.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet, and complete the worksheet.
(1) Unbilled fees for services performed at July 31 were $1,300.
(2) Depreciation on equipment for the month was $200.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $100 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $500.
(d) Prepare the income statement and owner’s equity statement for July, and a
classified balance sheet at July 31, 2017.
(e) Journalize and post the adjusting entries. Use page J2 for the journal.
(f) Journalize and post the closing entries, and complete the closing process. Use
page J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.
VIETNAM MARITIME UNIVERSITY
FACULTY OF MANAGEMENT AND FINANCE
DIVISION OF ACCOUNTING AND AUDITING
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The chart of accounts for Anya’s Cleaning Service contains the following
accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No.
130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated
Depreciation—Equipment, No. 201 Accounts Pay- able, No. 212 Salaries and
Wages Payable, No. 301 Owner’s Capital, No. 306 Owner’s Drawings, No. 350
Income Summary, No. 400 Service Revenue, No. 631 Supplies Expense, No.
633 Gasoline Expense, No. 711 Depreciation Expense, No. 722 Insurance
Expense, and No. 726 Salaries and Wages Expense.
Instructions
(a) Journalize and post the July transactions. Use page J1 for the journal and the
three- column form of account.
(b) Prepare a trial balance at July 31 on a worksheet.
(c) Enter the following adjustments on the worksheet and complete the worksheet.
(1) Unbilled and uncollected revenue for services performed at July 31 were
$2,700.
(2) Depreciation on equipment for the month was $500.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $600 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $1,000.
(d) Prepare the income statement and owner’s equity statement for July and a
classified balance sheet at July 31.
(e) Journalize and post adjusting entries. Use page J2 for the journal.
(f) Journalize and post closing entries and complete the closing process. Use page
J3 for the journal.
(g) Prepare a post-closing trial balance at July 31.
VIETNAM MARITIME UNIVERSITY
FACULTY OF MANAGEMENT AND FINANCE
DIVISION OF ACCOUNTING AND AUDITING
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Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $30,000 of the mortgage note payable
is due for payment next year.)
(c) Journalize the adjusting entries.
(d) Journalize the closing entries.
(e) Prepare a post-closing trial balance.
VIETNAM MARITIME UNIVERSITY
FACULTY OF MANAGEMENT AND FINANCE
DIVISION OF ACCOUNTING AND AUDITING
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Instructions
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and owner’s equity statement for the month of
March and a classified balance sheet at March 31. T. Warren made an additional
investment in the business of $10,000 in March.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the
worksheet
VIETNAM MARITIME UNIVERSITY
FACULTY OF MANAGEMENT AND FINANCE
DIVISION OF ACCOUNTING AND AUDITING
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