Week 7 – Assignment: Mastering the Accounting Cycle, Part IIIQuestion 1 of 1
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Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting
entries, Natalie prepared the following adjusted trial balance.
COOKIE CREATIONS
Adjusted Trial Balance
December 31, 2021
Debit
Cash
$940
Accounts Receivable
700
Supplies
280
Prepaid Insurance
970
Equipment
Credit
1,000
Accumulated Depreciation—Equipment
$30
Accounts Payable
60
Salaries and Wages Payable
45
Interest Payable
10
Week 7 – Assignment: Mastering the Accounting Cycle,
Part III
Unearned Service Revenue
240
Question
1 of 1
Notes Payable
1,600
Owner’s Capital
640
Owner’s Drawings
400
Service Revenue
3,650
Salaries and Wages Expense
805
Utilities Expense
100
Advertising Expense
130
Supplies Expense
820
Depreciation Expense
30
Insurance Expense
90
Interest Expense
10
$6,275
$6,275
Using the information in the adjusted trial balance, do the following.
(a1)
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Prepare an income statement for the 2 months ended December 31, 2021. (Enter negative amounts using either a negative sign
Weekthe
7 -number
Assignment:
Mastering
the
Cycle, Part III
preceding
e.g. -45 or
parentheses
e.g.Accounting
(45).)
Question 1 of 1
COOKIE CREATIONS
Income Statement
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$
$
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
$
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eTextbook and Media
List of Accounts
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Debt Investments
Delivery Trucks
Depreciation Expense
Assistance Used
Equipment
Week
7 – Assignment: Mastering the Accounting Cycle, Part III
Gasoline Expense
Question 1 of 1
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Long-term Debt
Long-term Investments
Maintenance and Repairs Expense
Miscellaneous Expense
Mortgage Payable
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No Entry
Week
7 – Assignment: Mastering the Accounting Cycle, Part III
Notes Payable
Question 1 of 1
Notes Receivable
Owner’s Capital
Owner’s Drawings
Patent Needs
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Short-Term Investments
Stock Investments
Supplies
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Supplies
Week
7 -Expense
Assignment: Mastering the Accounting Cycle, Part III
Ticket Revenue
Question 1 of 1
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Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense
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(a2)
Prepare an owner’s equity statement for the 2 months ended December 31, 2021. (List items that increase owner’s equity first.)
COOKIE CREATIONS
Owner’s Equity Statement
$
:
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
:
Question 1 of 1
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$
eTextbook and Media
List of Accounts
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Debt Investments
Delivery Trucks
Assistance Used
Depreciation
Expense Mastering the Accounting Cycle, Part III
Week
7 – Assignment:
Equipment
Question 1 of 1
Gasoline Expense
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Long-term Debt
Long-term Investments
Maintenance and Repairs Expense
Miscellaneous Expense
-/1
Mortgage
Payable
Week
7 – Assignment:
Mastering the Accounting Cycle, Part III
No Entry
Question 1 of 1
Notes Payable
Notes Receivable
Owner’s Capital
Owner’s Drawings
Patent Needs
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Short-Term Investments
Stock Investments
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Supplies
Week
7 – Assignment: Mastering the Accounting Cycle, Part III
Supplies Expense
Question 1 of 1
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Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense
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(a3)
Prepare a classified balance sheet at December 31, 2021. The note payable has a stated interest rate of 6%, and the principal and
interest are due on November 16, 2023. (List Current Assets in order of liquidity.)
COOKIE CREATIONS
Balance Sheet
Assets
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
$
-/1
$
:
$
Liabilities and Owner’s Equity
$
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
$
-/1
$
eTextbook and Media
List of Accounts
Accounts Payable
Assistance Used
Accounts
Receivable Mastering the Accounting Cycle, Part III
Week
7 – Assignment:
Accumulated Depreciation-Buildings
Question 1 of 1
Accumulated Depreciation-Equipment
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Debt Investments
Delivery Trucks
Depreciation Expense
Equipment
Gasoline Expense
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
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Interest
Week
7 -Payable
Assignment: Mastering the Accounting Cycle, Part III
Interest Receivable
Question 1 of 1
Interest Revenue
Inventory
Land
Long-term Debt
Long-term Investments
Maintenance and Repairs Expense
Miscellaneous Expense
Mortgage Payable
No Entry
Notes Payable
Notes Receivable
Owner’s Capital
Owner’s Drawings
Patent Needs
Prepaid Advertising
-/1
Prepaid
Week
7 Insurance
– Assignment: Mastering the Accounting Cycle, Part III
Prepaid Rent
Question 1 of 1
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Short-Term Investments
Stock Investments
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense
Save for Later
-/1
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Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
Submit Answer
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(b)
Natalie has decided that her year-end will be December 31, 2021. Prepare closing entries as of December 31, 2021. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the
account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Dec. 31
(To close revenue account)
Dec. 31
Debit
Credit
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
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(To close expense accounts)
Dec. 31
(To close net income / (loss))
Dec. 31
(To close drawings)
eTextbook and Media
List of Accounts
Accounts Payable
Accounts Receivable
Assistance Used
Accumulated
Depreciation-Buildings
Week
7 – Assignment:
Mastering the Accounting Cycle, Part III
Accumulated Depreciation-Equipment
Question 1 of 1
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Debt Investments
Delivery Trucks
Depreciation Expense
Equipment
Gasoline Expense
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
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Interest
Week
7 -Receivable
Assignment: Mastering the Accounting Cycle, Part III
Interest Revenue
Question 1 of 1
Inventory
Land
Long-term Debt
Long-term Investments
Maintenance and Repairs Expense
Miscellaneous Expense
Mortgage Payable
No Entry
Notes Payable
Notes Receivable
Owner’s Capital
Owner’s Drawings
Patent Needs
Prepaid Advertising
Prepaid Insurance
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Prepaid
Week
7 Rent
– Assignment: Mastering the Accounting Cycle, Part III
Rent Expense
Question 1 of 1
-/1
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Short-Term Investments
Stock Investments
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense
Save for Later
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(c)
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question
of 1
Prepare 1
a post-closing
trial balance.
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COOKIE CREATIONS
Post-Closing Trial Balance
Debit
$
Credit
$
Week 7 – Assignment: Mastering the Accounting Cycle, Part III
Question 1 of 1
Totals
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$
$
eTextbook and Media
List of Accounts
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Delivery Trucks
Advertising Expense
Buildings
Cash
Assistance Used
Debt Investments
Week
7 – Assignment: Mastering the Accounting Cycle, Part III
Delivery Trucks
Question 1 of 1
Depreciation Expense
Equipment
Gasoline Expense
Income Summary
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Long-term Debt
Long-term Investments
-/1
Maintenance
and Repairs
Expense the Accounting Cycle, Part III
Week
7 – Assignment:
Mastering
Miscellaneous Expense
Question 1 of 1
Mortgage Payable
No Entry
Notes Payable
Notes Receivable
Owner’s Capital
Owner’s Drawings
Patent Needs
Prepaid Advertising
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
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Short-Term
InvestmentsMastering the Accounting Cycle, Part III
Week
7 – Assignment:
Stock Investments
Question 1 of 1
-/1
Supplies
Supplies Expense
Ticket Revenue
Unearned Rent Revenue
Unearned Service Revenue
Utilities Expense
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Week 7 – Homework: Chapter 7
Question 3 of 5
-/7
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Presented below is information related to Carla Vista Company for its first month of operations.
Credit Purchases
Cash Paid
Jan. 06
Gorst Company
$9,400
Jan. 11
Gorst Company
$6,300
Jan. 10
Tian Company
12,600
Jan. 16
Tian Company
12,600
Jan. 23
Maddox Company
10,500
Jan. 29
Maddox Company
6,300
Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general
ledger at the end of January?
Subsidary Ledger
Gorst Company
Tian Company
General Ledger
Maddox Company
e
Week 7 – Homework: Chapter 7
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e
Question
3 of 5
$
$
$
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Week 7 – Homework: Chapter 7
Question 4 of 5
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The following is information related to Pharoah Company for its first month of operations.
Credit Sales
Cash Collections
Jan. 7
Austin Co.
$11,000
Jan. 17
15
Diaz Co.
6,300
Noble Co.
10,600
23
Austin Co.
$8,000
24
Diaz Co.
4,200
29
Noble Co.
10,600
Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the
general ledger at the end of January.
Subsidary Ledger
Austin Co.
Diaz Co.
General Ledger
Noble Co.
of
s
le
Week 7 – Homework: Chapter 7
$
Question 4 of 5
$
$
$
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Week 7 – Homework: Chapter 7
Question 5 of 5
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Sunland Company uses special journals and a general journal. The following transactions occurred during September 2022.
Sept.
2
Sold merchandise on account to H. Drew, invoice no. 101, $695, terms n/30. The cost of the merchandise sold
was $470.
10
Purchased merchandise on account from A. Pagan $600, terms 2/10, n/30.
12
Purchased office equipment on account from R. Cairo $6,600.
21
Sold merchandise on account to G. Holliday, invoice no. 102 for $845, terms 2/10, n/30. The cost of the
merchandise sold was $490.
25
Purchased merchandise on account from D. Downs $910, terms n/30.
27
Sold merchandise to S. Miller for $720 cash. The cost of the merchandise sold was $410.
(a)
Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order
presented in the problem statement.)
Week 7 – Homework: Chapter 7
SUNLAND COMPANY
Sales Journal
Question 5 of 5
Date
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Account
Debited
Invoice
No.
Ref.
Accounts Receivable Dr.
Sales Revenue Cr.
S1
Cost of Goods Sold Dr.
Inventory Cr.
2022
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(b)
Prepare a single-column purchases journal and record the transactions for September that should be journalized. (Record
entries in the order presented in the problem statement.)
Week 7 – Homework: Chapter 7 SUNLAND COMPANY
Purchases Journal
Question 5 of 5
Date
P1
Account
Credited
Terms
Ref.
-/7
Inventory Dr.
Accounts Payable Cr.
2022
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