ACC/557 Week 3 Chapter Problems - Guaranteed A+

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ACC/557 Week 3 Chapter 4 (E4-5,E4-7,E4-13,P4-4A) 


Exercise 4-5 
The adjustments columns of the worksheet for Munoz Company are shown below
Account Titles Debit Credit 
Accounts Receivable 600 
Prepaid Insurance 400 
Accumulated Depreciation—Equipment 900 
Salaries and Wages Payable 500 
Service Revenue 600 
Salaries and Wages Expense 500 
Insurance Expense 400 
Depreciation Expense 900 
2,400 2,400
(a) Prepare adjusting entries in order presented in the problem. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
(b) Indicate with an "X" the financial statement column to which each balance should be extended 

Exercise 4-7 
Lanza Company had the following adjusted trial balance. 
Adjusted Trial Balance 
For the Month Ended June 30, 2014 
Account Titles Debit Credit
Cash 3,712
Accounts Receivable 3,904
Supplies 480 
Accounts Payable 1,556
Unearned Service Revenue 160
Common Stock 4,000
Retained Earnings 1,760
Dividends 600 
Service Revenue 4,300
Salaries and Wages Expense 1,344
Miscellaneous Expense 180 
Supplies Expense 1,900
Salaries and Wages Payable 344
12,120 12,120

a. Prepare closing entries at June 30, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
b. Prepare a post-closing trial balance. 

Exercise 4-13 
Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 
1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. 
2. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. 
3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. 

Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 

Problem 4-4A 
Excelsior Amusement Parkhas a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. 
Excelsior Amusement Park 
For the Year Ended September 30, 2014 
Trial Balance Adjusted Trial Balance 
Dr. Cr. Dr. Cr. 
Cash 34,400 34,400 
Supplies 18,600 2,200 
Prepaid Insurance 29,900 10,900 
Land 80,000 80,000 
Equipment 120,000 120,000 
Accumulated Depreciation-Equip. 36,200 42,200 
Accounts Payable 14,600 14,600 
Unearned Ticket Revenue 3,900 1,000
Mortgage Payable 50,000 50,000 
Common Stock 60,000 60,000 
Retained Earnings 36,100 36,100 
Dividends 14,000 14,000 
Ticket Revenue 277,900 280,800 
Salaries and Wages Expense 98,000 98,000 
Maintenance and Repairs Expense 30,500 30,500 
Advertising Expense 9,400 9,400 
Utilities Expense 16,900 16,900 
Property Tax Expense 21,000 24,000 
Interest Expense 6,000 8,000 
Totals 478,700 478,700 
Insurance Expense 19,000 
Supplies Expense 16,400 
Interest Payable 2,000
Depreciation Expense 6,000 
Property Taxes Payable 3,000
Totals 489,700 489,700 

(a) Prepare a complete worksheet 
(b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2, with notes first.)
(c) Journalize the adjusting entries using the worksheet as a basis.
(d) Journalize the closing entries using the worksheet as a basis.
(e) Prepare a post-closing trial balance.



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