Name: Trần Diệu Như Quỳnh

Class: BH1502

ACCOUNTING HOMEWORK

Problem set B
Problem 4-1B
5.

LULA PLUME
WORK SHEET
FOR MONTH ENDED JULY 31, 2015
UNADJUSTED ADJUSTMENTS ADJUSTED
TRIAL TRIAL
BALANCE BALANCE
DR CR DR CR DR CR
Cash 22,850 22,850
Accounts Receivable 1,150 1,150
Office Supplies 2,400 875 1,525
Prepaid Insurance 7,200 400 6,800
Buildings 150,000 150,000
Accumulated Depreciation 1,500 1,500
-Buildings
Salaries Payable 100 100
L. Plume, Capital 180,000 180,000
L. Plume, Withdrawals 2,000 2,000
Storage Fees Earned 9,800 1,150 10,950
Depreciation Expense 1,500 1,500
-Buildings
Salaries Expense 2,000 100 2,100
Insurance Expense 400 400
Rent Expense 2,000 2,000
Office Supplies Expense 875 875
Repairs Expense 950 950
Telephone Expense 400 400
Totals 189,800 189,800 4,025 4,025 192,550 192,550
 ADJUSTED INCOME BALANCE
TRIAL STATEMENT SHEET &
BALANCE STATEMENT OF
EQUITY
DR CR DR CR DR CR
Cash 22,850 22,850
Accounts Receivable 1,150 1,150
Office Supplies 1,525 1,525
Prepaid Insurance 6,800 6,800
Buildings 150,000 150,000
Accumulated Depreciation 1,500 1,500
-Buildings
Salaries Payable 100 100
L. Plume, Capital 180,000 180,000
L. Plume, Withdrawals 2,000 2,000
Storage Fees Earned 10,950 10,950
Depreciation Expense 1,500 1,500
-Buildings
Salaries Expense 2,100 2,100
Insurance Expense 400 400
Rent Expense 2,000 2,000
Office Supplies Expense 875 875
Repairs Expense 950 950
Telephone Expense 400 400
Totals 192,550 192,550 8,225 10,950 184,325 181,600
Net income 2,725 2,725
10,950 10,950 184,325 184,325
 Lula Plume
Income Statement
For the month ended July 31, 2015
Revenue:
Storage Fees Earned $ 10,950
Total Revenue $ 10,950
Expenses:
Depreciation Expense -Buildings $ 1,500
Salaries Expense 2,100
Insurance Expense 400
Rent Expense 2,000
Office Supplies Expense 875
Repairs Expense 950
Telephone Expense 400
Total Expenses $ 8,225
Net Income $ 2,725

Lula
Lula Plume
Plume
Statement of Owner’s
Balance sheet Equity
For
For the
the month
month ended
ended July
July 31,
31, 2015
2015
L. Plume, Capital $
Investment by owner’s 180,000
Assets
Add: Net Income 2,725
Cash $ 22,850
182,725
Accounts Receivable 1,150
Less: Withdrawals by owner’s 2,000
Office Supplies 1,525
L. Plume, Capital 31/07/2015 $ 180,725
Prepaid Insurance 6,800
Buildings 150,000
Accumulated Depreciation – Buildings 1,500
Total Assets $ 180,825

Liabilities
Salaries Payable $ 100
6.
Journal entries to close the temporary accounts
 Close Revenue Accounts to Income Summary
Dr Storage Fees Earned $ 10,950
Cr Income Summary $ 10,950
 Close Expense Accounts to Income Summary
Dr Income Summary $ 8,225
Cr Depreciation Expense -Buildings $ 1,500
Cr Salaries Expense $ 2,100
Cr Insurance Expense $ 400
Cr Rent Expense $ 2,000
Cr Office Supplies Expense $ 875
Cr Repairs Expense $ 950
Cr Telephone Expense $ 400
 Close Income Summary to Owner’s Capital
Dr Income Summary $ 2,725
Cr L. Plume, Capital $ 2,725
 Close Withdrawals to Owner’s Capital
Dr L. Plume, Capital $ 2,000
Cr L. Plume, Withdrawals $ 2,000

Post entries to the ledger

Storage Fees Earned Income Summary

10,950 10,950 10,950

Depreciation Expense - Buildings Salaries Expense

1,500 1,500 1,500 1,500

Insurance Expense Rent Expense

400 400 2,000 2,000

Office Supplies Expense Repairs Expense

875 875 950 950

Telephone Expense Income Summary

 400 400 8,225 10,950
2,725

Income Summary L. Plume, Capital

2,725 2,725 180,000

2,725

182,725

L. Plume, Withdrawals L. Plume, Capital

2,000 2,000 2,000 182,725

180,725

7.

Lula Plume
Post closing Trial Balance
July 31, 2015

Cash $ 22,850

Accounts Receivable 1,150

Office Supplies 1,525
Prepaid Insurance 6,800
Buildings 150,000
Accumulated Depreciation – Buildings $ 1,500
Salaries Payable 100
L. Plume, Capital 180,725
Totals $ 182,325 $ 182,325