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    Accounting Process

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    abernardino.forschool
    1. The document reviews accounting processes including determining beginning and ending owner's equity and assets based on various financial transactions and account balances. 2. It provides examples of calculating equity and asset amounts given withdrawals, revenues, expenses and account balances. It also includes instructions to prepare closing entries from income statement account balances. 3. The last few problems require journalizing closing entries, preparing a post-closing trial balance, and answering questions about account balances from provided financial information.

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    Accounting Process

    Uploaded by

    abernardino.forschool
    13 views3 pages
    1. The document reviews accounting processes including determining beginning and ending owner's equity and assets based on various financial transactions and account balances. 2. It provides examples of calculating equity and asset amounts given withdrawals, revenues, expenses and account balances. It also includes instructions to prepare closing entries from income statement account balances. 3. The last few problems require journalizing closing entries, preparing a post-closing trial balance, and answering questions about account balances from provided financial information.

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    1. The document reviews accounting processes including determining beginning and ending owner's equity and assets based on various financial transactions and account balances. 2. It provides examples of calculating equity and asset amounts given withdrawals, revenues, expenses and account balances. It also includes instructions to prepare closing entries from income statement account balances. 3. The last few problems require journalizing closing entries, preparing a post-closing trial balance, and answering questions about account balances from provided financial information.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    13 views3 pages

    Accounting Process

    Uploaded by

    abernardino.forschool
    1. The document reviews accounting processes including determining beginning and ending owner's equity and assets based on various financial transactions and account balances. 2. It provides examples of calculating equity and asset amounts given withdrawals, revenues, expenses and account balances. It also includes instructions to prepare closing entries from income statement account balances. 3. The last few problems require journalizing closing entries, preparing a post-closing trial balance, and answering questions about account balances from provided financial information.

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    © All Rights Reserved
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    Review of the Accounting Process

    1) Determine the ending owner's equity of a business having a beginning owner's equity of $3,200,
    withdrawals of $2,000, and after closing the revenues and expenses Income Summary has a credit balance
    of $5,250.

    2) Determine the beginning owner's equity of a business having an ending owner's equity of $6,000,
    withdrawals of $1,250, and after closing the revenues and expenses, the Income Summary account has a
    debit balance of $2,100.

    3) Determine the beginning assets of a business having ending liabilities of $4,000, the liabilities decreased
    by $1,500 during the year, an ending owner's equity of $10,700, additional investments of $2,000,
    withdrawals of $15,600, and after closing the revenues and expenses the Income Summary account has a
    credit balance of $6,800.

    4) From the following items in the income statement columns of the worksheet of Brandy's Tutoring at
    December 31, prepare the closing entries without explanation, assuming that a $2,000 withdrawal was
    made during the period.

    Income Statement
    Account Debit Credit
    Tutoring Fees Earned 4,450
    Wages Expense 700
    Rent Expense 600
    Supplies Expense 450
    Insurance Expense 250 _____
    2,000 4,450
    Net Income 2,450 _____
    $4,450 $4,450

    5) From the following items in the income statement columns of the worksheet of Monaghan Company at
    December 31, prepare the closing entries without explanation, assuming that a $500 withdrawal was
    made during the period.

    Income Statement
    Account Debit Credit
    Service Revenue Earned 900
    Wages Expense 550
    Rent Expense 250
    Supplies Expense 100
    Insurance Expense 50 ____
    950 900
    Net Loss ____ 50
    $950 $950
    6) A summary of selected ledger accounts appears below for S. Ball for the current calendar year.
    Answer the following questions.
    1. What was the total amount of withdrawals for the year?
    2. What was the net income?
    3. What was the total revenue?
    4. What were the total expenses?

    7) On the basis of the following data taken from the adjusted trial balance columns of the worksheet for
    the year ended December 31 for Painting the Perfect Picture, journalize the four closing entries in the
    proper order.

    Account Debit Credit


    Cash 20,000
    Accounts Receivable 67,000
    Supplies 7,000
    Equipment 200,000
    Accumulated Depreciation 70,000
    Accounts Payable 30,000
    Capital 200,250
    Withdrawals 25,000
    Fees Earned 100,000
    Salary Expense 27,000
    Rent Expense 17,500
    Depreciation Expense 20,000
    Supplies Expense 12,500
    Miscellaneous Expense __4,250 ______
    Total 400,250 400,250

    8) From the following accounts, prepare in proper form a post-closing trial balance for Jones' Pet Sitting
    on December 31. (Note: These balances are before closing).

    Jones, Capital $7,500


    Cash 3,750
    Accumulated Depreciation 1,500
    Equipment 5,000
    Accounts Payable 1,900
    Jones, Withdrawals 1,000
    Wages Expense 1,250
    Supplies Expense 1,775
    Accounts Receivable 3,125
    Personal Trainer Fees 5,000
    9) From the following accounts, prepare in proper form a post-closing trial balance for Matison Company
    on December 31.

    Accounts Receivable $4,600


    Accounts Payable 1,290
    Cash 6,450
    Salaries Payable 1,660
    Supplies 500
    Prepaid Insurance 1,200
    Matison, Capital 9,800

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