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Larry M. Walther & Christopher J. Skousen Accounting Cycle Exercises II Download free ebooks at bookboon.com 2 Accounting Cycle Exercises II © 2010 Larry M. Walther, Christopher J. Skousen & Ventus Publishing ApS. All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-628-5 Download free ebooks at bookboon.com 3 Accounting Cycle Exercises II Contents Contents Problem 1 Worksheet 1 Solution 1 6 7 8 Problem 2 Worksheet 2 Solution 2 10 12 14 Problem 3 Worksheet 3 Solution 3 16 17 18 Problem 4 Worksheet 4 Solution 4 19 19 20 Problem 5 Worksheet 5 Solution 5 21 22 24 Please click the advert The next step for top-performing graduates Masters in Management Designed for high-achieving graduates across all disciplines, London Business School’s Masters in Management provides specific and tangible foundations for a successful career in business. 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For more information visit www.london.edu/mm, email mim@london.edu or give us a call on +44 (0)20 7000 7573. * Figures taken from London Business School’s Masters in Management 2010 employment report Download free ebooks at bookboon.com 4 Accounting Cycle Exercises II Contents Problem 6 Worksheet 6 (a) Worksheet 6 (b) Worksheet 6 (c) Solution 6 (a) Solution 6 (b) Solution 6 (c) 26 27 29 31 32 34 36 Problem 7 Worksheet 7 (a) Worksheet 7 (b) Worksheet 7 (d) Worksheet 7 (e) Solution 7 (a) Solution 7 (b) Solution 7 (d) Solution 7 (e) 37 38 40 42 43 44 46 48 49 Problem 8 Worksheet 8 (a) Worksheet 8 (c) Solution 8 (a) Solution 8 (c) 50 51 53 54 55 Please click the advert Teach with the Best. Learn with the Best. Agilent offers a wide variety of affordable, industry-leading electronic test equipment as well as knowledge-rich, on-line resources —for professors and students. We have 100’s of comprehensive web-based teaching tools, lab experiments, application notes, brochures, DVDs/ CDs, posters, and more. See what Agilent can do for you. www.agilent.com/find/EDUstudents www.agilent.com/find/EDUeducators © Agilent Technologies, Inc. 2012 u.s. 1-800-829-4444 canada: 1-877-894-4414 Download free ebooks at bookboon.com 5 Accounting Cycle Exercises II Problem 1 Problem 1 “Robert Dennis formed a corporation to provide concrete construction work. His jobs typically involve building parking lots, drives, and foundations. Robert provided the following information about transactions occurring during the first month of operation. Evaluate the transactions and prepare journal entries for this activity. Jan. 2, 20X5 Robert Dennis invested $20,000 cash in the capital stock of the newly formed corporation. Jan. 4, 20X5 Purchased equipment on account for $15,000. Jan. 12, 20X5 Received $30,000 from customers for services rendered. Jan. 15, 20X5 Received a bill for construction supplies used in the amount of $4,000. Jan. 18, 20X5 Provided $6,400 of services on account. Jan. 20, 20X5 Paid employees $4,600 for wages earned. Jan. 22, 20X5 Collected 60% of the amount due for the work provided on January 18. Jan. 23, 20X5 Paid 40% of the amount due on the equipment purchased on January 4. Jan. 25, 20X5 Purchased (and immediately used) construction supplies for cash in the amount of $1200. Jan. 31, 20X5 The company paid Robert Dennis a $3,000 dividend. Download free ebooks at bookboon.com 6 Accounting Cycle Exercises II Problem 1: Worksheet Worksheet 1 GENERAL JOURNAL Date Accounts Debit Credit 1-2X5 1-4-X5 1-12-X5 1-15-X5 1-18-X5 1-20-X5 1-22-X5 1-23-X5 1-25-X5 1-31-X5 Download free ebooks at bookboon.com 7 Accounting Cycle Exercises II Problem 1: Solution Solution 1 GENERAL JOURNAL Date 1-2X5 Accounts Debit Cash Credit 20,000 Capital Stock 20,000 Issued stock to Robert Dennis for cash 1-4-X5 Equipment 15,000 Accounts Payable 15,000 Purchased equipment on account 1-12-X5 Cash 30,000 Revenues 30,000 Provided services to customers for cash 1-15-X5 Supplies Expense 4,000 Accounts Payable 4,000 Received bill for cost of supplies 1-18-X5 Accounts Receivable 6,400 Revenues 6,400 Provided services to customers on account 1-20-X5 Wage Expense 2,300 Cash 2,300 Paid wages of employees 1-22-X5 Cash 3,840 Accounts Receivable 3,840 Collected 60% of the amount due from the transaction of Jan. 18 ($6,400 X 60% = $3,840) 1-23-X5 Accounts Payable 6,000 Cash 6,000 Paid 40% of the amount due for the transaction of Jan. 4 ($15,000 X 40% = $6,000) Download free ebooks at bookboon.com 8 Accounting Cycle Exercises II 1-25-X5 Problem 1: Solution Supplies Expense 1,200 Cash 1,200 Paid for supplies used 1-31-X5 Dividends 3,000 Cash 3,000 Paid dividends to Robert Dennis Download free ebooks at bookboon.com 9 Accounting Cycle Exercises II Problem 2 Problem 2 Anthony Moore recently formed an information technology services and consulting firm in England. He was very busy during the first month and has not yet had an opportunity to install his computerized accounting package. But, he did understand the need to keep track of all transactions as they occurred. Following is a manual journal that he maintained for transactions occurring during January. All amounts are in the British Pound. Anthony has requested that you prepare a ledger of the company’s accounts, and post these transactions to determine the balance of each account. He needs this data in order to begin the process of transitioning to his new computerized accounting system. GENERAL JOURNAL Date 2-Jan-05 Accounts Debit Cash Credit 3,000,000 Capital Stock 3,000,000 Anthony invested cash in exchange for stock 4-Jan-05 Equipment 600,000 Loan Payable 600,000 Purchased equipment with proceeds of loan 6-Jan-05 Accounts Receivable 900,000 Revenues 900,000 Provided services to customers on account 7-Jan-05 Supplies Expense 30,000 Accounts Payable 30,000 Purchased (on account) and used supplies 11-Jan-05 Accounts Payable 30,000 Cash 30,000 Paid for purchase of Jan. 7 15-Jan-05 Wage Expense 300,000 Cash 300,000 Paid employee Download free ebooks at bookboon.com 10