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Brief Exercise 4 5 Essay

822 words - 4 pages

Brief Exercise 4-5 |
|
The ledger of Rios Company contains the following balances: Owner’s Capital $30,000; Owner’s Drawings $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000.

The closing entries are as follows:
(1)   | Close revenue accounts. | |
(2) | Close expense accounts. | |
(3) | Close net income/(loss). | |
(4) | Close drawings. | |

Post the closing entries in the order presented in the problem and use the numbers as a reference.
Salaries and Wages Expense |
| | | |
Supplies Expense |
| | | |
Service Revenue |
| | | |
Owner’s Drawings |
| | | |
Income Summary |
| | | |
| | ...view middle of the document...

Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.)
HAMIDI COMPANY
Partial Balance Sheet |
| | | |
| | | $ |
| | | |
| | | |
| | | |
| | | |
| | | $ |

Exercise 4-1 |
|
The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.
NANDURI COMPANY
Worksheet
For the Month Ended June 30, 2014 |
| | Trial Balance |
Account Titles | | Dr. | | Cr. |
Cash | | 2,320 | | |
Accounts Receivable | | 2,440 | | |
Supplies | | 1,880 | | |
Accounts Payable | | | | 1,120 |
Unearned Service Revenue | | | | 240 |
Owner’s Capital | | | | 3,600 |
Service Revenue | | | | 2,400 |
Salaries and Wages Expense | | 560 | | |
Miscellaneous Expense | | 160 | |       |
    Total | | 7,360 | | 7,360 |

Other data:
1. | | A physical count reveals $500 of supplies on hand. |
2. | | $100 of the unearned revenue is still unearned at month-end. |
3. | | Accrued salaries are $210. |

Complete the worksheet.
NANDURI COMPANY
Worksheet
For the Month Ended June 30, 2014 |
| | Trial Balance | | Adjustments | | Adj. Trial Balance | | Income Statement | | Balance Sheet |
Account Titles | | Dr | | Cr. | | Dr | | Cr. | | Dr | | Cr. | | Dr | | Cr. | | Dr | | Cr. |
Cash | | 2,320 | |       | | | | | | | | | | | | | | | | |
Accounts Receivable | | 2,440 | |       | | | | | | | | | | | | | | | | |
Supplies | | 1,880 | |       | | | | | | | | | | | | | | | | |
Accounts Payable | | | | 1,120 | | | | | | | | | | | | | | | | |
Unearned Service Revenue | | | | 240 | | | | | | | | | | | | | | | | |
Owner's Capital | | | | 3,600 | | | | | | | | | | | | | | | | |
Service Revenue | | | | 2,400 | | | | | | | | | | | | | | | | |
Salaries and Wages Expense | | 560 | |       | | | | | | | | | | | | | | | | |
Miscellaneous Expense | | 160 | |       | | | | | | | | | | | | | | | | |
Totals | | 7,360 | | 7,360 | | | |       | | | |       | | | |       | | | |       |
Supplies Expense | | | |       | | | | | | | | | | | | | | | | |
Salaries and Wages Payable | | | |       | | | | | | | | | | | | | | | | |
Totals | | | |       | | | | | | | | | | | | | | | | |
Net Income | | | |       | | | |       | | | |       | | | | | | | | |
Totals | | | |       | | | |       | | | |       | | | | | | | | |

Exercise 4-9 (Part level...

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