Manual Accounting Practice Set Coffee & Caf Supplier, US GAAP Edition 3

Feedback: Reversing entries

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Today is the first day of July. To simplify the recording of transactions in the new accounting period, you are required to journalize appropriate reversing entries into the general journal and post these to the general ledger.

Instructions for reversing entries 1) Using the adjusting entries information and the post-closing trial balance for the month of June, record in the general journal any entries that are required to reverse the following adjusting entries from that month: Electricity expense incurred but not paid Water expense incurred but not paid Wages owed to the employees but have not yet been paid in cash Interest expense incurred but not paid to the lender Interest earned but not received in cash Note that all ledger accounts presented on this page have normal opening balances. 2) Post the reversing entries from the general journal to the relevant general ledger accounts. Back-On-Track functionality Please note that any answers from previous pages carried through onto this page (either on the page or in a popup information page) have been reset, if necessary, to the correct answers. Your particular answers from previous pages are no longer shown. Remember: Enter all answers to the nearest whole dollar. You are also required to apply the journals and ledgers instructions provided in the previous weeks. Before pressing the Submit answers button, we recommend that you click the Show All tab and check that all relevant accounting records have been completed.

Show All Special Journals General Journal

Subsidiary Ledgers General Ledger

(Q=981.generalJournal)

General Journal
Date Jul Jul Account and Explanation 1 Electricity Payable 1 Electricity Expense
(select)

Post Ref.
221 541

Debit
969 0

Credit
0 969

Jul Jul

1 Water Payable 1 Water Expense

(select)

222 542

235 0

0 235

Jul Jul

1 Wages Payable 1 Wages Expense

(select)

220 516

1440 0

0 1440

Jul Jul

1 Interest Payable 1 Interest Expense

(select)

225 571

240 0

0 240

Jul Jul

1 Interest Revenue 1 Interest Receivable

(select)

403 112

110 0

0 110

Jul Jul

1 Accum Depn: Office Furniture 1 Office Furniture

(select)

151 150

100 0

0 100

Jul Jul

1 Accum Depn: Office Equipment 1 Office Equipment

(select)

161 160

354 0

0 354

Feedback

GENERAL JOURNAL
Date Account and Explanation Post Debit Credit Ref. 221 541 969 969

Jul 1 Electricity Payable Jul 1 Electricity Expense (reversing entry)

Jul 1 Water Payable Jul 1 Water Expense (reversing entry)

222 542

235 235

Jul 1 Wages Payable Jul 1 Wages Expense (reversing entry)

220 1,440 516 1,440

Jul 1 Interest Payable Jul 1 Interest Expense (reversing entry)

225 571

240 240

Jul 1 Interest Revenue Jul 1 Interest Receivable (reversing entry)

403 112

110 110

Account: ARC - Accounts Receivable Control Account No. 110 Date Jun Jul Jul 30 Balance
1 accrued receivables GJ 0 5707

(Q=982-110.acctsRecControl)

Description

Ref.

Debit

Credit

Balance 5,707
0 DR

Feedback There are no relevant entries in the Accounts Receivable Control ledger for this question.

Account: Interest Receivable Account No. 112 Date Jun Jul Jul 30 Balance
1 accrued interest GJ 0 110

(Q=982-112.interestReceivable)

Description

Ref.

Debit

Credit

Balance 110
0 DR

Feedback

Account: Interest Receivable Account No. 112 Date Jun Jul 30 Balance 1 Reversing entry GJ 110 Description Ref. Debit Credit Balance 110 0

Account: Prepaid Rent Account No. 140 Date Jun Jul Jul 30 Balance
1 accrued rent GJ 2500 0

(Q=982-140.prepaidRent)

Description

Ref.

Debit

Credit

Balance 2,500
5000 DR

Feedback There are no relevant entries in the Prepaid Rent ledger for this question.

Account: Prepaid Advertising Account No. 141 Date Jun Jul Jul 30 Balance
1 accrued advertising GJ 4000 0

(Q=982-141.prepaidAdvertising)

Description

Ref.

Debit

Credit

Balance 8,000
12000 DR

Feedback There are no relevant entries in the Prepaid Advertising ledger for this question.

Account: Prepaid Insurance Account No. 142 Date Jun Jul Jul 30 Balance
1 accrued insurance GJ 700 0

(Q=982-142.prepaidInsurance)

Description

Ref.

Debit

Credit

Balance 2,800
3500 DR

Feedback There are no relevant entries in the Prepaid Insurance ledger for this question.

Account: APC - Accounts Payable Control Account No. 210 Date Jun Jul Jul 30 Balance
1 accrued pay GJ 1260 0

(Q=982-210.acctsPayControl)

Description

Ref.

Debit

Credit

Balance 1,260
0 DR

Feedback

There are no relevant entries in the Accounts Payable Control ledger for this question.

Account: Wages Payable Account No. 220 Date Jun Jul Jul 30 Balance
1 accrued wages GJ 10661 0

(Q=982-220.wagesPayable)

Description

Ref.

Debit

Credit

Balance 1,440
12101 CR

Feedback

Account: Wages Payable Account No. 220 Date Jun Jul 30 Balance 1 Reversing entry GJ 1,440 Description Ref. Debit Credit Balance 1,440 0

Account: Electricity Payable Account No. 221 Date Jun Jul Jul 30 Balance
1 pay GJ 969 0

(Q=982-221.electricityPayable)

Description

Ref.

Debit

Credit

Balance 969
0 DR

Feedback

Account: Electricity Payable Account No. 221 Date Jun Jul 30 Balance 1 Reversing entry GJ 969 Description Ref. Debit Credit Balance 969 0

Account: Water Payable Account No. 222

(Q=982-222.waterPayable)

Date Jun Jul Jul 30 Balance

1 pay

Description

Ref.

Debit

Credit

Balance 235

GJ

235

DR

Feedback

Account: Water Payable Account No. 222 Date Jun Jul 30 Balance 1 Reversing entry GJ 235 Description Ref. DR CR Balance 235 0

Account: Interest Payable Account No. 225 Date Jun Jul Jul 30 Balance
1 pay GJ 240 0

(Q=982-225.interestPayable)

Description

Ref.

Debit

Credit

Balance 240
0 DR

Feedback

Account: Interest Payable Account No. 225 Date Jun Jul 30 Balance 1 Reversing entry GJ 240 Description Ref. Debit Credit Balance 240 0

Account: Interest Revenue Account No. 403 Date Jun Jul 30 Balance
1 pay GJ 270 0

(Q=982-403.interestRevenue)

Description

Ref.

Debit

Credit

Balance 0
270 DR

Jul

Feedback

Account: Interest Revenue Account No. 403 Date Jun Jul 30 Balance 1 Reversing entry GJ 110 Description Ref. Debit Credit Balance 0 110 DR

Account: Advertising Expense Account No. 511 Date Jun Jul Jul 30 Balance
1 accrued ad costs GJ 0 4000

(Q=982-511.advertisingExpense)

Description

Ref.

Debit

Credit

Balance 0
4000 CR

Feedback There are no relevant entries in the Advertising Expense ledger for this question.

Account: Wages Expense Account No. 516 Date Jun Jul Jul 30 Balance
1 accrued wages GJ 0 1440

(Q=982-516.wagesExpense)

Description

Ref.

Debit

Credit

Balance 0
1440 CR

Feedback

Account: Wages Expense Account No. 516 Date Jun Jul 30 Balance 1 Reversing entry GJ 1,440 Description Ref. Debit Credit Balance 0 1,440 CR

Account: Rent Expense Account No. 540 Date Jun Jul Jul 30 Balance
1 accrued rent GJ 0 2500

(Q=982-540.rentExpense)

Description

Ref.

Debit

Credit

Balance 0
2500 CR

Feedback There are no relevant entries in the Rent Expense ledger for this question.

Account: Electricity Expense Account No. 541 Date Jun Jul Jul 30 Balance
1 accrued electricity bill GJ 0 969

(Q=982-541.electricityExpense)

Description

Ref.

Debit

Credit

Balance 0
969 CR

Feedback

Account: Electricity Expense Account No. 541 Date Jun Jul 30 Balance 1 Reversing entry GJ 969 Description Ref. Debit Credit Balance 0 969 CR

Account: Water Expense Account No. 542 Date Jun Jul Jul 30 Balance
1 accrued water bill GJ 0 235

(Q=982-542.waterExpense)

Description

Ref.

Debit

Credit

Balance 0
235 CR

Feedback

Account: Water Expense Account No. 542 Date Jun Jul 30 Balance 1 Reversing entry GJ 235 Description Ref. Debit Credit Balance 0 235 CR

Account: Insurance Expense Account No. 543 Date Jun Jul Jul 30 Balance
1 accrued insurance GJ 0 700

(Q=982-543.insuranceExpense)

Description

Ref.

Debit

Credit

Balance 0
700 CR

Feedback There are no relevant entries in the Insurance Expense ledger for this question.

Account: Interest Expense Account No. 571 Date Jun Jul Jul 30 Balance
1 accrued expense GJ 0 240

(Q=982-571.interestExpense)

Description

Ref.

Debit

Credit

Balance 0
240 CR

Feedback

Account: Interest Expense Account No. 571 Date Jun Jul 30 Balance 1 Reversing entry GJ 240 Description Ref. Debit Credit Balance 0 240 CR

Manual Accounting Practice Set Coffee & Caf Supplier, US GAAP Edition 3 (VCU3m) 2010 Perdisco / latin /. v., learn thoroughly http://www.perdisco.com Terms Of Use | Privacy Policy | Thursday, May 10, 2012, 14:31