Instructions for the Microsoft Excel Templates by Rex A Schildhouse

Be advised, the template workbooks and worksheets are not protected. Overtyping any data may remove it.
Extensive detail and information is contained within the help function of Microsoft Excel and in the provided text. You should enter your name, date, instructor's name, and course into the cells at the top of the page. This information will be printed on the top of each page if the template requires more than one page. Each template is set to print with File Name, Page # of # Page(s), the print date, and the print time to assist in assembly of multiple pages. If more than one page is required by the template, manual page breaks have been set to provide consistent presentation. All of the cells have been correctly formatted for presentation and should not require any adjustment. For example, if the text requires one, two, or three significant digits in a presentation, the template has been set for that presentation in the appropriate cells. In general, the yellow highlighted cells are the cells which work and effort should be presented. These entries may include date(s), account title(s), values, memorandum appropriate to the entry, or text answers to questions. And information or data which may be required by the solution will be entered in cells with borders to help identify them. Where a yellow highlighted cell shows "Date" enter the appropriate date for that step of the challenge. This may be any date format that Microsoft Excel accepts. Some of these formats include "1/1/12", "01/01/12", and "01/01/2012." All of these will return January 01, 2010, in the format set in the template. Where a yellow highlighted cell shows "Acct Nbr" enter the appropriate account number, provided in the template and in the text for that step of the challenge. This is entry may be a "Look to" formula to another cell where that information has been provided or previously entered. Where a yellow highlighted cell shows "Account Title" enter the appropriate account title for that step of the challenge. This is a text entry and most of those cells are set for the proper indentation for that step. Frequently the chart of accounts appropriate to the challenge is provided and you can use the "look to" formula to reference the appropriate account title without typing it. Check with your instructor to see if abbreviated account titles are acceptable. For example "A/R" for Accounts Receivable, "A/P" for Accounts Payable. If your instructor is using a comparison process between workbooks for grading, these abbreviates may not be acceptable. Where a yellow highlighted cell shows titles such as "Values," "Amounts," or "Quantities" enter the appropriate numerical value for that step of the challenge. The cell is formatted for proper presentation of the entered information. If a dollar sign is appropriate, it should not be entered, Microsoft Excel will place it there through formatting. Commas and significant digits (decimals) are also set through formatting for common presentation. Since the formatting of the templates is not protected by any password, you may change any of the formatting found in the templates to meet your desires. Where a yellow highlighted cell shows titles such as "Formula" you may enter the appropriate formula or enter a numerical value appropriate for that step of the challenge. Most of the values necessary for the appropriate formula are located on the template in cells with borders or in other yellow highlighted cells. The formula may be a simple "Look to" formula, an equal sign and a cell reference, "=E27" or more complex as "=E27*5," or something similar to the time-value-of-money formula. These are addressed in the tutorial text provided for Microsoft Excel.

Where a yellow highlighted cell shows "Text" enter the appropriate text for that step of the challenge. This may be a memorandum entry for a journal entry or a lengthy text answer discussing the results of an analysis of a company's financials. These titles can simply be typed over. Where a yellow highlighted cell shows titles such as "Journal Number" or "Journ #" you should enter the appropriate number provided in the template and in the text for that step of the challenge. In general this will appear in instances such as "Record the following events in General Journal number six." The print area is defined to fit onto 8 1/2" 11" sheets in portrait or landscape mode as required. Margins are generally set to no less than 1/2" so most printers can print them without a problem. If you printer cannot accept margins less than 1" you may have to reformat the margins through Page Setup. The display may have "Freeze Pane" invoked so column titles remain visible during data entry. This can be removed by utilizing the View menu and selecting "Unfreeze Panes" under "Freeze Panes." When negative values are required, enter them by starting with a minus sign, "-". Negative values may be shown as ($400) or -$400. Negative values in formulas can be created by putting a minus sign in front of the cell reference - "=E10*-E11" will return a negative value if both cells E10 and E11 contain positive values. Microsoft Office and Microsoft Excel are products of, and copyrighted by, Microsoft Corporation, One Microsoft Way, Redmond, Washington 98052-6399

sistent presentation.

Name: Date: Instructor: Course: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse
E4-2, Complete the worksheet. The adjusted trial balance columns of the worksheet for Pisa Company are as follows. PISA COMPANY Work Sheet (Partial) For the Month Ended April 30, 2012 Adjusted T/B Income Statement Balance Sheet Account titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation-Equipment 4,921 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals 59,148 59,148 Formula Formula Formula Formula Net income Formula Formula Formula Formula Totals Formula Formula Formula Formula Instructions: E4-2 Instructions: Complete the worksheet, above. E4-3 Instructions: Prepare an income statement, an owner's equity statement, and a classified balance sheet. PISA COMPANY Income Statement For the Month Ended April 30, 2012 Revenues Account title Amount Expenses Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Formula Title Formula

176263949.xlsx.ms_office, Exercises E4-2~4, Page 4 of 19 Page(s), 9/30/20137:30 AM

Name: Date: Instructor: Course: COMPANY Accounting Principles, Tenth EditionPISA by Weygandt, Kieso, and Kimmel
Owners Equity Statement For the Month Ended April 30, 2012 Title Title Title Title PISA COMPANY Balance Sheet April 30, 2012 Assets Current assets Account title Account title Account title Total current assets Property, plant, and equipment Account title Less: Title Total assets Amount Amount Amount Amount Amount Amount Formula Amount Formula Amount Formula

Formula Formula

Liabilities and Owners Equity Current liabilities Account title Amount Account title Amount Account title Amount Total current liabilities Owners equity Owner's Capital Total liabilities and owners equity E4-4 Instructions: (a) Journalize the closing entries at April 30. (1) Apr. 30 Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title

Formula Amount Formula

Amount Amount Formula Amount Amount Amount Amount Amount Amount Amount Amount

(2)

30

(3)

30

(4)

30

176263949.xlsx.ms_office, Exercises E4-2~4, Page 5 of 19 Page(s), 9/30/20137:30 AM

Name: Date: Instructor: Course: E4-4 Instructions: (b) Post the closing entries to Income Summary and Owners Capital. Use T Accounting Principles , Tenth Edition by Weygandt, Kieso, and Kimmel
accounts. Account title Amount Amount Formula Owner's Capital Amount Bal. Bal.

Amount Formula

Amount Amount Formula

E4-4 Instructions: (c) Prepare a post-closing trial balance at April 30. PISA COMPANY Post-Closing Trial Balance April 30, 2012 Debit Account title Account title Account title Account title Account title Account title Account title Account title Account title Formula Formula

Credit

176263949.xlsx.ms_office, Exercises E4-2~4, Page 6 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Date: Instructor: Course: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse
E4-2, Complete the worksheet. The adjusted trial balance columns of the worksheet for Pisa Company are as follows. PISA COMPANY Work Sheet (Partial) For the Month Ended April 30, 2012 Adjusted T/B Income Statement Balance Sheet Account titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 10,000 Accounts Receivable 7,840 7,840 Prepaid Rent 2,280 2,280 Equipment 23,050 23,050 Accum. Depreciation-Equipment 4,921 4,921 Notes Payable 5,700 5,700 Accounts Payable 4,920 4,920 Owner's Capital 27,960 27,960 Owner's Drawings 3,650 3,650 Service Revenue 15,590 15,590 Salaries and Wages Expense 10,840 10,840 Rent Expense 760 760 Depreciation Expense 671 671 Interest Expense 57 57 Interest Payable 57 57 Totals 59,148 59,148 12,328 15,590 46,820 43,558 Net income 3,262 3,262 Totals 15,590 15,590 46,820 46,820

Instructions: E4-2 Instructions: Complete the worksheet, above. E4-3 Instructions: Prepare an income statement, an owner's equity statement, and a classified balance sheet. PISA COMPANY Income Statement For the Month Ended April 30, 2012 Revenues Service Revenue $15,590 Expenses Salaries and Wages Expense $10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Total expenses 12,328 Net income $3,262

176263949.xlsx.ms_office, Solution E4-2~4, Page 7 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Date: Instructor: Course: COMPANY Accounting Principles, Tenth EditionPISA by Weygandt, Kieso, and Kimmel
Owners Equity Statement For the Month Ended April 30, 2012 Owner's Capital, April 1 $27,960 Add: Net income 3,262 31,222 Less: Drawings 3,650 Owner's Capital, April 30 $27,572 PISA COMPANY Balance Sheet April 30, 2012 Assets Current assets Cash Accounts receivable Prepaid rent Total current assets Property, plant, and equipment Equipment Less: Accum deprec-Equip Total assets $10,000 7,840 2,280 20,120 23,050 4,921

18,129 $38,249

Liabilities and Owners Equity Current liabilities Notes payable $5,700 Accounts payable 4,920 Interest payable 57 Total current liabilities Owners equity Owner's Capital Total liabilities and owners equity E4-4 Instructions: (a) Journalize the closing entries at April 30. (1) Apr. 30 Service Revenue Income Summary Income Summary Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Income Summary Owner's Capital Owner's Capital Owner's Drawings

$10,677 27,572 $38,249

15,590 15,590 12,328 10,840 760 671 57 3,262 3,262 3,650 3,650

(2)

30

(3)

30

(4)

30

176263949.xlsx.ms_office, Solution E4-2~4, Page 8 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Date: Instructor: Course: E4-4 Instructions: (b) Post the closing entries to Income Summary and Owners Capital. Use T Accounting Principles , Tenth Edition by Weygandt, Kieso, and Kimmel
accounts. Income Summary 12,328 (1) 3,262 15,590 Owner's Capital 3,650 Bal. (3) Bal.

(2) (3)

15,590 15,590

(4)

27,960 3,262 27,572

E4-4 Instructions: (c) Prepare a post-closing trial balance at April 30. PISA COMPANY Post-Closing Trial Balance April 30, 2012 Debit Cash $10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Owner's Capital $43,170

Credit

$4,921 5,700 4,920 57 27,572 $43,170

176263949.xlsx.ms_office, Solution E4-2~4, Page 9 of 19 Page(s), 9/30/20137:30 AM

Name: Instructor: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse

Date: Course:

P4-1A, Prepare worksheet, fi nancial statements, and adjusting and closing entries. Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows. OMER ASIK, P.I. Worksheet For the Quarter Ended March 31, 2012 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 11,400 Accounts Receivable 5,620 Supplies 1,050 Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 Owner's Capital 20,000 Owner's Drawings 600 Service Revenue 13,620 Salaries and Wages Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 55,970 55,970 Supplies Expense Depreciation Expense Accumulated Depreciation - Equipment Interest Expense Interest Payable Insurance Expense Totals Net Income Totals Key: (a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled. Other data: 1. Supplies on hand total $480 2. Depreciation per quarter is $800 3. Interest accrued on 6-month note payable, issued January 1, 4. Insurance expires at the rate of $200 per month. 5. Services provided but unbilled at March 31 total $1,030 Instructions: (a) Complete the worksheet, above.

$300

176263949.xlsx.ms_office, Problem P4-1A, Page 10 of 19 Page(s), 9/30/20137:30 AM

Name: Date: Instructor: Course: (b) Prepare an income statement and owners equity statement for the quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business Accounting Principles , Tenth Edition by Weygandt, Kieso, and Kimmel
during the quarter ended March 31, 2012. OMER ASIK, P.I. Income Statement For the Quarter Ended March 31, 2012 Revenues Account title Expenses Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Net income OMER ASIK, P.I. Balance Sheet March 31, 2012 Assets Amount Current assets Account title Account title Account title Account title Total current assets Property, plant, and equipment Account title Less: Account title Total assets Amount Amount Amount Amount Formula Amount Amount

Formula Formula

Formula Formula

OMER ASIK, P.I. Owners Equity Statement For the Quarter Ended March 31, 2012 Owner's Capital, Jan 1 Add: Title Amount Title Amount Title Owner's Capital, March 31

Amount Formula Formula Amount Formula

Liabilities and Owners Equity Current liabilities Account title Amount Account title Amount Account title Amount Total current liabilities Formula Owners equity Account title Amount Total liabilities and owners equity #VALUE!

176263949.xlsx.ms_office, Problem P4-1A, Page 11 of 19 Page(s), 9/30/20137:30 AM

Name: Instructor: (c) Journalize the adjusting entries the by adjustments columns of the worksheet. Accounting Principles , Tenthfrom Edition Weygandt, Kieso, and Kimmel
Mar. 31 Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount

Date: Course:
(d) Journalize the closing entries from the financial statement columns of the worksheet. Amount Mar. 31 Account title Account title Amount 31 Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Account title Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount

31

31

31

31

31

31

176263949.xlsx.ms_office, Problem P4-1A, Page 12 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Instructor: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse

Date: Course:

P4-1A, Prepare worksheet, fi nancial statements, and adjusting and closing entries. Omer Asik began operations as a private investigator on January 1, 2012. The trial balance columns of the worksheet for Omer Asik, P.I. at March 31 are as follows. OMER ASIK, P.I. Worksheet For the Quarter Ended March 31, 2012 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 11,400 11,400 11,400 Accounts Receivable 5,620 (e) 1,030 6,650 6,650 Supplies 1,050 (a) 570 480 480 Prepaid Insurance 2,400 (d) 600 1,800 1,800 Equipment 30,000 30,000 30,000 Notes Payable 10,000 10,000 10,000 Accounts Payable 12,350 12,350 12,350 Owner's Capital 20,000 20,000 20,000 Owner's Drawings 600 600 600 Service Revenue 13,620 (e) 1,030 14,650 14,650 Salaries and Wages Expense 2,200 2,200 2,200 Travel Expense 1,300 1,300 1,300 Rent Expense 1,200 1,200 1,200 Miscellaneous Expense 200 200 200 55,970 55,970 Supplies Expense (a) 570 570 570 Depreciation Expense (b) 800 800 800 Accumulated Depreciation - Equipment (b) 800 800 800 Interest Expense (c) 300 300 300 Interest Payable (c) 300 300 300 Insurance Expense (d) 600 600 600 Totals 3,300 3,300 58,100 58,100 7,170 14,650 50,930 43,450 Net Income 7,480 7,480 Totals 14,650 14,650 50,930 50,930 Key: (a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled. Other data: 1. Supplies on hand total $480 2. Depreciation per quarter is $800 3. Interest accrued on 6-month note payable, issued January 1, 4. Insurance expires at the rate of $200 per month. 5. Services provided but unbilled at March 31 total $1,030 Instructions: (a) Complete the worksheet, above.

$300

176263949.xlsx.ms_office, Solution P4-1A, Page 13 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Date: Instructor: Course: (b) Prepare an income statement and owners statement for the quarter and a classified balance sheet at March 31. O. Asik did not make any additional investments in the business Accounting Principles , Tenth Edition by equity Weygandt, Kieso, and Kimmel
during the quarter ended March 31, 2012. OMER ASIK, P.I. Income Statement For the Quarter Ended March 31, 2012 Revenues Service Revenue Expenses Salaries and Wages Expense $2,200 Travel Expense 1,300 Rent Expense 1,200 Depreciation Expense 800 Supplies Expense 570 Insurance Expense 600 Interest Expense 300 Miscellaneous Expense 200 Total expenses Net income OMER ASIK, P.I. Balance Sheet March 31, 2012 Assets $14,650 Current assets Cash $11,400 Accounts Receivable 6,650 Supplies 480 Prepaid Insurance 1,800 Total current assets Property, plant, and equipment Equipment 30,000 Less: Accumulated Depreciation - Equipment 800 Total assets Liabilities and Owners Equity Current liabilities Notes Payable $10,000 Accounts Payable 12,350 Interest Payable 300 Total current liabilities Owners equity Owner's Capital Total liabilities and owners equity

$20,330

29,200 $49,530

7,170 $7,480

OMER ASIK, P.I. Owners Equity Statement For the Quarter Ended March 31, 2012 Owner's Capital, Jan 1 Add: Investment by owner $20,000 Add: Net income 7,480 Less: Drawings Owner's Capital, March 31

$22,650 26,880 $49,530

$0 27,480 27,480 600 $26,880

176263949.xlsx.ms_office, Solution P4-1A, Page 14 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Instructor: (c) Journalize the adjusting entries from the by adjustments columns of the worksheet. Accounting Principles , Tenth Edition Weygandt, Kieso, and Kimmel
Mar. 31 Supplies Expense Supplies Depreciation Expense Accumulated Depreciation - Equipment Interest Expense Interest Payable Insurance Expense Prepaid Insurance Accounts Receivable Service Revenue 570 570 800 800 300 300 600 600 1,030 1,030

Date: Course:
(d) Journalize the closing entries from the financial statement columns of the worksheet. 14,650 Mar. 31 Service Revenue Income Summary 14,650 31 Income Summary Travel Expense Salaries and Wages Expense Rent Expense Insurance Expense Depreciation Expense Supplies Expense Interest Expense Miscellaneous Expense Income Summary Owner's Capital Owner's Capital Owner's Drawings 7,170 1,300 2,200 1,200 600 800 570 300 200 7,480 7,480 600 600

31

31

31

31

31

31

176263949.xlsx.ms_office, Solution P4-1A, Page 15 of 19 Page(s), 9/30/20137:30 AM

Name: Instructor: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse
P4-1B, Prepare a worksheet, financial statements, and adjusting and closing entries. The trial balance columns of the worksheet for Gibson Roofing at March 31, 2012, are as follows. GIBSON ROOFING Worksheet For the Month Ended March 31, 2012 Trial Balance Adjustments Adjusted Trial Balance Account titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accum Deprec - Equipment 1,250 Accounts Payable 2,500 Unearned Service Revenue 550 Owner's Capital 12,900 Owner's Drawings 1,100 Service Revenue 6,300 Salaries and Wages Expense 1,300 Miscellaneous Expense 400 Totals 23,500 23,500 Supplies Expense Depreciation Expense Salaries and Wages Payable Totals Net Income Totals Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Service Revenue Earned; (d) Salaries Accrued. Other data: 1. A physical count reveals only $550 2. Depreciation for March is $250 3. Unearned service revenue amounted to 4. Accrued salaries are $700 Instructions: (a) Complete the worksheet, above.

Date: Course:

Income Statement Dr. Cr.

Balance Sheet Dr. Cr.

of roofing supplies on hand. $210 after adjustment on March 31.

176263949.xlsx.ms_office, Problem P4-1B, Page 16 of 19 Page(s), 9/30/20137:30 AM

Name: Date: Instructor: Course: (b) Prepare an income statement and owners statement for the month of March and a classified balance sheet at March 31. T. Gibson did not make any additional Accounting Principles , Tenth Edition by equity Weygandt, Kieso, and Kimmel
investments in the business in March. GIBSON ROOFING Income Statement For the Month Ended March 31, 2012 Revenues Account title Expenses Account title Amount Account title Amount Account title Amount Account title Amount Total expenses Net income GIBSON ROOFING Balance Sheet March 31, 2012 Assets Amount Current assets Account title Account title Account title Total current assets Property, plant, and equipment Account title Account title Total assets Amount Amount Amount Formula Amount Amount

Formula Formula

Formula Formula

GIBSON ROOFING Owners Equity Statement For the Month Ended March 31, 2012 Owner's Capital, March 1 Title Title Owner's Capital, March 31

Amount Amount Formula Amount Formula

Liabilities and Owners Equity Current liabilities Account title Amount Account title Amount Account title Amount Total current liabilities Owners equity Account title Total liabilities and owners equity

Formula Amount Formula

(c) Journalize the adjusting entries from the adjustments columns of the worksheet. Mar. 31 Account title Account title Account title Account title Account title Account title Account title Account title Amount Amount Amount Amount Amount Amount Amount Amount

(d) Journalize the closing entries from the financial statement columns of the worksheet. Account title Amount Mar. 31 Account title Amount 31 Account title Account title Account title Account title Account title Account title Account title Account title Account title Formula Amount Amount Amount Amount Amount Amount Amount Amount

31

31

31

31

31

176263949.xlsx.ms_office, Problem P4-1B, Page 17 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Instructor: Accounting Principles, Tenth Edition by Weygandt, Kieso, and Kimmel Primer on Using Excel in Accounting by Rex A Schildhouse
P4-1B, Prepare a worksheet, financial statements, and adjusting and closing entries. The trial balance columns of the worksheet for Gibson Roofing at March 31, 2012, are as follows. GIBSON ROOFING Worksheet For the Month Ended March 31, 2012 Trial Balance Adjustments Adjusted Trial Balance Account titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 4,500 4,500 Accounts Receivable 3,200 3,200 Supplies 2,000 (a) 1,450 550 Equipment 11,000 11,000 Accumulated Depreciation - Equipment 1,250 (b) 250 1,500 Accounts Payable 2,500 2,500 Unearned Service Revenue 550 (c) 340 210 Owner's Capital 12,900 12,900 Owner's Drawings 1,100 1,100 Service Revenue 6,300 (c) 340 6,640 Salaries and Wages Expense 1,300 (d) 700 2,000 Miscellaneous Expense 400 400 Totals 23,500 23,500 Supplies Expense (a) 1,450 1,450 Depreciation Expense (b) 250 250 Salaries and Wages Payable (d) 700 700 Totals 2,740 2,740 24,450 24,450 Net Income Totals Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Service Revenue Earned; (d) Salaries Accrued. Other data: 1. A physical count reveals only $550 2. Depreciation for March is $250 3. Unearned service revenue amounted to 4. Accrued salaries are $700 Instructions: (a) Complete the worksheet, above.

Date: Course:

Income Statement Dr. Cr.

Balance Sheet Dr. Cr. 4,500 3,200 550 11,000 1,500 2,500 210 12,900 1,100

6,640 2,000 400 1,450 250 4,100 2,540 6,640 6,640 6,640 20,350 20,350 700 17,810 2,540 20,350

of roofing supplies on hand. $210 after adjustment on March 31.

176263949.xlsx.ms_office, Solution P4-1B, Page 18 of 19 Page(s), 9/30/20137:30 AM

Name: Solution Date: Instructor: Course: (b) Prepare an income statement and owners statement for the month of March and a classified balance sheet at March 31. T. Gibson did not make any additional investments in Accounting Principles , Tenth Edition by equity Weygandt, Kieso, and Kimmel
the business in March. GIBSON ROOFING Income Statement For the Month Ended March 31, 2012 Revenues Service Revenue Expenses Salaries and Wages Expense Supplies Expense Miscellaneous Expense Depreciation Expense Total expenses Net income $6,640 $2,000 1,450 400 250 4,100 $2,540 GIBSON ROOFING Balance Sheet March 31, 2012 Asset Current assets Cash Accounts Receivable Supplies Total current assets Property, plant, and equipment Equipment Less: Accum. depreciation-Euip. Total assets $4,500 3,200 550 $8,250 11,000 1,500

9,500 $17,750

GIBSON ROOFING Owners Equity Statement For the Month Ended March 31, 2012 Owner's Capital, March 1 Add: Net income Less: Drawings Owner's Capital, March 31

$12,900 2,540 15,440 1,100 $14,340

Liabilities and Owner's Equity Current Liabilities Accounts Payable $2,500 Salaries and Wages Payable 700 Unearned Service Revenue 210 Total current liabilities Owner's equity Owner's capital Total liabilities and owner's equity

$3,410 14,340 $17,750

(c) Journalize the adjusting entries from the adjustments columns of the worksheet. Mar. 31 Supplies Expense Supplies Depreciation Expense Accumulated Depreciation - Equipment Unearned Service Revenue Service Revenue Salaries and Wages Expense Salaries and Wages Payable 1,450

(d) Journalize the closing entries from the financial statement columns of the worksheet. Service Revenue 6,640 Mar. 31 Income Summary 1,450 6,640 31 250 Income Summary Salaries and Wages Expense Supplies Expense Depreciation Expense Miscellaneous Expense Income Summary Owner's Capital Owner's Capital Owner's Drawings 4,100 2,000 1,450 250 400 2,540 2,540 1,100 1,100

31

250

31

340 340 700 700 31 31

31

176263949.xlsx.ms_office, Solution P4-1B, Page 19 of 19 Page(s), 9/30/20137:30 AM