Escolar Documentos
Profissional Documentos
Cultura Documentos
Practice Set
P4-41, Requirement 2
CRYSTAL CLEAR CLEANING
Income Statement
Month Ended November 30, 2017
Revenues:
Service Revenue
Expenses:
Salaries Expense
Rent Expense
Supplies Expense
Insurance Expense
Utilities Expense
Depreciation Expense
Advertising Expense
Interest Expense
Total Expenses
Net Income
$5,300
$350
500
190
150
250
270
500
240
2,450
$2,850
$0
42,000
2,850
44,850
(200)
$44,650
Owner withdrawal
Habib, Capital, November 30, 2017
4-1
P4-41, cont.
Requirement 2, cont.
CRYSTAL CLEAR CLEANING
Balance Sheet
November 30, 2017
Assets
Current Assets:
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Rent
Prepaid Insurance
Total Current Assets
Plant Assets:
Equipment
Truck
Less: Accumulated Depreciation
Total Plant Assets
Total Assets
$138,150
2,600
30
1,500
1,650
$143,930
3,200
7,000
(200)
9,930
$153,860
Liabilities
Current Liabilities:
Accounts Payable
Unearned Revenue
Interest Payable
Total Current Liabilities
Long-term Liabilities:
Notes Payable
Total Liabilities
$1,470
11,500
240
$13,210
96,000
109,210
Owners Equity
Habib, Capital
Total Liabilities and Owners Equity
44,650
$153,860
4-2
P4-41, cont.
Requirement 3
Date
Accounts and Explanation
Nov. 30 Service Revenue
Income Summary
To close revenue.
Debit
5,300
Credit
5,300
30 Income Summary
Salaries Expense
Advertising Expense
Utilities Expense
Supplies Expense
Depreciation Expense
Rent Expense
Insurance Expense
Interest Expense
To close expenses.
2,450
30 Income Summary
Habib, Capital
To close Income Summary.
2,850
30 Habib, Capital
Habib, Withdrawals
To close withdrawals.
200
350
500
250
190
270
500
150
240
2,850
200
4-3
P4-41, cont.
Requirement 3, cont.
4-4
Nov. 1
Nov.10
Nov. 16
Nov. 17
Nov. 20
Nov. 21
Cash
35,000 2,000
300 1,800
12,000 1,200
1,000
350
96,000 1,000
900
500
200
Nov. 2
Nov. 3
Nov. 7
Nov. 15
Nov. 25
Nov. 29
Nov. 30
Accounts Receivable
3,800 300
Nov. 10
900
Nov. 21
Balance
2,600
Nov. 9
Cleaning Supplies
Nov. 4
220 190
Balance
300
Nov. 2
Balance
Prepaid Rent
2000 500
1,500
Prepaid Insurance
Nov. 3
1,800 150
Balance
1,650
Nov. 5
Nov. 7
Balance
Adj.
Adj.
Adj.
Equipment
2,000
1,200
3,200
Accounts Payable
Nov. 25
1,000
220
2,200
250
1,470
Nov. 4
Nov. 5
Nov. 18
Balance
Salaries Expense
Interest Payable
350 350
240
0
240
Clos.
Adj.
Balance
Nov. 15
Balance
Advertising Expense
Nov. 29
500 500
Clos.
Unearned Revenue
Balance
0
Adj.
500 12,000
Nov. 16
11,500
Balance
Utilities Expense
Nov. 18
250 250
Clos.
Balance
0
Notes Payable
96,000
Nov. 20
Supplies Expense
96,000
Balance
Adj.
190 190
Clos.
Balance
0
Habib, Capital
42,000
Nov. 1
Depreciation Expense
Clos.
200 2,850
Clos.
Adj.
270 270
Clos.
2,650
Balance
Balance
0
Income Summary
Rent Expense
Clos. 2,450 5,300
Adj.
500 500
Clos. 2,850 2,850
Balance
0
Balance
0
Clos.
Clos.
Balance
Insurance Expense
Habib, Capital
150 150
200 200
0
200
Clos.
Close
Adj.
Nov. 30
Balance
Balance
Adj.
Balance
Clos.
Nov. 1
Balance
P4-41, cont.
Requirement 3,
cont.
Truck
7,000
7,000
Interest Expense
240 240
Service Revenue
0
5,300 3,800
1,000
500
0
Clos.
Nov. 9
Nov. 17
Adj.
Balance
Accumulated Depreciation
270
Adj.
270
Balance
4-5
P4-41, cont.
Requirement 4
CRYSTAL CLEAR CLEANING
Post-Closing Trial Balance
November 30, 2017
Account Title
Balance
Debit
$138,150
2,600
30
1,500
1,650
3,200
7,000
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Rent
Prepaid Insurance
Equipment
Truck
Accumulated DepreciationTruck
Accounts Payable
Unearned Revenue
Interest Payable
Notes Payable
Habib, Capital
Total
Credit
$154,130
270
1,470
11,500
240
96,000
44,650
$154,130
4-6