Depreciation Expense, 12 Advertising Expense. 11 Telephone Expense.

Transcription

1 Problem 5-3A Ulmer Tour Company Work Sheet For Month Ended December 31, 2009 NAME ADJUSTED TRIAL INCOME STATEMENT SHEET 1 Cash 3, , , Office Equipment 3, , , Accumulated Depreciation, 3 4 Office Equipment (a) K. Ulmer, Capital 5, , , K. Ulmer, Drawing 19, , , Fees Earned 43, , , Wages Expense 18, (b) , , Rent Expense 2, , , Office Supplies Expense Telephone Expense Advertising Expense Miscellaneous Expense , , Depreciation Expense, TRIAL ADJUSTMENTS Office Equipment (a) Wages Payable (b) , , , , , , Net Income 19, , , , , , (a) Depreciation of office equipment, $ (b) Accrued wages, $

2 Problem 5-3A or 5-3B (continued) GENERAL JOURNAL PAGE 17 DESCRIPTION Problem 5-3A or 5-3B (3 of (2)

3 NAME CLASS Problem 5-3A or 5-3B (continued) GENERAL JOURNAL PAGE 17 DESCRIPTION Adjusting Entries 1 2 Dec 31 Depreciation Exp., Office Equipment 2 3 Accum. Depr., Office Equipment Wages Expense 5 6 Wages Payable Closing Entries Fees Earned 9 10 Income Summary Income Summary Wages Expense Rent Expense Office Supplies Expense Depr. Exp., Office Equipment Telephone Expense Advertising Expense Miscellaneous Expense Income Summary K. Ulmer, Capital K. Ulmer, Capital K. Ulmer, Drawing Copyright Houghton Mifflin Company. All rights reserved.

4 Problem 5-3A or 5-3B (continued) GENERAL LEDGER Cash 111 NO Dec. 31 3, Office Equipment 124 NO. Accumulated Depreciation, Office Equipment NO. 125 Wages Payable NO. 222 K. Ulmer, Capital NO. 311 K. Ulmer, Drawing NO. 312

5 Problem 5-3A or 5-3B (continued) Income Summary NO. 313 Fees Earned 411 NO. Wages Expense NO. 511 Rent Expense NO. 512 Office Supplies Expense NO. 513

6 Problem 5-3A or 5-3B (concluded) Depreciation Expense, Office Equipment NO. 514 Telephone Expense NO. 515 Advertising Expense NO. 516 Miscellaneous Expense NO. 519 Ulmer Tour Company Post-Closing Trial Balance December 31, 2009 NAME Cash Office Equipment Accumulated Depreciation, Office Equipment Wages Payable K. Ulmer, Capital

7 Objectives: 1. Journalize and post closing entries for a service enterprise. 2. Prepare a post-closing trial balance Problem 5-3A, page 175 The completed work sheet for Ulmer Tour Company as of December 31 is presented in your Working Papers, along with the general ledger as of December 31 before adjustments. Instructions 1. Write the name of the owner, K. Ulmer, in the Capital and Drawing accounts. 2. Write the balances from the unadjusted trial balance in the general ledger. 3. Journalize and post the adjusting entries. 4. Journalize and post the closing entries in the correct order: Revenue accounts are closed to Income Summary Expense accounts are closed to Income Summary Income Summary is closed to the Capital account Drawing is closed to the Capital account 5. Prepare a post-closing trial balance. Only your real accounts (assets, liabilities and Capital) should have balances after you have closed the books. Check Figure Post-closing trial balance total, $7,408