Problem 5-3A Ulmer Tour Company Work Sheet For Month Ended December 31, 2009 NAME ADJUSTED TRIAL INCOME STATEMENT SHEET 1 Cash 3,948.00 3,948.00 3,948.00 1 2 Office Equipment 3,460.00 3,460.00 3,460.00 2 3 Accumulated Depreciation, 3 4 Office Equipment 380.00 (a) 320.00 700.00 700.00 4 5 K. Ulmer, Capital 5,739.00 5,739.00 5,739.00 5 6 K. Ulmer, Drawing 19,000.00 19,000.00 19,000.00 6 7 Fees Earned 43,400.00 43,400.00 43,400.00 7 8 Wages Expense 18,500.00 (b) 425.00 18,925.00 18,925.00 8 9 Rent Expense 2,400.00 2,400.00 2,400.00 9 10 Office Supplies Expense 328.00 328.00 328.00 10 11 Telephone Expense 736.00 736.00 736.00 11 12 Advertising Expense 926.00 926.00 926.00 12 13 Miscellaneous Expense 221.00 221.00 221.00 13 14 49,519.00 49,519.00 14 Depreciation Expense, TRIAL ADJUSTMENTS 15 15 16 Office Equipment (a) 320.00 320.00 320.00 16 17 Wages Payable (b) 425.00 425.00 425.00 17 18 745.00 745.00 50,264.00 50,264.00 23,856.00 43,400.00 26,408.00 6,864.00 18 19 Net Income 19,544.00 19,544.00 19 20 43,400.00 43,400.00 26,408.00 26,408.00 20 21 (a) Depreciation of office equipment, $380 21 22 (b) Accrued wages, $425 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34
Problem 5-3A or 5-3B (continued) GENERAL JOURNAL PAGE 17 DESCRIPTION 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 17 17 18 18 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 Problem 5-3A or 5-3B (3 of (2)
NAME CLASS Problem 5-3A or 5-3B (continued) GENERAL JOURNAL PAGE 17 DESCRIPTION 1 2009 Adjusting Entries 1 2 Dec 31 Depreciation Exp., Office Equipment 2 3 Accum. Depr., Office Equipment 3 4 4 5 31 Wages Expense 5 6 Wages Payable 6 7 7 Closing Entries 8 8 9 31 Fees Earned 9 10 Income Summary 10 11 11 12 31 Income Summary 12 13 Wages Expense 13 14 Rent Expense 14 15 Office Supplies Expense 15 16 Depr. Exp., Office Equipment 16 17 Telephone Expense 17 18 Advertising Expense 18 19 Miscellaneous Expense 19 17 17 18 31 Income Summary 18 20 K. Ulmer, Capital 20 21 21 22 31 K. Ulmer, Capital 22 23 K. Ulmer, Drawing 23 24 24 25 25 26 26 27 27 28 28 29 29 140 Copyright Houghton Mifflin Company. All rights reserved.
Problem 5-3A or 5-3B (continued) GENERAL LEDGER Cash 111 NO. 2009 Dec. 31 3,948.00 Office Equipment 124 NO. Accumulated Depreciation, Office Equipment NO. 125 Wages Payable NO. 222 K. Ulmer, Capital NO. 311 K. Ulmer, Drawing NO. 312
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
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
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