Complete Accounting Cycle Exercise

(1)

4.1

Jan Jansen opened Jan's Window Wasing on July 1, 2002. During July the following transactions were completed. July 1 Invested $8,000 cash in business. 1 Purchased used truck for $6,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,200 cash on one‐year insurance plicy effective March 1. 12 Billed customers $2,500 for cleaning servies. 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,200 cash for employee salaries. 21 Collected $1,400 cash from customers billed on July 12. 25 Billed customers $3,000 for cleaning services. 31 Paid gas and oil for month on truck $200. 31 Withdrew $600 cash for personal use. The chart of accounts for Jan's Window Washing contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated depreciation‐Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 Jan Jansen, Capital, No. 306 Jan Jansen, Drawing, No. 350 Income Summary, No. 400 Fees Earned, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No.722 Insurance Expense, No. 726 Salaries Expense.

Instructions:

a. Journalize and post the July transactions. Use J1 for the Journal and the three column form of account. b. Prepare a trial balance at July 31 on a work sheet. c. Enter the following adjustments on the work sheet and complete the work sheet. 1 Earned but unbilled fees at July 31 was $1,100. 2 Depreciatoin on equipment for the month was $200. 3 One‐twelfth of the insurance expired. 4 An inventory count shows $600 of cleaning supplies on hand at July 31. 5 Accured but unpaid employee salaries were $500. d. Prepare the Income Statement and Owner's Equity Statement for July and a Classisfied Balance Sheet at July 31. e. Journalize and post adjusting entries. Use page J2 for the Journal. f. Journalize and post closing entries and completed closing process. Use page J3 for the Journal. g. Prepare a Post‐Closing Trial Balance at July 31. Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107 Mr. Proeun That Tel: 089 92 57 82

(2)

4.1 a

Date

Ref.

Debit

Credit

July 1

Cash

101 8,000

Jan Jansen, Capital

301 8,000 1

Equipment

157 6,000

Cash

101 3,000

Accounts Payable

201 3,000 3

Cleaning Supplies

128 900

Accounts Payable

201 900 5

Prepaid Insurance

130 1,200

Cash

101 1,200 12

Accounts Receivable

112 2,500

Fees Earned

400 2,500 18

Accounts Payable

201 1,500

Cash

101 1,500 20

Salaries Expense

736 1,200

Cash

101 1,200 21

Cash

101 1,400

Accounts Receivable

112 1,400 25

Accounts Receivable

112 3,000

Fees Earned

400 3,000 31

Gas & Oil Expense

633 200

Cash

101 200 31

Jan Jansen, Drawing

306 600

Cash

101 600 (Owner withdrew for personal use)

General Journal

Account Title and Explantion

(Invested cash in the business) (Purchased use truck paid half of amount) (Purchased cleaning supplies on account) (Paid cash for one‐year insurance policy) (Billed customer for cleaing services) (Paid cash amount owed on truck and supplies) (Paid salries for employee) (Collected cash from customer bill on July 12) (Billed customeer for cleaning services) (Paid cash for gas and oil bill)

J1

Promotion 9, Year I, Semester II, Stage I, Group D'1, Room E‐107 Mr. Proeun That Tel: 089 92 57 82

(3)

Page 1 of 2 4.1 a

No. 101

Date Ref. Debit Credit Balance

July, 1 Invested Cash in business J1 8,000 8,000 1 Purchased truck paid half of amount J1 3,000 5,000 5 Paid cash for one‐year insurance policy J1 1,200 3,800 18 Paid account owed on truck and supplies J1 1,500 2,300 20 Paid cash for employee salaries J1 1,200 1,100 21 Collected cash from customer billed J1 1,400 2,500 31 Paid cash for gas and oil on truck J1 200 2,300 31 Owner's withdrew for personal use J1 600 1,700 No. 112

July, 12 Billed customer for cleaning services J1 2,500 2,500

21 Collected cash from customer bill J1 1,400 1,100

25 Billed customer for cleaning services J1 3,000 4,100

No. 128

July, 3 Purchased cleaning supplies on credit J1 900 900

No. 130

July, 5 Paid cash for one‐year insurance policy J1 1,200 1,200

No. 157

July, 1 Purchase use truck J1 6,000 6,000

No. 158

No. 201

July, 1 Purchased use truck paid half of amount J1 3,000 3,000

3 Purchased cleaning supplies on credit J1 900 3,900

28 Paid amount owed on truck and supplies J1 1,500 2,400

No. 212

Cleaning Supplies

General Ledger

Cash

Explanation

Accounts Receivable

Explanation Explanation

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

Salaries Payble

Explanation

(4)

Page 2 of 2

No. 301

July, 1 Invested cash in the business J1 8,000 8,000

No. 306

July, 31 Owner withdrew for personal use J1 600 600

No. 350

No. 400

July, 12 Billed customer for cleaing services J1 2,500 2,500

25 Billed customer for cleaing services J1 3,000 5,500

No. 633

July, 31 Paid cash for gas and oil on truck J1 200 200

No. 634

No. 711

No. 722

No. 726

July, 20 Paid cash for employee salries J1 1,200 1,200

Jan Jansen, Capital

Depreciation Expense

Explanation

Jan Jansen, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

Cleaning Supplies Expense

Insurance Expense

Explanation

Salaries Expense

Explanation

(5)

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

1,700

Accounts Receivable

4,100

(1) 1,100

5,200

Cleaning Supplies

900 (4) 300

600

Prepaid Insurance

1,200

(3) 100

1,100

Equipment

6,000

Accounts Payable

2,400

H. Kohl, Capital

8,000

H. Kohl, Drawing

600

Fees Earned

5,500

(1) 1,100

6,600

Gas and Oil Expense

200

Salaries Expense

1,200

(5) 400

1,600

Total

15,900

Accumulated depre. Equip.

(2) 200

200

Depreciation Expense

(2) 200

200

Insurance Expense

(3) 100

100

Cleaning Supplies Expense

(4) 300

300

Salaries Payable

(5) 400

400

Total

2,100

17,600

2,400

6,600

15,200

11,000

Net Income

4,200

Total

6,600

15,200

Jan's Window Washing

Work Sheet

For the month ended July, 31

Account Title

Trial Balance

Adjustment

Adjusted Trial

Balance

Income Statement

Balance Sheet

(6)

Page 1 of 2

Revenues

Fees Earned

$

6,600

Expenses

Gas & Oil Expense

$

200 $

1,600

$

200 $

100 $

300 Total Expenses

$

2,400

Net Income

$

4,200

Jan Jansen, Capital July 1

$

‐

Add: Investments

$

8,000

Net Revenue

$

4,200

12,200

$

Less: Drawings

$

600

Jan Jansen, Capital July 31

$

11,600

Jan's Window Washing

Income Statemet

For the month ended July, 31

Jan's Window Washing

Statement of Owner's Equity

For the month ended July, 31

(7)

Page 2 of 2

Assets

Current Assets Cash

$

1,700

$

5,200

$

600 $

1,100

Total Current Assets

$

8,600

Property, Plant, and Equipment Equipment

$

6,000

Less: Accumulated depreciation‐equipment

$

200 $

5,800

Total Assets

$

14,400

Liabilities and Owner's Equipty

Current Liablities Accounts Payable

$

2,400

$

400

Total Current Liablities

$

2,800

Total Liablities

$

2,800

Owner's Equity Jan Jansen, Capital

$

11,600

Total Liabilities and Owner's Equity

$

14,400

Jan's Window Washing

Balance Sheet

For the month ended July, 31

(8)

4.1 e

Date

Ref.

Debit

Credit

July, 31 1

Accounts Receivable

112 1,100

Fees Earned

400 1,100 2

Depreciation Expense

711 200

Accumulated depre. Equipment

158 200 3

Insurance Expense

722 100

Prepaid Insurance

130 100 4

Cleaning Supplies Expense

634 300

Cleaning Supplies

128 300 5

Salaries Expense

726 400

Salaries Payable

212 400 (To record Supplies used) (To record accued salaries)

General Journal

Account Title and Explantion

Adjusting Entry

(To record accrued reveneu) (To record monthly depreciation on equipment) (To record insurance expired)

J2

(9)

Page 1 of 2 4.1

No. 101

25 Billed customer for cleaning services J1 3000 4,100

31 Adj. Entry J2 1,100 5,200

No. 128

31 Adj. Entry J2 300 600

No. 130

31 Adj. Entry J2 100 1,100

No. 157

No. 158

July, 31 Adj. Entry J2 200 200

No. 201

No. 212

July, 31 Adj. Entry J2 400 400

Cleaning Supplies

General Ledger

Cash

Explanation

Accounts Receivable

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

Salaries Payble

Explanation

(10)

Page 2 of 2

No. 301

No. 306

No. 350

No. 400

31 Adj. Entry J2 1,100 6,600

No. 633

No. 634

July, 31 Adj. Entry J2 300 300

No. 711

July, 31 Adj. Entry J2 200 200

No. 722

July, 31 Adj. Entry J2 100 100

No. 726

July, 20 Paid cash for employee salries J1 1,200 1,200 31 Adj. Entry J2 400 1,600

Jan Jansen, Capital

Depreciation Expense

Explanation

Jan Jansen, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

Cleaning Supplies Expense

Insurance Expense

Explanation

Salaries Expense

Explanation

(11)

4.1 f

Date

Ref.

Debit

Credit

July, 31 31

Fees Earned

400 6,600

Income Summary

350 6,600 31

Income Summary

350 2,400

Gas & Oil Expense

633 200

Cleaning Supplies Expense

634 300

Depreciation Expense

711 200

Insurance Expense

722 100

Salaries Expense

726 1,600 31

Income Summary

350 4,200

Jan Jansen, Capital

301 4,200 31

Jan Jansen, Capital

301 600

Jan Jansen, Drwaing

306 600

(2)

General Journal

Account Title and Explantion

Closing Entry

(1)

(To closing Revenue account) (To close Expenses account)

(3)

(To close net income to capital)

(4)

(To close drawing to capital)

J3

(12)

Page 1 of 2 4.1 f

No. 101

25 Billed customer for cleaning services J1 3000 4,100

31 Adj. Entry J2 1,100 5,200

No. 128

31 Adj. Entry J2 300 600

No. 130

31 Adj. Entry J2 100 1,100

No. 157

No. 158

July, 31 Adj. Entry J2 200 200

No. 201

No. 212

July, 31 Adj. Entry J2 400 400

Cleaning Supplies

General Ledger

Cash

Explanation

Accounts Receivable

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

Salaries Payble

Explanation

(13)

Page 2 of 2

No. 301

31 Closing Entry (3) J3 4,200 12,200

31 Closing Entry (4) J3 600 11,600

No. 306

31 Closing Entry (4) J3 600 0

No. 350

July, 31 Closing Entry (1) J3 6,600 6,600

31 Closing Entry (2) J3 2,400 4,200

31 Closeing Entry (3) J3 4,200 0

No. 400

31 Adj. Entry J2 1,100 6,600

31 Closing Entry J3 6,600 0

No. 633

31 Closing Entry J3 200 0

No. 634

July, 31 Adj. Entry J2 300 300

No. 711

July, 31 Adj. Entry J2 200 200

No. 722

July, 31 Adj. Entry J2 100 100

No. 726

July, 20 Paid cash for employee salries J1 1,200 1,200 31 Adj. Entry J2 400 1,600 31 Closing Entry J3 1,600 0

Jan Jansen, Capital

Depreciation Expense

Explanation

Jan Jansen, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

Cleaning Supplies Expense

Insurance Expense

Explanation

Salaries Expense

Explanation

(14)

4.1 g

Debit

Credit

Cash

$

1,700

Accounts Receivable

$

5,200

Cleaning Supplies

$

600 Prepaid Insurance

$

1,100

Equipment

$

6,000

Accumulated depreciation‐equipment

$

200 Accounts Payable

$

2,400

Salaries Payable

$

400 Jan Jansen, Capital

$

11,600

14,600

$

14,600

Jan's Window Washing

Post‐Closing Trial Balance

For the month ended July, 31

(15)

4.2

Helga Hohl opened Helga's Carpet Cleaners on March 1. During, the following transactions were completed. March 1 Invested $10,000 cash in business. 1 Purchased used truck for $6,000, paying $4,000 cash and the balance on account. 3 Purchased cleaning supplies for $1,200 on account. 5 Paid $1,800 cash on one‐year insurance plicy effective March 1. 14 Billed customers $2,800 for cleaning servies. 18 Paid $1,500 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $1,500 cash for employee salaries. 21 Collected $1,600 cash from customers billed on March 14. 28 Billed customers $3,200 for cleaning services. 31 Paid gas and oil for month on truck $200. 31 Withdrew $900 cash for personal use. The chart of accounts for Helga's Carpet Cleaners contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated depreciation‐Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301 H. Kohl, Capital, No. 306 H. Kohl, Drawing, No. 350 Income Summary, No. 400 Fees Earned, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No.722 Insurance Expense, No. 726 Salaries Expense.

Instructions:

a. Journalize and post the March transactions. Use J1 for the Journal and the three column form of account. b. Prepare a trial balance at March 31 on a work sheet. c. Enter the following adjustments on the work sheet and complete the work sheet. 1 Earned but unbilled fees at March 31 was $600. 2 Depreciatoin on equipment for the month was $250. 3 One‐twelfth of the insurance expired. 4 An inventory count shows $400 of cleaning supplies on hand at March 31. 5 Accured but unpaid employee salaries were $500. d. Prepare the Income Statement and Owner's Equity Statement for March and a Classisfied Balance Sheet at March 31. e. Journalize and post adjusting entries. Use page J2 for the Journal. f. Journalize and post closing entries and completed closing process. Use page J3 for the Journal. g. Prepare a Post‐Closing Trial Balance at March 31.

(16)

4.2 a

Date

Ref.

Debit

Credit

March 1

Cash

101 10,000

H. Kohl, Capital

301 10,000 1

Equipment

₁₅₇ 6,000

Cash

101 4,000

Accounts Payable

201 2,000 3

Cleaning Supplies

128 1,200

Accounts Payable

201 1,200 5

Prepaid Insurance

₁₃₀ 1,800

Cash

101 1,800 14

Accounts Receivable

₁₁₂ 2,800

Fees Earned

400 2,800 18

Accounts Payable

201 2,000

Cash

101 2,000 20

Salaries Expense

726 1,500

Cash

101 1,500 21

Cash

₁₀₁ 1,600

Accounts Receivable

112 1,600 28

Accounts Receivable

₁₁₂ 3,200

Fees Earned

400 3,200 31

Gas & Oil Expense

633 200

Cash

101 200 31

H. Hohl, Drawing

306 900

Cash

101 900 (Billed customer for cleaning services) (Paid cash for gas and oil on truck) (Owner's withdrew for personal use)

General Journal

Account Title and Explantion

(Invested cash in the business) (Purchase use truck) (Purchased Cleaning Supplies on credit) (Paid cash for one‐year insurance policy) (Billed customer for cleaing services) (Paid amount owed on truck and supplies) (Paid cash for employee salaries) (Collected cash from customer billed on March 14)

J1

(17)

Page 1 of 2 4.2

No. 101

March, 1 Invested Cash in business J1 10,000 10,000 1 Purchased truck J1 4,000 6,000 5 Paid cash for one‐year insurance J1 1,800 4,200 18 Paid account owed on truck and supplies J1 2,000 2,200 20 Paid cash for employee salaries J1 1,500 700 21 Collected cash from customer billed J1 1,600 2,300 31 Paid cash for gas and oil on truck J1 200 2,100 31 Owner's withdrew for personal use J1 900 1,200 No. 112

March, 14 Billed customer for cleaning services J1 2,800 2,800

No. 128

March, 3 Purchased cleaning supplies on credit J1 1,200 1,200

No. 130

March, 5 Paid cash for one‐year insurance policy J1 1,800 1,800

No. 157

March, 1 Purchase use truck J1 6,000 6,000

No. 158

No. 201

March, 1 Purchased use truck J1 2,000 2,000

3 Purchased cleaning supplies on credit J1 1,200 3,200

No. 212

Date Explanation Ref. Debit Credit Balance

Explanation

General Ledger

Cash

Accounts Receivable

Salaries Payble

Explanation

Cleaning Supplies

Explanation

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

(18)

Page 2 of 2

No. 301

March, 1 Invested cash in the business J1 10,000 10,000

No. 306

March, 31 Owner withdrew for personal use J1 900 900

No. 350

No. 400

March, 14 Billed customer for cleaing services J1 2,800 2,800

No. 633

March, 31 Paid cash for gas and oil on truck J1 200 200

No. 634

No. 711

No. 722

No. 726

March, 20 Paid cash for employee salries J1 1,500 1,500 Explanation Explanation

Depreciation Expense

Explanation

Insurance Expense

Explanation

Salaries Expense

Cleaning Supplies Expense

H. Kohl, Capital

Explanation

H. Kohl, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

(19)

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

1,200

4,400

(1) 600

5,000

1,200

(4) 800

400

400 1,800

(3) 150

1,650

Equipment

6,000

Accounts Payable

1,200

H. Kohl, Capital

10,000

H. Kohl, Drawing

900

Fees Earned

6,000

(1) 600

6,600

Gas and Oil Expense

200

200 1,500

(5) 500

2,000

Total

17,200

Accumulated depre. Equip.

(2) 250

250

250 (2) 250

250

250 (3) 150

150

150 (4) 800

800

800 (5) 500

500

Total

2,300

18,550

3,400

6,600

15,150

11,950

Net Income

3,200

Total

6,600

15,150

Helga's Carpet Cleaners

Work Sheet

For the month ended March, 31

Account Title

Trial Balance

Adjustment

Adjusted Trial

Balance

Income Statement

Balance Sheet

(20)

Page 1 of 2

Revenues

Fees Earned

$

6,600

Expenses

Gas & Oil Expense

$

200 $

2,000

$

250 $

150 $

800 Total Expenses

$

3,400

Net Income

$

3,200

H. Kohl, Capital March 1

$

‐

Add: Investments

$

10,000

Net Revenue

$

3,200

13,200

$

Less: Drawings

$

900

H.Kohl, Capital March 31

$

12,300

Helga's Carpet Cleaners

Income Statemet

For the month ended March, 31

Helga's Carpet Cleaners

Statement of Owner's Equity

For the month ended March, 31

(21)

Page 2 of 2

Assets

Current Assets Cash

$

1,200

$

5,000

$

400 $

1,650

Total Current Assets

$

8,250

Property, Plant, and Equipment Equipment

$

6,000

Less: Accumulated depreciation‐equipment

$

250 $

5,750

Total Assets

$

14,000

Liabilities and Owner's Equipty

Current Liablities Accounts Payable

$

1,200

$

500

Total Current Liablities

$

1,700

Total Liablities

$

1,700

Owner's Equity H. Kohl, Capital

$

12,300

Total Liabilities and Owner's Equity

$

14,000

For the month ended March, 31

Helga's Carpet Cleaners

Balance Sheet

(22)

4.2 e

Date

Ref.

Debit

Credit

March, 31 1

Accounts Receivable

112 600

Fees Earned

400 600 2

Depreciation Expense

711 250

Accumulated depre. Equipment

158 250 3

Insurance Expense

722 150

Prepaid Insurance

130 150 4

Cleaning Supplies Expense

634 800

Cleaning Supplies

128 800 5

Salaries Expense

726 500

Salaries Payable

212 500 (To record Supplies used) (To record accued salaries)

General Journal

Account Title and Explantion

Adjusting Entry

(To record accrued reveneu) (To record monthly depreciation on equipment) (To record insurance expired)

J2

(23)

Page 1 of 2 4.2

No. 101

31 Adj.Entry J2 600 5,000

No. 128

31 Adj.Entry J2 800 400

No. 130

31 Adj.Entry J2 150 1,650

No. 157

No. 158

March, 31 Adj.Entry J2 250 250

No. 201

No. 212

March, 31 Adj. Entry J2 500 500

Cleaning Supplies

General Ledger

Cash

Explanation

Accounts Receivable

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

Salaries Payble

Explanation

(24)

Page 2 of 2

No. 301

No. 306

No. 350

No. 400

31 Adj. Entry J2 600 6,600

No. 633

No. 634

March, 31 Adj. Entry J2 800 800

No. 711

March, 31 Adj. Entry J2 250 250

No. 722

March, 31 Adj. Entry J2 150 150

No. 726

March, 20 Paid cash for employee salries J1 1,500 1,500 31 Adj. Entry J2 500 2,000

H. Kohl, Capital

Depreciation Expense

Explanation

H. Kohl, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

Cleaning Supplies Expense

Insurance Expense

Explanation

Salaries Expense

Explanation

(25)

4.2 f

Date

Ref.

Debit

Credit

March, 31 31

Fees Earned

400 6,600

Income Summary

350 6,600 31

Income Summary

350 3,400

Gas & Oil Expense

633 200

Cleaning Supplies Expense

634 800

Depreciation Expense

711 250

Insurance Expense

722 150

Salaries Expense

726 2,000 31

Income Summary

350 3,200

H. Kohl, Capital

301 3,200 31

H. Kohl, Capital

301 900

H. Kohl, Drwaing

306 900

General Journal

Account Title and Explantion

Closing Entry

(To close drawing to capital)

(4)

(To closing Revenue account)

(2)

(1)

(To close Expenses account)

(3)

(To close net income to capital)

J3

(26)

Page 1 of 2 4.2

No. 101

31 Adj.Entry J2 600 5,000

No. 128

31 Adj.Entry J2 800 400

No. 130

31 Adj.Entry J2 150 1,650

No. 157

No. 158

March, 31 Adj.Entry J2 250 250

No. 201

No. 212

March, 31 Adj. Entry J2 500 500

Cleaning Supplies

General Ledger

Cash

Explanation

Accounts Receivable

Prepaid Insurance

Explanation

Equipment

Explanation

Accumulated Depreciation‐Equipment

Explanation

Accounts Payable

Explanation

Salaries Payble

Explanation

(27)

Page 2 of 2

No. 301

31 Closing Entry (3) J3 3,200 13,200

31 Closing Entry (4) J3 900 12,300

No. 306

31 Closing Entry (4) J3 900 0

No. 350

March, 31 Closing Entry (1) J3 6,600 6,600

31 Closing Entry (2) J3 3,400 3,200

31 Closing Entry (3) J3 3,200 0

No. 400

31 Adj. Entry J2 600 6,600

31 Closing Entry J3 6,600 0

No. 633

31 Closing Entry (2) J3 200 0

No. 634

March, 31 Adj. Entry J2 800 800

31 Closing Entry (2) J3 800 0

No. 711

March, 31 Adj. Entry J2 250 250

31 Closing Entry (2) J3 250 0

No. 722

March, 31 Adj. Entry J2 150 150

31 Closing Entry (2) J3 150 0

No. 726

March, 20 Paid cash for employee salries J1 1,500 1,500 31 Adj. Entry J2 500 2,000 31 Closing Entry (2) J3 2,000 0

H. Kohl, Capital

Depreciation Expense

Explanation

H. Kohl, Drawing

Explanation

Income Summary

Explanation

Fees Earned

Explanation

Gas and Oil Expense

Explanation

Cleaning Supplies Expense

Insurance Expense

Explanation

Salaries Expense

Explanation

(28)

4.2 g