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P4-8A

Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.  July 1Issued 11,000 shares of common stock for $11,000 cash.July 1Purchased used truck for $9,000, paying $2,000 cash and the balance on account.July 3Purchased cleaning supplies for $900 on account.July 5Paid $1,800 cash on 1-year insurance policy effective July 1.July 12Billed customers $3,200 for cleaning services.July 18Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.July 20Paid $2,000 cash for employee salaries.July 21Collected $1,400 cash from customers billed on July 12.July 25Billed customers $2,500 for cleaning services. July 31Paid $260 for gas and oil used in the truck during month.July 31Declared and paid a $600 cash dividend.

Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) DateAccount/DescriptionDebitCreditJuly 1[removed][removed]            [removed] [removed] (To record the issuance of stock)  July 1[removed][removed]            [removed] [removed]            [removed] [removed] (To record the purchase of a truck)  July 3[removed][removed]           [removed] [removed]July 5[removed][removed]           [removed] [removed]July 12[removed][removed]            [removed] [removed]July 18[removed][removed]            [removed] [removed]July 20[removed][removed]            [removed] [removed]July 21[removed][removed]            [removed] [removed]July 25[removed][removed]            [removed] [removed]July 31[removed][removed]            [removed] [removed] (Paid for gas and oil)  July 31[removed][removed]            [removed] [removed] (Declared and paid a dividend)

Journalize the following adjustments. Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper 1.Services provided but unbilled and uncollected at July 31 were $1,700.2.Depreciation on equipment for the month was $250.3.One-twelfth of the insurance expired. 4.An inventory count shows $360 of cleaning supplies on hand at July 31.5.Accrued but unpaid employee salaries were $400.DateAccount/DescriptionDebitCredit1. July 31[removed][removed]             [removed] [removed]2. July 31[removed][removed]            [removed] [removed]3. July 31[removed][removed]            [removed] [removed]4. July 31[removed][removed]            [removed] [removed]5. July 31[removed][removed]            [removed] [removed]

Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields blank.) Cash Accounts Payable 7/1[removed]  7/1[removed]   7/18[removed]  7/1[removed]  7/21[removed]  7/5[removed]     7/3[removed]    7/18[removed]     7/31 Bal.[removed]    7/20[removed]         7/31[removed]  Salaries Payable   7/31[removed]     7/31[removed]  7/31 Bal.[removed]       7/31 Bal.[removed]          Accounts Receivable Common Stock 7/12[removed]  7/21[removed]     7/1[removed]  7/25[removed]       7/31 Bal.[removed]  7/31[removed]         7/31 Bal.[removed]    Retained Earnings      7/31[removed]  7/31[removed] Cleaning Supplies    7/31 Bal.[removed]  7/3[removed]  7/31[removed]       7/31 Bal.[removed]    Dividends      7/31[removed]  7/31[removed]    7/31 Bal[removed]   Prepaid Insurance   7/5[removed]  7/31[removed]  Income Summary 7/31 Bal.[removed]     7/31[removed]  7/31[removed]       7/31[removed]   Equipment    7/31 Bal.[removed]  7/1[removed]         7/31 Bal.[removed]    Service Revenue      7/31[removed]  7/12[removed] Accumulated Depreciation – Equipment    7/25[removed]    7/31[removed]     7/31[removed]    7/31 Bal.[removed]     7/31 Bal.[removed]          Gas and Oil Expense Insurance Expense 7/31[removed]  7/31[removed]   7/31[removed]  7/31[removed]  7/31 Bal.[removed]     7/31 Bal.[removed]            Cleaning Supplies Expense Salaries Expense 7/31[removed]  7/31[removed]   7/20[removed]  7/31[removed]  7/31 Bal.[removed]     7/31[removed]         7/31 Bal.[removed]   Depreciation Expense      7/31[removed]  7/31[removed]       7/31 Bal.[removed]

Complete the Trial Balance and Adjusted Trial Balance at July 31. (If an answer is zero, please enter 0, do not leave any fields blank.) CARDINAL WINDOW WASHING INC.Trial BalanceJuly 31, 2010 Before AdjustmentAfter Adjustment Debit CreditDebit CreditCash$[removed]$[removed]$[removed]$[removed]Accounts Receivable[removed][removed][removed][removed]Cleaning Supplies[removed][removed][removed][removed]Prepaid Insurance[removed][removed][removed][removed]Equipment[removed][removed][removed][removed]Acc. Depr. – Equipment[removed][removed][removed][removed]Accounts Payable[removed][removed][removed][removed]Salaries Payable[removed][removed][removed][removed]Common Stock[removed][removed][removed][removed]Dividends[removed][removed][removed][removed]Service Revenue[removed][removed][removed][removed]Salaries Expense[removed][removed][removed][removed]Gas & Oil Expense[removed][removed][removed][removed]Depreciation Expense[removed][removed][removed][removed]Insurance Expense[removed][removed][removed][removed]Cleaning Supplies Expense[removed][removed][removed][removed] $[removed]$[removed]$[removed]$[removed]

Complete the income statement and a retained earnings statement for July and a classified balance sheet at July 31 (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and liabilities from largest to smallest amount, e.g. 10, 5, 2.) CARDINAL WINDOW WASHING INC.Income Statement [removed]Revenues        [removed] $[removed]Expenses        [removed]$[removed]       [removed][removed]       [removed][removed]       [removed][removed]       [removed][removed]             Total Expenses [removed]Net Income $[removed]CARDINAL WINDOW WASHING INC.Retained Earnings Statement[removed][removed]$[removed]Add: [removed][removed] [removed]Less: [removed][removed][removed]$[removed]CARDINAL WINDOW WASHING INC.Balance Sheet [removed]AssetsCurrent assets        [removed]$[removed]       [removed][removed]       [removed][removed]       [removed][removed]             Total current assets $[removed]Property, plant, and equipment        [removed][removed]    Less: [removed][removed][removed]            Total assets $[removed]Liabilities and Stockholders’ Equity Current liabilities        [removed]$[removed]       [removed][removed]            Total current liabilities $[removed]Stockholders’ equity        [removed][removed]       [removed][removed]            Total stockholders’ equity [removed]            Total liabilities and stockholders’ equity $[removed]

Journalize the post closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) DateAccount/DescriptionDebitCreditJuly 31[removed][removed]            [removed] [removed] (To close revenue accounts.)  July 31[removed][removed]            [removed] [removed]           [removed] [removed]           [removed] [removed]           [removed] [removed]           [removed] [removed] (To close expense accounts.)  July 31[removed][removed]            [removed] [removed] (To close income summary. )  July 31[removed][removed]            [removed] [removed] (To close dividends.)

Complete the post closing Trial Balance below. (If answer is zero please enter 0, do not leave any fields blank.) CARDINAL WINDOW WASHING INC.Post-Closing Trial Balance July 31, 2010 DebitCreditCash$[removed]$[removed]Accounts Receivable[removed][removed]Cleaning Supplies[removed][removed]Prepaid Insurance[removed][removed]Equipment[removed][removed]Accumulated Depreciation[removed][removed]Accounts Payable[removed][removed]Salaries Payable[removed][removed]Common Stock[removed][removed]Retained Earnings[removed][removed]Dividends[removed][removed]Service Revenue[removed][removed]Salaries Expense[removed][removed]Gas & Oil Expense[removed][removed]Depreciation Expense[removed][removed]Insurance Expense[removed][removed]Cleaning Supplies Expense[removed][removed] $[removed]$[removed]

 

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WileyPLUS Assignment Week Four

Complete the following in WileyPLUS: * Problem 4-8A

Start Date: 30 Nov 2012 at 07:00 PM

Due Date: Unlimited

Student Access after Due Date: Yes. Attempts after Due Date will be Marked Late

Graded: Yes

P4-8A

Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were
completed.

July 1 Issued 11,000 shares of common stock for $11,000 cash.
July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.
July 3 Purchased cleaning supplies for $900 on account.
July 5 Paid $1,800 cash on 1-year insurance policy effective July 1.
July 12 Billed customers $3,200 for cleaning services.
July 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies.
July 20 Paid $2,000 cash for employee salaries.
July 21 Collected $1,400 cash from customers billed on July 12.
July 25 Billed customers $2,500 for cleaning services.
July 31 Paid $260 for gas and oil used in the truck during month.
July 31 Declared and paid a $600 cash dividend.

Journalize the July transactions. (List multiple debit/credit entries from largest to smallest amount, e.g.
10, 5, 2.)

Date Account/Description Debit Credit

July 1

(To record the issuance of stock)

July 1

(To record the purchase of a truck)

July 3

July 5

July 12

July 18

July 20

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July 21

July 25

July 31

(Paid for gas and oil)

July 31

(Declared and paid a dividend)

Journalize the following adjustments.

1. Services provided but unbilled and uncollected at July 31 were $1,700.
2. Depreciation on equipment for the month was $250.
3. One-twelfth of the insurance expired.
4. An inventory count shows $360 of cleaning supplies on hand at July 31.
5. Accrued but unpaid employee salaries were $400.

Date Account/Description Debit Credit

1. July 31

2. July 31

3. July 31

4. July 31

5. July 31

Post the July transactions to the ledger accounts. (Use T accounts.) Post adjusting entries to the T accounts. Post
closing entries and complete the closing process. (If answer is zero, please enter 0, do not leave any fields
blank.)

Cash

Accounts Payable

7/1 7/1 7/18 7/1

7/21 7/5 7/3

7/18

7/31
Bal.

7/20

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7/31

Salaries Payable

7/31 7/31

7/31
Bal.

7/31
Bal.

Accounts Receivable

Common Stock

7/12 7/21 7/1

7/25
7/31
Bal.

7/31

7/31
Bal.

Retained Earnings

7/31 7/31

Cleaning Supplies
7/31
Bal.

7/3 7/31

7/31
Bal.

Dividends

7/31 7/31

7/31
Bal

Prepaid Insurance

7/5 7/31 Income Summary

7/31
Bal. 7/31 7/31

7/31

Equipment
7/31
Bal.

7/1

7/31
Bal.

Service Revenue

7/31 7/12

Accumulated Depreciation – Equipment 7/25

7/31 7/31

7/31
Bal.

7/31
Bal.

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Gas and Oil Expense

Insurance Expense

7/31 7/31 7/31 7/31

7/31
Bal.

7/31
Bal.

Cleaning Supplies Expense

Salaries Expense

7/31 7/31 7/20 7/31

7/31
Bal. 7/31

7/31
Bal.

Depreciation Expense

7/31 7/31

7/31
Bal.

Complete the Trial Balance and Adjusted Trial Balance at July 31. (If an answer is zero, please enter 0, do not
leave any fields blank.)

CARDINAL WINDOW WASHING INC.
Trial Balance
July 31, 2010

Before Adjustment After Adjustment
Debit Credit Debit Credit
Cash

$ $ $

$

Accounts
Receivable
Cleaning
Supplies
Prepaid
Insurance

Equipment

Acc. Depr. –
Equipment
Accounts Payable

Salaries Payable
Common Stock
Dividends
Service Revenue

Salaries Expense
Gas & Oil
Expense
Depreciation
Expense
Insurance
Expense
Cleaning
Supplies
Expense

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$ $

$ $

Complete the income statement and a retained earnings statement for July and a classified balance sheet at July
31 (List expenses from largest to smallest amount, e.g. 10, 5, 2. List assets in order of liquidity and
liabilities from largest to smallest amount, e.g. 10, 5, 2.)

CARDINAL WINDOW WASHING INC.
Income Statement

Revenues
$
Expenses
$

Total Expenses

Net Income $

CARDINAL WINDOW WASHING INC.
Retained Earnings Statement

$

Add:

Less:

$

CARDINAL WINDOW WASHING INC.
Balance Sheet

Assets
Current assets
$

Total current assets $
Property, plant, and equipment

Less:

Total assets $

Liabilities and Stockholders’ Equity
Current liabilities
$

Total current liabilities $

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Stockholders’ equity

Total stockholders’ equity

Total liabilities and stockholders’ equity $

Journalize the post closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g.
10, 5, 2.)

Date Account/Description Debit Credit
July 31

(To close revenue accounts.)

July 31

(To close expense accounts.)

July 31

(To close income summary. )

July 31

(To close dividends.)

Complete the post closing Trial Balance below. (If answer is zero please enter 0, do not leave any fields
blank.)

CARDINAL WINDOW WASHING INC.
Post-Closing Trial Balance

July 31, 2010
Debit Credit

Cash $ $

Accounts Receivable

Cleaning Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation

Accounts Payable
Salaries Payable
Common Stock
Retained Earnings
Dividends
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Service Revenue
Salaries Expense

Gas & Oil Expense

Depreciation Expense

Insurance Expense

Cleaning Supplies Expense

$ $
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WileyPLUS Assignment Week Five

Start Date: 30 Nov 2012 at 07:00 PM

Due Date: Unlimited

Student Access after Due Date: Yes. Attempts after Due Date will be Marked Late

Graded: Yes

BE5-1

Presented here are the components in Pedersen Company’s income statement. Determine the missing amounts.

Sales

Cost

of Goods Sold Gross Profit Operating Expenses Net Income

$71,200 (b)$ $30,000 (d)$ $10,800

$108,000 $70,000 (c)$ (e)$ $29,500

(a)$ $71,900 $109,600 $46,200 (f)

$

BE5-2

Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use
perpetual inventory systems. Journalize the transactions on the books of both companies.

Prior Company
Account/Description Debit Credit

Wood Company
Account/Description Debit Credit

(To record the sale)

(To record the cost of inventory)

BE6-5

In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the
month, 180 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the
periodic method.

Phantom Profit $

BE6-7

O’Connor Video Center accumulates the following cost and market data at December 31.

Inventory Categories Cost Data Market Data
Cameras $12,500 $13,400
Camcorders 9,000 9,500
DVD’s 13,000 12,800

Compute the lower of cost or market valuation for O’Connor’s inventory.

$

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BE7-4

Beaty Company has the following internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure.

Establishment of responsibility

Segregation of duties

Independent internal verification

Human resource controls

Physical controls

1. The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.

2. All over-the-counter receipts are registered on cash registers.

3. Only cashiers may operate cash registers.

4. All cashiers are bonded.

5. Daily cash counts are made by cashier department supervisors.

BE7-6

Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each
procedure.

Segregation of duties
Establishment of responsibility
Physical controls
Independent internal verification

Documentation procedures

1. Only the treasurer or assistant treasurer may sign checks.

2. Company checks are prenumbered.

3. Check signers are not allowed to record cash disbursement transactions.

4. The bank statement is reconciled monthly by an internal auditor.

5. Blank checks are stored in a safe in the treasurer’s office.

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