Design Studio assessment

ACCT100 assessment

Chart of Accounts

Chart of Accounts

Design Revenue

		Cash	111
		Accounts Receivable	113
		Office Supplies	115
		Prepaid Rent	117
		Office Equipment	145
Accumulated Depreciation—Office Equipment	146
	Accounts Payable	212
Unearned			Design Revenue	213
		Wages Payable	214
		J. Miller, Capital	311
		J. Miller, Withdrawals	312
	Income Summary	313
411
		Wages Expense	511
		Utilities Expense	512
		Rent Expense	514
		Office Supplies Expense	517
Depreciation Expense—Office Equipment	519

Ch4 CP 1

:

Date

entries

Emily Philippe: Choose answers from dropdown list.

Aug 01

Aug 01

Name:

Course:

Date

Chapter 4, Comprehensive Problem

General Journal

Page 5

Description

Post

Ref

Debit

Credit

1.

Reversing

2011

Aug 01

Emily Philippe: Choose answers from dropdown list.

Emily Philippe: Enter amounts as positive whole numbers.

2.

Aug 02

Aug 07

Aug 08

Aug 12

Aug 13

Billed for design services performed

Cash investment by J. Miller

Paid for office equipment purchased in July

Purchased office equipment

Purchased office supplies

Received advance fee for design services

To reverse the adjusting entry for accrued design revenue earned

To reverse the adjusting entry for accrued wages

Ch4 CP 2

General Journal

Date Description

Debit Credit

2.

2011

Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Enter amounts as positive whole numbers.

											Chapter 4, Comprehensive Problem (continued)
Page 6
	Post Ref
Entries (continued)
		Aug 15
		Aug 16
		Aug 19
		Aug 20
		Aug 21
		Aug 22
		Aug 23
		Aug 26
		Aug 30
For design services performed for Rave Department Stores
Paid amount due for utility bill received and recorded in July
Paid assistant four weeks’ wages
Paid September rent in advance
Paid utilities bill for August
Received cash payment for design services
Received payment for design services performed last month
Withdrawal of cash by J. Miller

Ch4 CP 3

Chapter 4, Comprehensive Problem (continued)

Entries in General Ledger

Entries in General Ledger

General Ledger
Cash

Post

Date

Ref Debit Credit Debit Credit

2011

Aug 01

Emily Philippe: Enter amounts as positive whole numbers. Aug 02

Aug 07
Aug 12
Aug 13
Aug 15
Aug 16
Aug 19
Aug 21
Aug 22
Aug 23
Aug 26
Aug 30

Accounts Receivable

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

Aug 01

Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Choose answers from dropdown list. Aug 16

Aug 20

Adjusting
Closing
Reversing

1. Post Reversing Entries in

General Ledger

3. Post August Entries in General Ledger

7. Post

Adjusting

8. Post

Closing

Account No. 111

Balance

Item

Jul 31

2,

800

22,480

Account No. 113

400

5,000

Aug 31

J1

J2

J3

J4

J5

J6

J7

J8

J9

J10

Ch4 CP 4

Chapter 4, Comprehensive Problem (continued)

General Ledger

Office Supplies

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

Aug 07

Emily Philippe: Enter amounts as positive whole numbers.
Emily Philippe: Choose answers from dropdown list. Aug 31
Emily Philippe: Choose answers from dropdown list. Prepaid Rent

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

1,600

Aug 26
Aug 31

Office Equipment

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

16,320

Aug 02

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

300

Aug 31

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

Aug 12
Aug 19
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10

Adjusting
Closing
Reversing

			1. Post Reversing Entries in General Ledger (continued)
			3. Post August Entries in General Ledger (continued)
			7. Post Adjusting Entries in General Ledger (continued)
			8. Post Closing Entries in General Ledger (continued)
Account No. 115
3,660
Account No. 117
	1,	600
Account No. 145
	16,320
	Accumulated Depreciation – Office Equipment	Account No. 146
	300
Acounts Payable	Account No. 212
6,280

Ch4 CP 5

Chapter 4, Comprehensive Problem (continued)

1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)

General Ledger

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31 800 600

Aug 08

Emily Philippe: Enter amounts as positive whole numbers. Aug 13
Aug 31
Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Choose answers from dropdown list.

Wages Payable

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

720

Aug 01
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10

Adjusting
Closing
Reversing

	Unearned Design Revenue	Account No. 213
1,100
Account No. 214
	720

Ch4 CP 6

Chapter 4, Comprehensive Problem (continued)

1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)

General Ledger

J. Miller, Capital

Post Balance
Date Item Ref Debit Credit Debit Credit
2011

Jul 31

Aug 01

Emily Philippe: Enter amounts as positive whole numbers.
Emily Philippe: Choose answers from dropdown list. Aug 31
Emily Philippe: Choose answers from dropdown list. Aug 31
J. Miller, Withdrawals

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 30
Aug 31

Income Summary

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 31
Aug 31
Aug 31

Design Revenue

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 01
Aug 08
Aug 15
Aug 20
Aug 21
Aug 31
Aug 31
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10

Adjusting
Closing
Reversing

Account No. 311

41,160

Account No. 312

Account No. 313

Account No. 411

Ch4 CP 7

Chapter 4, Comprehensive Problem (continued)

1. Post Reversing Entries in General Ledger (continued)
3. Post August Entries in General Ledger (continued)
7. Post Adjusting Entries in General Ledger (continued)
8. Post Closing Entries in General Ledger (continued)

General Ledger

Wages Expense

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 01

Emily Philippe: Enter amounts as positive whole numbers.
Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Choose answers from dropdown list. Aug 23

Aug 31
Aug 31

Utilities Expense

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 22
Aug 31

Rent Expense

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 31
Aug 31

Office Supplies Expense

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 31
Aug 31

Post Balance
Date Item Ref Debit Credit Debit Credit
2011
Aug 31
Aug 31
J1
J2
J3
J4
J5
J6
J7
J8
J9
J10

Adjusting
Closing
Reversing

Account No. 511
Account No. 512
Account No. 514
Account No. 517
	Depreciation Expense – Office Equipment	Account No. 519

Ch4 CP 8

Chapter 4, Comprehensive Problem (continued)

amounts entered on the work sheet

Trial Balance

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit

Cash

Accounts Receivable

Office Supplies
Prepaid Rent
Office Equipment
Accumulated Depreciation – Office Equipment
Accounts Payable
Unearned Design Revenue
J. Miller, Capital
J. Miller, Withdrawals
Design Revenue
Wages Expense
Utilities Expense
Rent Expense
Depreciation Expense – Office Equipment
Wages Payable
Office Supplies Expense

4.	Trial Balance
				Miller Design Studio
Work Sheet
		For the Month Ended	August 31, 2011
Adjustments	Adjusted Trial Balance		Income Statement
	Balance Sheet
Account Name
Emily Philippe: Enter all amounts in the debit and credit columns for each section as positive whole numbers.	Emily Philippe: For columns D and F, choose answers from dropdown list that correspond with respective adjustment debit and credit amounts.
		Net Loss
(a)
(b)
(c)
(d)
(e)
(f)

Ch4 CP 9

Chapter 4, Comprehensive Problem (continued)

, and Balance Sheet prepared

Miller Design Studio

Income Statement

For the Month Ended August 31, 2011

Emily Philippe: Choose answers from dropdown list.

Net Loss

Miller Design Studio

Statement of Owner’s Equity

For the Month Ended August 31, 2011

Net Loss

6. Income Statement,	Statement of	Owner’s Equity
Revenues
	Emily Philippe: Enter all amounts as positive whole numbers.	Expenses
Total expenses
J. Miller, Capital, August 1, 2011
J. Miller, Capital, August 31, 2011
Less Withdrawals
Plus Investment by Owner
Subtotal

Ch4 CP 10

Chapter 4, Comprehensive Problem (continued)

Miller Design Studio
Balance Sheet

Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Enter all amounts as positive whole numbers.

Owner’s Equity

6. Income Statement, Statement of Owner’s Equity, and Balance Sheet prepared

August, 31 2011

Assets

Total assets

Liabilities

Total liabilities

Total owner’s equity

Total liabilities and owner’s equity

Ch4 CP 11

Chapter 4, Comprehensive Problem (continued)

Date Description Post Ref Debit Credit

2011
Aug 31

Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Enter amounts as positive whole numbers. Aug 31

Aug 31

Aug 31

Aug 31

Aug 31

7. Record the Adjusting Entries on August 31, 2011, in Journal Form
	General Journal	Page 7
Adjusting entries:
Emily Philippe: Choose answers from dropdown list.
To accrue unrecorded wages
To recognize expiration of one month’s rent
To recognize office supplies used during the month
To recognize performance of services paid for in advance
To record depreciation of equipment for the month
To record revenue earned, but not billed until September

Ch4 CP 12

Chapter 4, Comprehensive Problem (continued)

General Journal

Date Description Post Ref Debit Credit

2011
Aug 31

Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Enter amounts as positive whole numbers. Aug 31

Aug 31

Aug 31

8. Record the Closing Entries on August 31, 2011, in Journal Form

Page 8

Closing entries:

To close the expense accounts into the income summary account

To close the income summary account

To close the revenue account into the income summary account

To close the withdrawals account

Ch4 CP 13

Chapter 4, Comprehensive Problem (continued)

at August 31, 2011

Miller Design Studio

Post-Closing Trial Balance
August 31, 2011

Emily Philippe: Enter total debits.
Emily Philippe: Choose answers from dropdown list.
Emily Philippe: Enter amounts as positive whole numbers.

9. Prepare a	Post-Closing Trial Balance
	Emily Philippe: Enter total debits.