Accounting Cycle Review Problem Your Name: Bradley Pinkston Complete the Comprehensive Problem P4-37B for Chapters 1-4, on page 265 on the following work papers. You can use a word processor or do them by hand. I would prefer by hand (legibly written) because I think you will learn more that way, but it is up to you. Important info: Skip Step 5 in the requirements Change the balance sheet in step 6 to a Classified Balance Sheet Use proper formatting techniques on all reports, Use complete headings on all reports on step 6 Use proper formatting techniques like underling, double underling, dollars signs on all reports. Also include proper headings on all reports (company name, name of report, appropriate dating) Submit the problem on the due date shown on the daily schedule by: turning it in during class (if you have an onsite class) emailing it to me: lynnette,verburyi@slce.edu, Please send in one file. dropping it off in the accounting lab and having them put it in my folder sliding it under my office door, bb330M, Redwood campus snail mail: SLCC 4600 South Redwood Road BB330M Salt Lake City, UT 84130 Please be sure and put your name on the problem regardless of how you turn it in. @ I suggest you Keep a copy. You will not have aceess to a solution for this problem. You are on your own. Here are some check figures: Note: This is the project that lets you know if you are where you need to be in this course to continue onand have a successful experience. Please give it your best attempt, and then decide for yourself. Good luck!GENERAL JOURNAL DATE, ACCOUNT TITLES AND EXPLANATION DEBIT ‘CREDIT. ‘Record Transactions, Adjusting Entries, Closing Entries in this journal ec 1 ash 60,000 Dosier, Capital $60,000 ‘owner Contribution ec [Equipment 12,000 Cash 22,000 id Cash for Equipment ec 1 PPrepaid Insurance 52,000 Cash 52,000 id Insurance in Advance ec 9 ltand 22,000 Gash 322,000 aid Cash for Land ec 10 fice Supplies 3,300 ‘Accounts Payable 3,300 urchased Office Supplies on Account Dec 19 ash 25,000 Notes Payable 525,000 Borrowed Cash signed to Notes Payable Dec 22 \dvertising Expense Cash 800 id Advertising Expense Pec 26 [Account Payable 1,000 Cash 2,000 aid Cash on Account ec 28, [Utilities Expense 320 Utilities Payable 320, Accrued Utilities Expense ec 31 sh 10,000 Service Revenue 210,000 formed Service and Received Cash ec 3, [Accounts Receivable 7,200 Service Revenue 2,200 services Performed on Account Pecaz jlaries Expense 2,100 Rent Expense 950) Cash 3050 "id Cash Expense Dec3a [eesh 2400 Uneamed Revenue 2400 collected Cash for future ServiceDATE ACCOUNT TITLES AND EXPLANATION DEBIT | CREDIT ec31___[Dosler, Withdrawal 57,000 Cash 7,000 wer Withdrawal Dec 33 upplies Expense 3,000 Office Supplies 1,000 [fo Record office Supplies (Dec31___ [Depreciation Expense — Equipment. 400) ‘Accumulated Depreciation — Equipment 400 [fo Record Depreciation Equipment (Dec3i___|nsurance Expense 500 Prepaid insurance 500 [fo Record insurance Expense fbec3i___ [interest Expense 100 Interest Payable 100 [fo Accrue interest Expense bec 31 service Revenue 11,200 income Summary 11,200 [fo close Revenue fbecai___ [income Summary 6170 Salaries Expense 2,100 Rent Expense 950 Utilities Expense 320 ‘Advertising Expense 800 Supplies Expense 2,000 Insurance Expense 500 Interest Expense 5100 Depreciation Expense — Equipment 400) [fo close Expenses [bec 3a income Summary 5,030. Dosler, Capital 5,030 fo clase income Summary lbecai Poster, Capital 57,000 Dosler Withdrawals 57,000 lo clase WithdrawalsCash Acets. Ree Office Supplies Prepaid Insurance ec.1 60,000 | 12,000 Dec.1 _Dee.31 1,200 Dec.10 3,300 | 1,000 Ad} ec.1 2,000 | 300 Adj Dee'19 25,000 | 2,000 Dect Dee'31 10,000 | 22,000 Dec9 Dee'31 2,400 800 Dec 22 4000 Dec26 33050 Dec31 71000 Dec'31 al 495550 eal4200 | Adjaal.2300 | AdjBal 1,500 | Equipment Accum. Dep. — Equip. Land Accounts Payable deca 12000. ——Taeobee31 Dec 20,00 ‘ec.26 1,000 |3.300 Dec. 10 bal 2000 “eo ba, 83120000 [230088 Utilities Payable Interest Payable Uneamed Revenue Notes Payable-Dosler 320 Dec.28 100 Dec. 31 2,400 Dec31 25,000 Dec.19 ‘0 Bal |100 bat 2,400 Bal 25,000 Bal Capital-Dosler Withdrawals Service Revenue Salaries Expense Clos.4 7,000| 60,000 Dec.2 5,030 Clos.3 58,030 Bal Bal. 0 Dec.31 7,000) 7,000 Clos.4 Clos.1 11,200 10,000 Dec.31 3,200 Dec.31 Bal. bee31 2200] 2200 cos Bal. 0Rent Expense Dec.31 950 950 Clos.2 Bal. 0 Insurance Expense ec.31 500 |500 Clos. 2 Bal. Utilities Expense Dec.28 320 320 Clos.2 Bal.0 Interest Expense Dec.31 100/100 Clos. 2 Bal. 0 Advertising Expense ‘Dec.22 800]800 Clos.2 Bal.0 Depreciation Exp. Equip. ola a Bal. ‘Supplies Expense Dec.31 1,000 |1,000 Clos.2 Bal. | Income Summary Clos.2 6,170|12,200 Clos. Clos.3 5,030 5,030 Bal. paloDosler's Quality Automotive Unadjusted Trial Balance December 31, 2014 ‘Account Title Debits [Credits Cash 49,550 ‘Accounts Receivable 1,200) Office Supplies 3,200 Prepaid insurance 2,000 Equipment 12,000 land 22,000 ‘Accounts Payable 2,300 Utilities Payable 320 Unearned Revenue 2,400 Notes Payable 725,000 Dosler, Capital 60,000 Dosler, Withdrawals 57,000 Service Revenue 611,200 Salaries Expense 52,100 Rent Expense 950) Utilities Expense 320) ‘Advertising Expense 800) Total 101,220 101,220Dosler’s Quality Automotive Adjusted Trial Balance December 31, 2014 ‘Account Title Debits | Credits Cash 29,550 ‘Accounts Receivable 2,200 Office Supplies 52,300 Prepaid insurance 1,500 Equipment 12,000 ‘Accumulated Depreciation — Equipment 00 land 22,000 ‘Accounts Payable 2,300 Utilities Payable 320 Interest Payable 200 Unearned Revenue 52,400 Notes Payable 25,000 Dosler, Capital 60,000 Doster, Withdrawals 57,000 Service Revenue 1,200 Salaries Expense 52,100 Rent Expense 950 Uiilities Expense 320 ‘Advertising Expense 800 Supplies Expense 1,000 Insurance Expense 500 Interest Expense 100 Depreciation Expense — Equipment 400 Total 101720 101,720Dosler’s Quality Automotive Income statement (One Month's Ended December 31, 2014 Revenues Service Revenue 17,200 Bipenses Salaries Expense 2,100 Rent Expense 950 Utilities Expense 320 Advertising Expense 5800 Supplies Expense 1,000 Tnsurance Expense 500 Interest Expense 100 Depreciation Expense ~ Equipment 00 Total Expenses 170 NETINCOME 53,030 Dosler's Quality Automotive Statement of Changes in Owner's Equity ‘Sne ons Ende December 31,2014 Dosler, Capital, December 1, 2014 $0 Owner Contribution ‘$60,000 Net Income for the One Month $5,030 $65,080, Owner Witherawal (7000) Dosler, Capital, December 31, 2014 [558.030Dosler's Quality Automotive Balance Sheet December 31, 2014 Assets Current Assets Cash 649,550 ‘Accounts Receivable 1,200) Office Supplies 2,300 Prepaid Insurance 1,500 TOTAL CURRENT ASSETS 54,550 Plant Assets: Equipment $12,000 Less: Accumulated Depreciation ~ Equipment (400)[17,600 Land 22,000 TOTAL PLANT ASSETS 33,600 TOTAL ASSETS fes,150 Liabilities Current Liabilities ‘Accounts Payable 52,300 Utilities Payable 320 Interest Payable 100 Unearned Revenue 2,400 TOTAL CURRENT LIABILITIES 5,120 Long Term Liabilities Notes Payable 25,000 TOTAL LIABILITIES (530,120 ‘Owner's Equity Doster, Capital 58,030 TOTAL LIABILITIES AND OWNER'S EQUITY. (ga8,150Dosler's Quality Automotive Post-Closing Trial Balance December 31, 2014 ‘Account Title Debits_[_ Credits Cash 49,550 ‘Accounts Receivable 2,200 Office Supplies 2,300 Prepaid Insurance 2,500 Equipment 12,000 ‘Accumulated Depreciation ~ Equipment 400) Land) 22,000 ‘Accounts Payable 2,300 Utilities Payable 320) Interest Payable 100 Unearned Revenue 52,400 Notes Payable 325,000 Dosler, Capital 58,030 Total 88,550 88,550