Assignment 3

Thomas Topology has completed all their journal entries for the month of April 2012 and
posted them to the general ledger. Based on the ledger balances, an unadjusted trial balance
has been prepared. Their chart of accounts and unadjusted trial balance are listed below.
Account Description Account # Account Description Account #
ASSETS REVENUE
Cash 101 Service Revenue 400 Account Titles DR CR
Accounts Receivable 105 interst Earned on Savings 410 Cash $32,050
Prepaid Insurance 110 Accounts Receivable 9,000
Office Supplies 115 EXPENSES Prepaid Insurance 1,200
Property, Plant & Equipment 120 Advertising Expense 500 Property, Plant & Equipment 15,000
Accumulated Depreciation 125 Bad Debt Expense 505 Accounts Payable $25,550
Depreciation Expense 510 Unearned Revenue 4,500
LIABILITIES Insurance Expense 515 Bank Loan 1,500
Accounts Payable 200 Interest Expense 520 Capital Account 18,000
Interest Payable 205 Maintenance Expense 525 Service Revenue 25,000
Unearned Revenue 210 Office Supplies Expense 530 Interest Expense 50
Bank Loan 215 Professional Fees Expense 535 Rent Expense 1,000
Rent Expense 540 Salaries Expense 8,000
OWNER'S EQUITY Salaires Expense 545 Telephone Expense 250
Captial Account 300 Telephone Expense 550 Travel Expense 8,000
Owner's Drawings 310 Travel Expense 555 Total $74,550 $74,550
Income Summary 315
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The following adjustments must be made at the end of April:
30-Apr One month of prepaid insurance has been used 100 $
30-Apr Depreciation on property, plant and equipment 120 $
30-Apr Unearned revenue that has now been earned 1,300 $
REQUIRED: Use the various tabs in this workbook.
1. Fill in the unadjusted trial balance on the worksheet and complete the rest of the worksheet 50 points
2. Prepare the income statement, statement of owner's equity and the balance sheet 20 points
3. Create the closing entries using the income summary account. 30 points
Filename should be formatted as "A3.LastNameFirstName"
Please submit the excel file, not a pdf of the file.
Thomas Topology
Unadjusted Trial Balance
April 30, 2012
235669909.xlsx.ms_office
Assignment 3 - Worksheet
Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 32,050.00 $ 32,050.00 $ 32,050.00 $
Accounts Receivable 9,000.00 $ 9,000.00 $ 9,000.00 $
Prepaid Insurance 1,200.00 $ 100.00 $ 1,100.00 $ 1,100.00 $
Property, Plant & Equipment 15,000.00 $ 15,000.00 $ 15,000.00 $
Accumulated Depreciation 120.00 $ 120.00 $ 120.00 $
Accounts Payable 25,550.00 $ 25,550.00 $ 25,550.00 $
Unearned Revenue 4,500.00 $ 1,300.00 $ 3,200.00 $ 3,200.00 $
Bank Loan 1,500.00 $ 1,500.00 $ 1,500.00 $
Capital Account 18,000.00 $ 18,000.00 $ 18,000.00 $
Service Revenue 25,000.00 $ 1,300.00 $ 26,300.00 $ 26,300.00 $
Depreciation Expense 120.00 $ 120.00 $ 120.00 $
Insurance Expense 100.00 $ 100.00 $ 100.00 $
Interest Expense 50.00 $ 50.00 $ 50.00 $
Rent Expense 1,000.00 $ 1,000.00 $ 1,000.00 $
Salaries Expense 8,000.00 $ 8,000.00 $ 8,000.00 $
Telephone Expense 250.00 $ 250.00 $ 250.00 $
Travel Expense 8,000.00 $ 8,000.00 $ 8,000.00 $
Total 74,550.00 $ 74,550.00 $ 1,520.00 $ 1,520.00 $ 74,670.00 $ 74,670.00 $ 17,520.00 $ 26,300.00 $ 57,150.00 $ 48,370.00 $
Net Income 8,780.00 $ 8,780.00 $
Total 26,300.00 $ 26,300.00 $ 57,150.00 $ 57,150.00 $
Thomas Topology
Worksheet
April 30, 2012
Unadjusted
Trial Balance
Adjustments
Adjusted
Trial Balance
Income
Statement
Balance
Sheet
235669909.xlsx.ms_office
Assignment 3 - Financial Statements
Service Revenue 26,300.00 $
Less Expenses
Depreciation Expense 120.00 $
Insurance Expense 100.00 $
Interest Expense 50.00 $
Rent Expense 1,000.00 $
Salaries Expense 8,000.00 $
Telephone Expense 250.00 $
Travel Expense 8,000.00 $
Total Expense 17,520.00 $
Net income 8,780.00 $
Owner's Equity at April 1 18,000.00 $
Add:
Net Income 8,780.00 $
Owner's Equity at April 30 26,780.00 $
Assets
Cash 32,050.00 $
Accounts Receivable 9,000.00 $
Pepaid Insurance 1,100.00 $
Property, Plant & Equipment 15,000.00 $
Accumulated Depreciation 120.00 $ 14,880.00 $
Total Assets 57,030.00 $
Liabilities
Accounts Payable 25,550.00 $
Unearned Revenue 3,200.00 $
Bank Loan 1,500.00 $
Total Liabilities 30,250.00 $
Owner's Equity 26,780.00 $
Total liabilities and Owner's Equity 57,030.00 $
Thomas Topology
Statement of Owner's Equity
For the Month Ended April 30, 2012
Thomas Topology
Income Statement
For the Month Ended April 30, 2012
Thomas Topology
Statement of Owner's Equity
For the Month Ended April 30, 2012
235669909.xlsx.ms_office
Assignment 3 - Closing Entries
Journal Page 2
Date Account Title and Explanation PR DR CR
30-Apr Service Revenue 400 26,300.00 $
Income Summary 315 26,300.00 $
Close Revenue Accounts
30-Apr Income Summary 315 17,520.00 $
Depreciation Expense 510 120.00 $
Insurance Expense 515 100.00 $
Interest Expense 520 50.00 $
Rent Expense 540 1,000.00 $
Salaries Expense 545 8,000.00 $
Telephone Expense 550 250.00 $
Travel Expense 555 8,000.00 $
Close Expense Accounts
30-Apr Income Summary 315 18,000.00 $
Capital Account 300 18,000.00 $
Close Income Summary Account
235669909.xlsx.ms_office