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Comprehensive Operating Budget Examples
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Comprehensive Accounting Cycle Review Problem Student Name __Mckayla Elcock ________________ Complete the Comprehensive Problem beginning on page ! on the included work papers" Submit the assignment to your instructor AN# upload it to your ePort$olio%
&" Sub Submit mit to to your your instruc instructor tor by 'uly 'uly & & !(&) !(&) *+( poin point, t, !" -plo -pload ad to your your ePort$oli ePort$olio o by 'uly &) !(&) !(&) and submit submit url on Canvas Canvas"" *!( points, points, .ou .o u can complete /& and skip /! but you will lose the !( points" *.ou can get help setting up an ePort$olio in the library on the Redwood campus", &01nstructions on how to submit the assignment to your instructor *+( points,% Complete the problem by hand and scan Submit via a link on the Canvas home page Make a digital copy o$ your completed problem" o 2og into your Canvas account home page $or this course o Click on the Submit My Comprehensive Problem link on the bottom o$ the home page o Click on submit my assignment link in the upper right hand corner o -se the browse button to select the $ile and submit o •
Be sure and put your name on the assignment and keep a copy. !01nstructions on how to submit your assignment via your ePort$olio *!( points,% -pload the completed assignment to your ePort$olio Coursework page *copy the page url, 2og into your Canvas account home page $or this course Click on the Submit My ePort$olio link on the bottom o$ the home page Click on submit my assignment link in the upper right hand corner Paste the url page into the bo3 provided and submit !( points are awarded $or submitting your assignment via your ePort$olio according to these instructions • • • • • •
Note: This is the project that lets you know if your level of understanding is where it needs to be to be successful in this course. If you are having great difficulty in completing this then you need to review the content of chapters !" to continue on and have a successful e#perience. $lease give it your best shot%
A solution solution to this problem is not available $or your re$erence by design" 1t is time $or you to to complete a problem on on your own" 4he $ollowing check $igures are provided% -nad5usted 4rial 6alance Ad5usted 4rial 4rial 6alance Net 1ncome 4otal Assets Post0Closing 4rial 6alance
7&(&8!( 7&(!&9) 7&:;+) 78!!+( 78!;;(
Comprehensive Accounting Cycle Review Problem uality Automotive" Automotive" 4he $ollowing in$ormation about #ecember?s transactions accounts and ad5ustment data is available"
& =illiamson contributed 7)(((( cash to the business in e3change $or capital"
Purchased 7&( 7&(@(( o$ euipment paying cash" Paid 7;)(( $or a 80month insurance policy starting on #ecember &"
Paid 7& 7&((( on account" 4he business received a bill $or utilities to be paid in 'anuary 'anuar y [email protected](" Revenues earned during the month included 7&9 7&9)(( cash and 7! 7!9(( on account"
Paid employeesB salaries 7:+(( and building rent 79((" Record as a compound entry"
4he business received 7& 7&;;( $or auto screening services to be per$ormed ne3t month"
=illiamson withdrew cash o$ 7:((( "
Accounts Cash Accounts Receivable C <$$ice SuppliesC Prepaid 1nsuranceC EuipmentC Accumulated Cash 2and Accounts PayableC -tilities Payable Payable 1nterest Payable -nearned RevenueC Notes Payable Payable #epreciation0EuipmentC 2and =illiamson Capital Capital =illiamson =illiamson =ithdrawals Service Revenue Revenue Salaries E3pense E3pense Rent E3pense pense -tilities E3 E 3pense pense Advertising E3penseC Supplies E3 E3pense pense 1nsurance E3 E3pense pense 1nterest E3pense E3pense and #epreciation E3pense0Euipment" Ad5ustment #ata a" <$$ice Supplies used during the month month $600. month $180. b. #epreciation $or the month c.
d. Accrued 1nterest E3pense E3pense $75.
&e'uirements: Complete the following on the attached work papers
s" &" Prepare the 5ournal entries and post to the 40account 40accounts 2. Prepare an unad5usted trial balance" 3.
Prepare the ad5usting entries and post to the 40accounts"
Prepare an ad5usted trial balance" Prepare the income statement statement the statement o$ owner Bs euity euity and a classi$ied balance sheet " -se proper $ormatting techniues including headings dollar signs and underlining"
Prepare the closing entries and post to the 40accounts" Prepare a post0closing trial balance"
GENE GE NERA RAL L JOUR JOURNA NAL L DATE
ACCOUNT TITLES AND EXPLANATION
Record Transact Transactions, ions, Adjusting Adjusting Entries, Entries, Closing Entries Entries in this journal journal
Cash Williamson, Capital Owners contribution contribution Equipment Ca Cash Purchased equipment with cash Prepaid insurance Cash Prepaid insurance with cash !or " months #and Cash Purchased land with cash O$ce supplies &ccounts pa'able Purchased o$ce supplies on account Cash (otes pa'able )ecei*ed ban+ loan &d*er d*erttisin isin e-pen pense Cash Purchased ad*ertisin with cash &ccounts pa'able Cash Paid on accounts pa'able with cash /tilities e-pense /tilities pa'able )ecord !uture e-pense Cash &ccounts recei*able er*ice re*enue )ecei*ed pa'ments on earned re*enue alaries e-pense )ent e-pense Cash Paid salaries and rent with cash Cash /nearned re*enue )ecei*ed cash !or !uture ser*ice