BUS 591 WEEK 6 FINAL POSTING FINAL
A B
1 Summative Assignment Project Instructions and Templates2 Name: 3 4 Final Project 5 Due by Day 7 of Week 6 6 7 8 This project is worth _20_ points 9 10
11 MAKE SURE TO COMPLETE ALL GRADED REQUIREMENTS LISTED BELOW.
12 It is recommended that you complete the non-graded requirements for additional practice
13
14 All of the templates you need for the Assignment are located in this Workbook.
15 The instructions and data for the problem is in your Textbook.
16 Use the arrow buttons (lower left corner of the window) to navigate through the tabs.
17 Submit the ENTIRE Workbook (file) to your instructor for the Week 6 Final Project
18 19 21 Requirements Sheet in Workbook22 23 Week One
24 Chapter 1 and 2 - Review the problem and make notes of your answers. Chapter 1 & 2 Notes (PRACTICE)
25 Week Two
26 Chapter 3 - Part A, prepare journal entries to record the November transactions
Journal Entries (PRACTICE)
27 Chapter 3 - part B, post the journal entries to the general ledger accounts
General Ledger (PRACTICE)
28 Chapter 3 - Part C, prepare a trial balance at November 30, 2011 Trial Balance (PRACTICE)
29 Week Three 30 Chapter 4 - Part A, journalize the transactions Journal Entries (GRADED)
31 Chapter 4 - Part B, post the december transactions to the general ledger accounts General Ledger (GRADED)
32 Chapter 4 - Part C, prepare a trial balance at December 31, 2011 Trial Balance (GRADED)
33 Chapter 4 - Part D, prepare and post adjusting journal entries for December Adjusting Entires (GRADED)
34 For Part D, Post the adjusting entries to the general ledger accounts adding to the balances you did in Part B. General Ledger (GRADED)
35 Chapter 4 - Part E, prepare adjusted trial balance at December 31, 2011 Adjusted Trial Balance (GRADED)
36 Chapter 4 - Part F, prepare an income statement, retained earning statement and balance sheet Financial Statements (GRADED)
37 Chapter 4 - Part G, prepare and post closing entires as of December 31, 2011 Closing Entries (GRADED)
38 Chapter 4 - Part H, prepare a post-closing trial balance Post Closing TB (GRADED)
39
40 Chapter 13 - Financial Statement Analysis Financial Statement Analysis (GRADED)
Chapter 1 & 2 Notes A B C
1
Make any notes from Chapters 1 or 2 here.
2 3 NOTES 4 5 6 7 8 9 1 (a) Natalie should
open her business as a sole proprietorship at first. She is the
only
10
Owner and is putting in her own funds. The benefits are that she is the only member.
11
The downfall is that she absorbs all of the liabilities and consequences personally.
12
A sole proprietorship is simple to establish and has tax advantages that the other
13 Forms of business do not offer.
14
15 1 (b)
Natalie will indeed need accounting information for tax purposes.
16
Accounting is the information that identifies, records, and communicates the
17 Economic events.
18
Accounting information system keeps track of results of each various business
19 activity - financing, investing and operating.
20 21 1 (c ) Natalie will
need the following asset,
liability, revenue, and expense accounts:
22
assets: property, plant, equipment, cash, accounts receivable, supplies, investments;
23
liabilities: notes payable, accounts payable, sales tax payable, income taxes payable
24 revenue: sales revenue, service revenue;
25
Expenses: costs of goods sold, selling, marketing, interest, income taxes.
26
27 1 (d)
Natalie should open a separate bank account for her business. Rule No. 1 in owning
28
a business is keeping personal and business information and accounts separate.
29 1 (e )
Natalie can still claim her vehicle as a business expense as long
30
as she keeps records of mileage to and from regarding her business.
31
32 2 (a)
Balance Sheet: assets = liabilities + stockholders' equity.
33
Income Statement: Revenues - Expenses = Net Income.
34
35 2 (b)
Natalie will need to see Biscuits Income Statement to evaluate the
36
Company’s ability to pay its current liabilities. She should look for
37 The liability ratio.
38
39 2 (c )
Natalie will need to see Biscuits Balance Sheet to evaluate the company's ability
40
To sustain long term. She should look for the solvency ratio.
41
42 2 (d)
Natalie will use the Income Statement to measure the company's profitability by using
43
the profitability ratio = measures the operating success.
44
45 2 (e )
Natalie would want to see the company's solvency ratio and debt to total assets
46 ratio. This information is in the Cash Flows Statement.
47
48 2 (f)
If Natalie's company has more cash than it has valuable opportunities it should
49 Distribute its excess cash as a dividend.
50
Free cash flow = cash by operations - capital expenditures - cash dividends.
51
52 2 (g)
Natalie also needs to look at the ratios, which expresses the mathematical
53 Relationship between one quantity and another.
Journal Entries (PRACTICE) A B C D1 REQUIREMENT #1: 2
3
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs,
4 completed the following transactions:
5
6 Oct. 1Began business by making a deposit in a company bank account of $12,000, in exchange
7 For 1,200 shares of $10 par value common stock.
8
9 Oct. 1 Paid the premium on a one-year insurance policy, $1,200.
10 11 Oct. 1 Paid the current month's rent, $1,040. 12
13 Oct. 3Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was
14 Placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.
15
16
Use the following Template for the Journal Entries from Chapter 3: Continuing Cookie Chronicle
17 18 19 20
21
a) Prepare journal entries to record the November transactions
22 23 24 General Journal25 Date Description(Account Name) Debit Credit
26 8-Nov Cash 500 27 Common Stock 50028 11-Nov Supplies 95 29 Cash 9530 14-Nov Supplies 125 31 Cash 12532 15-Nov Equipment 300 33 Common Stock 30034 16-Nov Cash 2,000 35 Notes Payable 2,00036 17-Nov Equipment 900 37 Cash 90038 25-Nov Cash 60 39 Unearned Service Revenue 6040 29-Nov Cash 100 41 Service Revenue 10042 30-Nov Website 600 43 Accounts Payable 60044 30-Nov Prepaid Insurance 1,200 45 Cash 1,20046 30-Nov Accounts Receivable 300 47 Service Revenue 30048 30-Nov Utilities Expense 50 49 Accounts Payable 50
Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account.
8 Natalie opens a bank account for Cookie Creations Inc.
8 Natalie purchases $500 of Cookie Creations’ common stock.
11 Cookie Creations purchases paper and other office supplies for $95. (Use Supplies.)
14 Cookie Creations pays $125 to purchase baking supplies, such as flour, sugar, butter, and chocolate chips. (Use Supplies.)
15 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $550. Natalie decides to start using it only in her new business. She estimates that the equipment is currently
worth $300, and she transfers the equipment into the business in exchange for additional common stock.
16 The company needs more cash to sustain its operations. Natalie’s grandmother lends the company $2,000 cash, in exchange for a two-year, 9% note payable. Interest and the principal are repayable at maturity.
17 Cookie Creations pays $900 for additional baking equipment.
18 Natalie schedules her first class for November 29. She will receive $100 on the date of the class.
25 Natalie books a second class for December 5 for $150. She receives a $60 cash down payment, in advance.
29 Natalie teaches her first class, booked on November 18, and collects the $100 cash.
30 Natalie’s brother develops a website for Cookie Creations Inc. that the company will use for advertising. He charges the company $600 for his work, payable at the end of December. (Because the website is expected to have a useful life of two years before upgrades are needed, it should be treated as an asset called Website.)
30 Cookie Creations pays $1,200 for a one-year insurance policy.
30 Natalie teaches a group of elementary school students how to make Santa Claus cookies. At the end of the class, Natalie leaves an invoice for $300 with the school principal. The principal says that he will pass it along to the business office and it will be paid sometime in December.
30 Natalie receives a $50 invoice for use of her cell phone. She uses the cell phone exclusively for Cookie Creations Inc. business. The invoice is for services pro- vided in November, and payment is due on December 15.
To record business cell phone December 15 amount payable
General Ledger (PRACTICE) A B C D E
1This Sheet will be used for Part B of Chapter 3
2 3 NOTE 4
5
Post the journal entries to the following general ledger accounts and compute the account balances
6 7 8 Cash Equipment9 Nov. 8 500 Nov. 11 95 Nov. 15 300
10 Nov. 16 2000 Nov.14 125 Nov. 17 900 11 Nov. 25 60 Nov. 17 900 12 Nov. 29 100 Nov. 30 1200
13 Nov. 30 Bal. 340 Nov. 30 Bal. 1,200
14 15 16 17 18 19 Accounts Receivable Website20 Nov. 30 300 Nov. 30 600 21 22 23 24 Nov. 30 Bal. 300 Nov. 30 Bal. 600 25 26 27 28 29 Accounts Payable Supplies30 Nov. 30 600 Nov. 11 95 31 Nov. 30 50 Nov. 14 125 32 33
34 Nov. 30 Bal. 650 Nov. 30 Bal. 220
35
36 37 38 39 40 Unearned Service Revenue Prepaid Insurance41 Nov. 25 60 Nov. 30 1200 42 43 44
45 Nov. 30 Bal. 60 Nov. 30 Bal. 1200
46 47 48 49 50 Notes Payable Common Stock
51 Nov. 16 2000 Nov. 8 500
52 Nov. 15 30053 54
55 Nov. 30 Bal. 2000 Nov. 30 Bal.
80056 57 58 59 Service Revenue Utilities Expense60 Nov. 29 100 Nov. 30 50 61 Nov. 30 300 62 63 64 Nov. 30 Bal. 400 Nov. 30 Bal. 50
Trial Balance (PRACTICE) A B C 1 Part C (Chapter 3)
2
3 Prepare a Trial Balance for November 30, 2011
4 5 6 7 Cookie Creations, Inc.8 Trial Balance9 November 30, 201110 11 12 Debit Credit13 Cash 340 14 Accounts Receivable 300 15 Supplies 220 16 Prepaid Insurance 1,200 17 Equipment 1,200 18 Website 600 19 Accounts Payable 65020 Unearned Service Revenue 6021 Notes Payable 2,00022 Common Stock 80023 Service Revenue 40024 Utilities Expense 50 25 26 27 Total 3,910 3,91028 29
Journal Entries (GRADED) A B C D
1 REQUIREMENT #1:
2 3 During its first
month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs,
4 completed the following transactions:
5
6 Oct. 1Began business by making a deposit in a company bank account of $12,000, in exchange
7 For 1,200 shares of $10 par value common stock.
8
9 Oct. 1 Paid the premium on a one-year insurance policy, $1,200.
10 11 Oct. 1 Paid the current month's rent, $1,040. 12
13 Oct. 3Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was
14 Placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.
15
16
Use the following Template for the Journal Entries from Chapter 4: Continuing Cookie Chronicle
17
18
a) Prepare journal entries to record the November transactions
19 20 21 22 General Journal23 Date Description(Account Name) Debit Credit24 5-Dec Cash 90 25 Service Revenue 9026 8-Dec Cash 300 27 Accounts Receivable 30028 9-Dec Cash 750 29 Unearned Service Revenue 75030 15-Dec Accounts Payable 50 31 Cash 5032 16-Dec Accounts Payable 600 33 Cash 60034 19-Dec Cash 60 35 Unearned Service Revenue 6036 23-Dec Cash 3,000 37 Service Revenue 3,00038 23-Dec Accounts Receivable 1,000 39 Service Revenue 1,00040 23-Dec Supplies 1,250 41 Cash 1,25042 23-Dec Salaries / Wages Expense 800 43 Cash 80044 28-Dec Dividends 500 45 Cash 50046 8,400 8,400
Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties.
5 Natalie teaches the class that was booked on November 25. The balance out- standing is received.
8 Cookie Creations receives a check for the amount due from the neighborhood school for the class given on November 30.
9 Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January.
15 Pays the cell phone invoice outstanding at November 30.
16 Issues a check to Natalie’s brother for the amount owed for the design of the website.
19 Receives a deposit of $60 on a cookie class scheduled for early January.
23 Additional revenue earned during the month for cookie-making classes amounts to $4,000. (Natalie has not had time to account for each class individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 5 and December 9 transactions.) SEE PAGE 173-174
23 Additional baking supplies purchased during the month for sugar, flour, and chocolate chips amount to $1,250 cash.
23 Issues a check to Natalie’s assistant for $800. Her assistant worked approximately 100 hours from the time in which she was hired until December 23.
28 Pays a dividend of $500 to the common shareholder (Natalie).
As of December 31, Cookie Creations’ year-end, the following adjusting entry data are provided.
1. A count reveals that $45 of brochures and posters were used.
2. Depreciation is recorded on the baking equipment purchased in November. The baking equipment has a useful life of 5 years. Assume that 2 months’ worth of depreciation is required.
3. Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account directly for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1.
4. Interest on the note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar.
5. One month’s worth of insurance has expired.
6. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center.
7. A count reveals that $1,025 of baking supplies was used.
8. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15.
9. Because the cookie-making class occurred unexpectedly on December 28 and is for such a large group of children, Natalie’s assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour.
10. An analysis of the unearned revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned.
General Ledger (GRADED) A B C D E F G H I J
1This Sheet will be used for Part B of Chapter 3
2
3 REQUIREMENT #2:
4
5
Post the journal entries to the following general ledger accounts and compute the account balances
6 7 8
9 Cash Dividends Unearned Service Revenue
Retained Earnings
10 Nov. 30 Bal. 340
Dec. 15 50
Dec. 23 500
Nov. 30 Bal. 60
11 Dec. 5 90Dec. 16 600
Dec. 31 Bal. 500
Dec. 9 750
12 Dec. 8 300Dec. 23 1250
Dec. 19 60
13 Dec. 9 750Dec. 23 800
Dec. 31 870
14 Dec. 19 60Dec. 28 500
Dec. 31 Adj. 360
15 Dec. 23 3000
Dec. 31 Bal. 1230
16 Dec. 31 Bal. 1340
17 18 19
20 Accounts Receivable Income Summary Supplies Expense Amortization
Expense
21 Nov. 30 Bal. 300
Dec. 8 300
Dec. 31 1025
Dec. 31 25
22 Dec. 23 1000 Dec. 31
Adj. 50 Dec. 31 Bal. 25
23 Dec. 31 1000
Dec. 31 Bal. 1075
24 Dec. 31 Adj. 450
25 Dec. 31 Bal. 1450
26 27 28 29 30 Service Revenue Supplies
31 Dec. 31 Adj. 360
Nov. 30 Bal. 400 Nov. 30
Bal. 220Dec. 31 Adj. 50
32 Dec. 5 90
Dec. 23 1250
Dec. 31 Adj. 1025
33 Dec. 23 3000
Dec. 31 Bal. 395
34 Dec. 23 1000
35 Dec. 31. Adj. 450
36 Dec. 31 Bal. 4580
37 38 39 40 41 Utilities Expense Prepaid Insurance
42 Nov. 30 Bal. 50 Dec. 1 1200
Dec. 31 Adj. 100
43 Dec. 31 75 Dec. 31 Bal. 1100
44 Dec. 31 125
45 46 47
48 49 50 51 Salaries & Wages Expense Equipment
52 Dec. 23 800 Nov. 30 Bal. 1200
53 Dec. 31 Adj. 56 Dec. 31 Bal. 1200
54 Dec. 31 Bal. 856 55 56 57 58 59
60 Accumulated Depreciation Equipment Website
61 Dec. 31 Adj. 40 Nov. 30
Bal. 600Dec. 31 Adj. 25
62 Dec. 31 Bal. 40 Dec. 31
Bal. 575
63 64 65 66 67 68 69 70 71 Insurance Expense Interest Expense
72 Dec. 31 Adj. 100 Dec. 31
Adj. 23
73 Dec. 31 Bal. 100 Dec. 31
Bal. 23
74 75 76 77 78
79
80 Accounts Payable Depreciation Expense
81 Dec. 15 50 Nov. 30 Bal. 650 Dec. 31
Adj. 40
82 Dec. 16 600 Dec. 31 Adj. 75 Dec. 31
Bal. 40
83 Dec. 31 Bal. 75
84 85 86 87 88 89 Interest Payable Notes Payable
90 Dec. 31 Adj. 23
Nov. 30 Bal. 2000
91 Dec. 31 Bal. 23
Dec. 31 Bal. 2000
92 93 94 95 96 97
98 Common Stock Salaries & Wages Payable
99 Nov. 30 Bal. 800
Dec. 31 Adj. 56
100 Dec. 31 Bal. 800 Dec. 31
Bal. 56
Trial Balance (GRADED) A B C
1 Part C (Chapter 4) 2 3 4
5 Prepare a Trial Balance for November 30, 2011
6 7 8 Cookie Creations, Inc.9 Trial Balance10 31-Dec11 12 13 Debit Credit14 Cash 1,340 15 Accounts Receivable 1,000 16 Supplies 1,470 17 Prepaid Insurance 1,200 18 Equipment 1,200 19 Website 600 20 Accounts Payable 021 Unearned Service Revenue 87022 Notes Payable 2,00023 Common Stock 80024 Service Revenue 4,49025 Utilities Expense 50 26 Salaries and Wages Expense 800 27 Dividends 500 28 Total 8,160 8,16029 30
Adjusting Entries (GRADED) A B C D 1 Chapter 4,
Part D:
Prepare and post adjusting entries for December
2 3 4 5 6 7 General Journal8 Date Description(Account Name) Debit Credit9 31-Dec Supplies Expense 50
10 11 Supplies 50
12 31-Dec Depreciation Expense
13 40
14 Accumulated Depreciation of Equipment
15 40 16 31-Dec Amortization Expense 2517 18 Website 25 19 31-Dec Interest Expense20 23
21 Interest Payable
22 23 23 31-Dec Insurance Expense 10024
25 Prepaid Insurance 100
26 31-Dec Accounts Receivable
27 450 28 Service Revenue 450
29 31-Dec Supplies Expense30 1025 Supplies31 1025 32 31-Dec Utilities Expense 7533 Accounts Payable 34 75 35 31-Dec Salaries and Wages Expense 56
36 Salaries and Wages Payable
37 56 38 31-Dec Service Revenue 360
39 Unearned Service Revenue
40 360 41 2204 220442 43 44 45 46 47 48 49
Adjusted TB (GRADED) A B C
1 Chapter 4, Part E: Prepare an adjusted trial balance
2 3 4 5 Cookie Creations Inc6 Adjusted Trial Balance7 December 31, 20118 9
10 Cash 1340 11 Accounts Receivable 1450 12 Supplies 395 13 Prepaid Insurance 1100 14 Equipment 1200 15 Website 575 16 Accounts Payable 7517 Unearned Service Revenue 123018 Notes Payable 200019 Common Stock 80020 Service Revenue 458021 Utilities Expense 125 22 Salaries and Wages Expense 856 23 Dividends 500 24 Supplies Expense 1075 25 Depreciation Expense 40 26 Accumulated Depreciation of Equip 4027 Amortization Expense 25 28 Interest Payable 2329 Interest Expense 23 30 Insurance Expense 100 31 Salaries and Wages Payable 5632 8804 880433 34
Financial Statements (GRADED) A B C D E F G H I J
1
Chapter 4, Part F: Prepare financial statement
2 3 4 5 You will only
be preparing the Income Statement, Statement of Retained Earning and the Balance Sheet.
6 7 8 Cookie Creations Inc Cookie Creations Cookie Creations
9 Income Statement Statement of Retained Earnings Balance Sheet
10 For the Month Ending December 31, 2011 For the Month Ending
December 31, 2011 December 31, 2011
11
12 Revenues: Retained Earnings, November 1
Current Assets
13 Add: Net Income 14 Subtotal
15 Operating Expenses: Less: Dividends
16 Retained Earnings, December 31
17 Total Current Assets 0
18 Property, Plant & Equipment
19 20 21 Intangible Assets 22
23 Total Operating Expenses
0 Total Assets 0
24
25 Net Income $ - Liabilities & Stockholder's Equity
26
27 28
29 Total Current Liabilities 0
30 Long- Term Liabilities 31 32 33 Total Liabilities 034 Stockholder's Equity 35 36
37 Total Stockholder's Equity 0
38 Total Liabilities & Stockholder's Equity $ -
39 40
Closing Entries (GRADED) A B C D E F
1
Chapter 4 - Part G: Prepare closing entries
2 3 4
5
use the balances for each account which appear on the Adjusted Trial Balance for your closing entries.
6 7
8 General Journal
9 Date Description (Account Name) Debit Credit
Post Closing TB (GRADED) A
1 Chapter 4 - Part H: Prepare post-closing trial balance
2 3 4 5 6 7 Cookie Creations8 Post-Closing Trial Balance9 December 31, 2011
Journal Entries Solutions A B C D
1
Solutions for the Practice Exercise (From Chapter 3 of Cookie Chronicles)
2 Solutions 3 4
5
a) Prepare journal entries to record the November transactions
6
7 8 General Journal9 Date Description(Account Name) Debit Credit10 11 Nov. 8 No journal entry required 12 13 Nov 8. No journal entry required 14 15 Nov. 8 Cash 500 16 Common Stock 50017 18 Nov. 11 Supplies 95 19 Cash 9520 21 Nov. 14 Supplies 125 22 Cash 12523 24 Nov. 15 Equipment 300 25 Common Stock 30026 27 Nov. 16 Cash 2,000 28 Notes Payable 2,00029 30 Nov. 17 Equipment 900 31 Cash 90032 33 Nov. 18 No journal entry required 34 35 Nov. 25 Cash 60 36 Unearned Service Revenue 6037 38 Nov. 29 Cash 100 39 Service Revenue 10040 41 Nov. 30 Website 600 42 Accounts Payable 60043
44 Nov. 30 Prepaid Insurance 1,200 45 Cash 1,20046 47 Nov. 30 Accounts Receivable 300 48 Service Revenue 30049 50 Nov. 30 Utilities Expense 50 51 Accounts Payable 5052 53 54 Total 6,230 6,230
General Ledger Solutions A B C D E
1This Sheet will be used for Part B of Chapter 3
2 Solutions 3
4
Post the journal entries to the following general ledger accounts and compute the account balances
5 6 7 Cash Equipment8 Nov. 8 500 Nov. 11 95 Nov. 15 300 9 Nov. 16 2,000 Nov. 14 125 Nov. 17 900 10 Nov. 25 60 Nov. 17 900 Nov. 30 Bal 1,200 11 Nov. 29 100 Nov. 30 1,200
12 Nov. 30 Bal. 340
13 14 15
16 17 18 Accounts Receivable Website19 Nov. 30 300 Nov. 30 600 20 Nov. 30 Bal. 300 Nov. 30 Bal. 600 21 22 23 24 25 26 27 28 Accounts Payable Supplies29 Nov. 30 600 Nov. 11 95 30 Nov. 30 50 Nov. 11 125 31 Nov. 30. Bal 650 Nov. 30 Bal 220 32 33 34 35 36 37 38 39 Unearned Service Revenue Prepaid Insurance40 Nov. 25 60 Nov. 30 1,200
41 Nov. 30. Bal. 60 Nov. 30 Bal. 1,200
42 43 44 45 46 47 48 49 Notes Payable Common Stock50 Nov. 16 2,000 Nov. 8 50051 Nov. 30. Bal. 2,000 Nov. 15 300
52 Nov. 30. Bal 800
53 54 55 56 57 58 Service Revenue Utilities Expense59 Nov. 29 100 Nov. 30 50 60 Nov. 30 300 Nov. 30 Bal. 50 61 Nov. 30 Bal. 400
Trial Balance Solutions A B C 1 Part C (Chapter 3) 2 Solutions
3 Prepare a Trial Balance for November 30, 2011
4 5 Cookie Creations, Inc.6 Trial Balance7 November 30, 20118 9 10 Debit Credit11 Cash $ 340 12 Accounts Receivable 300 13 Supplies 220 14 Prepaid Insurance 1,200 15 Equipment 1,200 16 Website 600 17 Accounts Payable $ 65018 Unearned Service Revenue 6019 Notes Payable 2,00020 Common Stock 80021 Service Revenue 400
22 Utilities Expense 50 23 Total $ 3,910 $ 3,91024 25