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Comprehensive Accounting Cycle Review ProblemStudent Name: Jacob CrossleyComplete the Comprehensive Problem, beginning on page 2, on the included work papers BY HAND. (Not on a computer.)Submit the assignment to your instructor AND upload it to your ePortfolio:1. Submit to your instructor by July 1, 2015 (60 point)2. Upload to your ePortfolio by July 15, 2015 and submit url on Canvas. (20 points)You can complete #1 and skip #2 but you will lose the 20 points. (You can get help setting up an ePortfolio in the library on theRedwood campus.)1-Instructions on how to submit the assignment to your instructor (60 points):Complete the problem by hand and scan Submit via a link on the Canvas home pageo Make a digital copy of your completed problem.o Log into your Canvas account home page for this courseo Click on the Submit My Comprehensive Problem link on the bottom of the home pageo Click on submit my assignment link in the upper right hand cornero Use the browse button to select the file and submitBe sure and put your name on the assignment and keep a copy.2-Instructions on how to submit your assignment via your ePortfolio (20 points): Upload the completed assignment to your ePortfolio Coursework page (copy the page url) Log into your Canvas account home page for this course Click on the Submit My ePortfolio link on the bottom of the home page Click on submit my assignment link in the upper right hand corner Paste the url page into the box provided and submit 20 points are awarded for submitting your assignment via your ePortfolio according to these instructionsNote: This is the project that lets you know if your level of understanding is where it needs to be to be successful in thiscourse. If you are having great difficulty in completing this then you need to review the content of chapters 2-4 to continueon and have a successful experience. Please give it your best shot!A solution to this problem is not available for your reference, by design. It is time for you to complete a problem on your own. Thefollowing check figures are provided:Unadjusted Trial BalanceAdjusted Trial BalanceNet IncomeTotal AssetsPost-Closing Trial Balance 101,920 102,175 13,465 92,260 92,4401

Comprehensive Accounting Cycle Review ProblemOn December 1st Curt Williamson began an auto repair shop, Williamsons Quality Automotive. The following information aboutDecember’s transactions, accounts, and adjustment data is available.TransactionsDec.1Williamson contributed 50,000 cash to the business in exchange for capital.11Purchased 10,800 of equipment paying cash.Paid 4,500 for a 9-month insurance policy starting on December 1.9Paid 18,000 cash to purchase land to be used in operations.1019Purchased office supplies on account, 3,000.Borrowed 28,000 from the bank for business use. Williamson signed a note payable to the bank in the name ofthe business.22Paid 800 for advertising expenses.262831Paid 1,000 on account.The business received a bill for utilities to be paid in January, 280.Revenues earned during the month included 17,500 cash and 2,700 on account.31Paid employees' salaries 3,600 and building rent 700. Record as a compound entry.31The business received 1,440 for auto screening services to be performed next month.31Williamson withdrew cash of 3,000.AccountsCash; Accounts Receivable; Office Supplies; Prepaid Insurance; Equipment; AccumulatedDepreciation-Equipment; Land; Accounts Payable; Utilities Payable; Interest Payable; Unearned Revenue; Notes Payable;Williamson, Capital; Williamson, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense;Advertising Expense; Supplies Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment.Adjustment Dataa. Office Supplies used during the month, 600.b. Depreciation for the month, 180.c. One month insurance has expired.d. Accrued Interest Expense, 75.Requirements:Complete the following on the attached work papers1. Prepare the journal entries and post to the T-accounts.2. Prepare an unadjusted trial balance.3. Prepare the adjusting entries and post to the T-accounts.4. Prepare an adjusted trial balance.5. Prepare the income statement, the statement of owner's equity, and a classified balance sheet. Use properformatting techniques including headings, dollar signs, and underlining.6. Prepare the closing entries and post to the T-accounts.7. Prepare a post-closing trial balance.2

GENERAL JOURNALDATEDec. 1Dec. 1Dec. 1Dec. 9Dec. 10Dec. 19Dec. 22Dec. 26Dec. 28Dec. 31Dec. 31Dec. 31ACCOUNT TITLES AND EXPLANATIONRecord Transactions, Adjusting Entries, Closing Entries in this journalCashWilliamson CapitalCash in exchange for capitalEquipmentCashPaid cash for equipmentPrepaid InsuranceCashPrepaid insurance premium with cashLandCashPaid cash for landOffice SuppliesAccounts PayablePurchased office supplies on accountCashNotes PayableBorrowed cash for business useAdvertising ExpenseCashPaid cash for advertisingAccounts PayableCashPaid cash on accountUtilities ExpenseUtilities PayableTo record future payment for utilitiesCashAccounts ReceivableService RevenueTo record service revenueSalaries ExpenseRent ExpenseCashTo record expensesCashUnearned RevenueTo record unearned 00028028017,5002,70020,2003,6007004,3001,4401,440

GENERAL JOURNALDATEDec. 31Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31Dec 31Dec. 31ACCOUNT TITLES AND EXPLANATIONWilliamson, WithdrawalsCashTo record owner’s drawSupplies ExpenseOffice SuppliesTo record used office suppliesDepreciation Expense – EquipmentAccumulated Depreciation – EquipmentTo record depreciation of equipmentInsurance ExpensePrepaid InsuranceTo record expired insuranceInterest ExpenseInterest PayableTo accrue interest expenseIncome SummarySalaries ExpenseRent ExpenseUtilities ExpenseAdvertising ExpenseSupplies ExpenseInsurance ExpenseInterest ExpenseDepreciation Expense – EquipmentTo close expensesService RevenueIncome SummaryTo close revenueIncome SummaryWilliamson, CapitalTo close Income SummaryWilliamson, CapitalWilliamson, WithdrawalsTo close 6513,4653,0003,0004

GENERAL LEDGERCashDec. 1 50,000 10,800 Dec. 1Dec. 19 28,000 4,500 Dec. 1Dec. 31 17,500 18,000 Dec. 9Dec. 31 1,440800 Dec. 221,000 Dec. 264,300 Dec. 313,000 Dec. 3154,540 Bal.EquipmentDec. 1 10,800Bal. 10,800280 Dec. 28280 Bal.Capital-WilliamsonOffice SuppliesDec. 10 3,000 600 Dec. 31Bal. 2,400Accum. Deprec. – Equip.180 Dec. 31180 Bal.Utilities PayableClos. 4Accts. RecDec. 31 2,700Bal. 2,700LandDec. 9 18,000Bal.18,000Interest Payable1,440 Dec. 311,440 Bal.Withdrawals3,000 50,000 Dec. 1 Dec. 31 3,000 3,000 Clos. 413,465 Clos. 3Bal. 060, 465 Bal.Accounts PayableDec. 26 1,000Unearned Revenue75 Dec. 3175 Bal.Prepaid InsuranceDec. 1 4,500 500 Dec. 31Bal. 4,000Service Revenue3,000 Dec. 102,000 Bal.Notes Payable-Williamson28,000 Dec. 1928,000 Bal.Salaries ExpenseClos. 2 20,200 20,200 Dec. 31 Dec. 31 3,600 3,600 Clos. 10 Bal.Bal. 05

GENERAL LEDGERRent ExpenseDec. 31Bal.7000700 Clos. 1Insurance ExpenseDec. 31Bal.500 500 Clos. 10Utilities ExpenseDec. 28 280Bal.0Advertising Expense280 Clos. 1Dec. 22Bal.Interest Expense800 800 Clos. 10Depreciation Exp. Equip.Dec. 31 75 75 Clos. 1Bal.0Dec. 31 180 180 Clos. 1Bal.06Supplies ExpenseDec. 31 600 600 Clos. 1Bal.0Income SummaryClos. 1 6,735 20,200 Clos. 2Clos. 3 13,465 13,465 Bal.0Bal.

Unadjusted Trial BalanceDebitsCashAccounts ReceivableasjfalOffice SuppliesPrepaid InsuranceEquipmentLandAccounts PayableUtilities PayableUnearned RevenueNotes PayableWilliamson, CapitalWilliamson, WithdrawalsService RevenueSalaries ExpenseRent ExpenseUtilities ExpenseAdvertising Expense 54,5402,7003,0004,50010,80018,000Total 101,920Credits 07 101,920

Adjusted Trial BalanceDebitsCashAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipmentAccumulated Depreciation – EquipmentLandAccounts PayableUtilities PayableInterest PayableUnearned RevenueNotes PayableWilliamson, CapitalWilliamson, WithdrawalsService RevenueSalaries ExpenseRent ExpenseUtilities ExpenseAdvertising ExpenseSupplies ExpenseInsurance ExpenseInterest ExpenseDepreciation Expense - EquipmentCredits 028,00050,0003,00020,2003,600700280800600500751808

Income StatementWilliamson Quality AutomotiveIncome StatementOne Month Ending December 31, 2014Revenues:Service RevenueExpenses:Salaries ExpenseRent ExpenseUtilities ExpenseAdvertising ExpenseSupplies ExpenseInsurance ExpenseInterest ExpenseDepreciation Expense – EquipmentTotal ExpensesNet Income 20,200 3,600700280800600500751806,735 13,465Statement of Changes in Owner’s EquityWilliamson Quality AutomotiveStatement of Owner’s EquityOne Month Ending December 31, 2014Williamson, Capital December 1, 2014Owner’s ContributionNet Income for December 050,00013,46563,465(3,000) 60, 465Owner WithdrawalsWilliamson, Capital December 31, 20149

Balance SheetWilliamson Quality AutomotiveBalance SheetDecember 31, 2014AssetsCashAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipment 10,800Less: Accumulated Depr. – Equipt(180)LandTotal AssetsLiabilities 54,5402,7002,4004,000Accounts PayableUtilities PayableInterest PayableUnearned RevenueNotes Payable10,620 Total Liabilities18,000Owner’s EquityWilliamson, Capital 92,260 Total Liabilities & Owner’s Equity10 2,000280751,44028,00031,79560,465 92,260

Post-Closing Trial BalanceDebitsCashAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipmentAccumulated Depreciation – EquipmentLandAccounts PayableUtilities PayableInterest PayableUnearned RevenueNotes PayableWilliamson, CapitalTotalCredits 54,5402,7002,4004,00010,800 18018,000 92,440112,000280751,44028,00060,465 92,440

Comprehensive Accounting Cycle Review Problem Student Name: Jacob Crossley Complete the Comprehensive Problem, beginning on page 2, on the included work papers BY HAND. (Not on a computer.) Submit the assignment to your instructor AND upload it to your ePortfolio: 1. Submit to your instructor by July 1, 2015 (60 point) 2. Upload to your ePortfolio by July 15, 2015 and submit url on File Size: 776KBPage Count: 11