Income Summary Journal

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					                            Student Name:
                                    Class:
                                             Problem 02-03

                     PASTINA COMPANY
                       General Journal

Date   Account                                 Debit    Credit
 (1)   Depreciation Expense
        Accumulated Depreciation
(2)    Bad debt expense
        Allowance for uncollectable accts
(3)    Wage expense
        Wages payable
(4)    Interest expense
        Interest payable
(5)    Interest receivable
        Interest revenue
(6)    Prepaid insurance
        Insurance expense
(7)    Supplies expense
        Supplies
(8)    Sales revenue
        Unearned revenue
(9)    Rent expense
       Prepaid rent
Given Data P02-03:

                      PASTINA COMPANY
                     Unadjusted Trial Balance
                       December 31, 2009

Account Title                                     Debits   Credits
Cash                                             30,000
Accounts receivable                              40,000
Allowance for uncollectible accounts                         3,000
Supplies                                          1,500
Inventory                                        60,000
Note receivable                                  20,000
Interest receivable                                   0
Prepaid rent                                      2,000
Prepaid insurance                                     0
Equipment                                        80,000
Accumulated depreciation-equipment                          30,000
Accounts payable                                            28,000
Wages payable                                                    0
Note payable                                                50,000
Interest payable                                                 0
Unearned revenue                                                 0
Common stock                                                60,000
Retained earnings                                           24,500
Sales revenue                                              148,000
Interest revenue                                                 0
Cost of goods sold                               70,000
Wage expense                                     18,900
Rent expense                                     11,000
Depreciation expense                                  0
Interest expense                                      0
Supplies expense                                  1,100
Insurance expense                                 6,000
Bad debt expense                                  3,000
  Totals                                        343,500 343,500

Additional information:

Depreciation on equipment                       $10,000
Accounts receivable outstanding                  40,000
Uncollectible                                     5,500
Wages earned 12/16-12/31                          1,500
Cash borrowed 10/1                               50,000
Annual interest on note                             12%
Principal due in                                     10 years
Cash lent 3/1                                   $20,000
Interest on note                                     8%
Insurance paid (2 years)                         $6,000
Supplies remaining on hand                          800
Customer paid                                     2,000
  for spaghetti                                   1,500 pounds
Rent paid for December & January   $2,000
Rent per month                      1,000
                                          Student Name:
                                                  Class:
                                                           Problem 02-04

HINT: You can use the data under the "Given P02-04" tab below to copy and paste information into the problem fields.
Requirement 3:
                      PASTINA COMPANY
                      Adjusted Trial Balance
                       December 31, 2009

Account Title                                     Debits      Credits
Cash
Accounts receivable
Allowance for uncollectible accounts
Prepaid rent
Prepaid insurance
Supplies
Inventory
Note receivable
Interest receivable
Equipment
Accumulated depreciation-equipment
Accounts payable
Wages payable
Note payable
Interest payable
Unearned revenue
Common stock
Retained earnings
Sales revenue
Interest revenue
Cost of goods sold
Wage expense
Rent expense
Depreciation expense
Interest expense
Supplies expense
Insurance expense
Bad debt expense
 Totals
                                       Student Name:
                                               Class:
                                                        Problem 02-04

Requirement 4:
                       PASTINA COMPANY
                        Income Statement
              For the Year Ended December 31, 2009

Sales revenue
 Cost of goods sold
Gross profit

Operating expenses:
 Wages
 Rent
 Depreciation
 Supplies
 Insurance
 Bad debt
  Total operating expenses
Operating Income
Other income (expense):
 Interest revenue
 Interest expense
Net income


                               PASTINA COMPANY
                        Statement of Shareholders' Equity
                      For the Year Ended December 31, 2009

                                                                       Total
                                           Common       Retained   Shareholders'
                                            Stock       Earnings      Equity
Balance at January 1, 2009
Issue of common stock
Net income for 2009
Less: Dividends
Balance at December 31, 2009
                                                Student Name:
                                                        Class:
                                                                 Problem 02-04

                          PASTINA COMPANY
                              Balance Sheet
                          At December 31, 2009

                                Assets
Current assets:
 Cash
 Accounts receivable
 Less: Allowance for uncollectible accounts
 Supplies
 Inventory
 Note receivable
 Interest receivable
 Prepaid rent
 Prepaid insurance
  Total current assets
Equipment
 Less: Accumulated depreciation
  Total assets

                  Liabilities and Shareholders' Equity

Current liabilities
 Accounts payable
 Wages payable
 Note payable
 Interest payable
 Unearned revenue
  Total current liabilities

Shareholders' equity:
 Common stock
 Retained earnings
  Total shareholders' equity
   Total liabilities and shareholders' equity
                                       Student Name:
                                               Class:
                                                        Problem 02-04

Requirement 5:
                        PASTINA COMPANY
                          General Journal

Account                                      Debit        Credit
Closing entries at December 31, 2009
Sales revenue
Interest revenue
 Income summary

Income summary
 Cost of goods sold
 Wage expense
 Rent expense
 Depreciation expense
 Interest expense
 Supplies expense
 Insurance expense
 Bad debt expense

Income summary
 Retained earnings



Requirement 6:
                       PASTINA COMPANY
                     Post-Closing Trial Balance
              For the Year Ended December 31, 2009

                 Account Title                 Debits      Credits
Cash
Accounts receivable
Allowance for uncollectible accounts
Prepaid rent
Prepaid insurance
Supplies
Inventory
Note receivable
Interest receivable
Equipment
Accumulated depreciation-equipment
Accounts payable
Wages payable
Note payable
Interest payable
Unearned revenue
Common stock
Retained earnings
 Totals
Given Data P02-04:

                      PASTINA COMPANY
                     Unadjusted Trial Balance
                       December 31, 2009

Account Title                                     Debits   Credits
Cash                                             30,000
Accounts receivable                              40,000
Allowance for uncollectible accounts                         3,000
Supplies                                          1,500
Inventory                                        60,000
Note receivable                                  20,000
Interest receivable                                   0
Prepaid rent                                      2,000
Prepaid insurance                                     0
Equipment                                        80,000
Accumulated depreciation-equipment                          30,000
Accounts payable                                            28,000
Wages payable                                                    0
Note payable                                                50,000
Interest payable                                                 0
Unearned revenue                                                 0
Common stock                                                60,000
Retained earnings                                           24,500
Sales revenue                                              148,000
Interest revenue                                                 0
Cost of goods sold                               70,000
Wage expense                                     18,900
Rent expense                                     11,000
Depreciation expense                                  0
Interest expense                                      0
Supplies expense                                  1,100
Insurance expense                                 6,000
Bad debt expense                                  3,000
  Totals                                        343,500 343,500

Additional information:

Depreciation on equipment                       $10,000
Accounts receivable outstanding                  40,000
Uncollectible                                     5,500
Wages earned 12/16-12/31                          1,500
Cash borrowed 10/1                               50,000
Annual interest on note                             12%
Principal due in                                     10 years
Cash lent 3/1                                   $20,000
Interest on note                                     8%
Insurance paid (2 years)                         $6,000
Supplies remaining on hand                          800
Customer paid                                     2,000
  for spaghetti                                   1,500 pounds
Rent paid for December & January                 $2,000
Rent per month                                    1,000
                              Student Name:
                                      Class:
                                               Problem 02-06

Requirement 2:
                        KARLIN COMPANY
                         General Journal

 Date   Account                                  Debit     Credit
  (a)   Cash
        Accounts receivable
         Service revenue
  (b)   Cash
         Accounts receivable
  (c)   Cash
         Common stock
  (d)   Salaries expense
        Salaries payable
         Cash
  (e)   Miscellaneous expenses
         Cash
  (f)   Equipment
         Cash
  (g)   Retained earnings
         Cash


Requirement 4:
                        KARLIN COMPANY
                      Unadjusted Trial Balance

                Account Title                     Debits       Credits
Cash
Accounts receivable
Allowance for uncollectible accounts
Equipment
Accumulated depreciation
Salaries payable
Common stock
Retained earnings
Service revenue
Salaries expense
Miscellaneous expenses
 Totals
                              Student Name:
                                      Class:
                                                Problem 02-06

Requirement 5:
                        KARLIN COMPANY
                         General Journal

                  Account                         Debit     Credit
Salaries expense
 Salaries payable
Depreciation expense
 Accumulated depreciation
Bad debt expense
 Allowance for uncollectible accounts


Requirement 6:
                        KARLIN COMPANY
                       Adjusted Trial Balance

                Account Title                      Debits       Credits
Cash
Accounts receivable
Allowance for uncollectible accounts
Equipment
Accumulated depreciation
Salaries payable
Common stock
Retained earnings
Service revenue
Salaries expense
Miscellaneous expenses
Depreciation expense
Bad debt expense
 Totals
                                Student Name:
                                        Class:
                                                 Problem 02-06

Requirement 7:
                         KARLIN COMPANY
                          Income Statement
                For the Year Ended December 31, 2009

Service revenue

Operating Expenses:
 Salaries
 Miscellaneous
 Depreciation
 Bad debt
  Total operating expenses
Net income


                           KARLIN COMPANY
                              Balance Sheet
                          At December 31, 2009

                                 Assets
Current assets
 Cash
 Accounts receivable
 Less: Allow. for uncollectible accounts
  Total current assets

Property and equipment
 Equipment
 Less: Accumulated depreciation
  Total assets

                 Liabilities and Shareholders' Equity

Current liabilities
 Salaries payable
  Total current liabilities

Shareholders' equity
 Common stock
 Retained earnings
  Total shareholders' equity
   Total liabilities and shareholders' equity
                                 Student Name:
                                         Class:
                                                  Problem 02-06

Requirement 8:
                         KARLIN COMPANY
                          General Journal

                    Account                         Debit     Credit
Closing entries at December 31, 2009
Service revenue
 Income summary

Income summary
  Salaries expense
  Miscellaneous expenses
  Depreciation expense
  Bad debt expense

Income summary
  Retained earnings


Requirement 9:
                        KARLIN COMPANY
                      Post-Closing Trial Balance

                 Account Title                     Debits     Credits
Cash
Accounts receivable
Allowance for uncollectible accounts
Equipment
Accumulated depreciation
Salaries payable
Common stock
Retained earnings
 Totals
Given Data P02-06:

                     KARLIN COMPANY

Account Title                           Debits    Credits
Cash                                     30,000
Accounts receivable                      15,000
Allowance for uncollectible accounts                  500
Equipment                                20,000
Accumulated depreciation                            6,000
Salaries payable                                    9,000
Common stock                                       40,000
Retained earnings                                   9,500
 Total                                   65,000    65,000

Additional information:

(a) Sales of services                  $100,000
    Sales of services on credit         $30,000
(b) A/R collected                       $27,300
(c) Shares issued for cash              $10,000
(d) Salaries paid                       $50,000
    Amount for salaries payable          $9,000
(e) Paid miscellaneous expenses         $24,000
(f) Purchased equipment                 $15,000
(g) Cash dividends paid                  $2,500

Year-end accrued salaries                $1,000
Depreciation on equipment                $2,000
Uncollectible accounts estimate          $1,500
                                                                                     Student Name:
                                                                                             Class:
                                                                                                       Problem 02-13

HINT: Dividends won't show up on the worksheet itself. They will show up in cell C75 as -6000. Cell C71 should be 22050.
HINT: You can use the data under the "Given P02-13" tab below to copy and paste information into the problem fields.
     Use the Edit/Paste Special/Values menu selection to preserve the cell formatting.
                                                            EXCALIBUR CORPORATION
                                                                   Worksheet
                                                               December 31, 2009


                                         Unadjusted                                     Adjusted
Account title                            Trial Balance         Adjusting Entries     Trial Balance      Income Statement    Balance Sheet
                                       Debt        Credit      Debit       Credit   Debit     Credit    Debit     Credit   Debit     Credit
Cash
Accounts receivable
Allowance for uncollectible accounts
Supplies
Prepaid rent
Inventory
Equipment
Accumulated depreciation - equipment
Accounts payable
Wages payable
Note payable
Interest payable
Common stock
Retained earnings
Sales revenue
Cost of goods sold
Interest expense
Wage expenses
Rent expense
Supplies expense
Utility expense
Bad debt expense
Depreciation expense
    Net Income
 Totals
                                                                   Student Name:
                                                                           Class:
                                                                                    Problem 02-13

              EXCALIBUR CORPORATION
                   Income Statement
         For the Year Ended December 31, 2009

Sales revenue
 Cost of goods sold
Gross profit
Other expenses:
 Wage
 Rent
 Supplies
 Utility
 Bad debt
 Depreciation
   Total operating expenses
Operating income
Other Expense:
 Interest
Net income



                    EXCALIBUR CORPORATION
                 Statement of Shareholders' Equity
               For the Year Ended December 31, 2009
                                                         Total
                                                        Share-
                                  Common     Retained   holders'
                                   Stock     Earnings    Equity
Balance at January 1, 2009

Issue of Common stock
Net income for 2009
Less: Dividends
Balance at December 31, 2009
                                                           Student Name:
                                                                   Class:
                                                                            Problem 02-13

                     EXCALIBUR CORPORATION
                            Balance Sheet
                        At December 31, 2009

                                 Assets
Current assets:
 Cash
 Accounts receivable
 Less: Allowance for uncollectible accounts
 Supplies
 Prepaid rent
 Inventory
   Total current assets

Equipment
 Less: Accumulated depreciation
  Total assets

                    Liabilities and Shareholders' Equity
Current liabilities:
 Accounts payable
 Wages payable
 Note payable
 Interest payable
   Total current liabilities

Shareholders' equity:
 Common stock
 Retained earnings
  Total shareholders' equity
   Total liabilities and shareholders' equity
                                                               Student Name:
                                                                       Class:
                                                                                Problem 02-13

                      EXCALIBUR CORPORATION
                           General Journal

                    Account                   Debit   Credit
Closing entries at December 31, 2009
Sales revenue
 Income summary

Income summary
  Cost of goods sold
  Interest expense
  Wage expense
  Rent expense
  Supplies expense
  Utility expense
  Bad debt expense
  Depreciation expense

Income summary
  Retained earnings
Given Data P02-13:

                EXCALIBUR CORPORATION
                  Unadjusted Trial Balance
                    December 31, 2009

              Account Title              Debits   Credits
Cash                                    23,300
Accounts receivable                     32,500
Allowance for uncollectible accounts                 100
Supplies                                     0
Prepaid rent                                 0
Inventory                               65,000
Equipment                               75,000
Accumulated depreciation - equipment               10,000
Accounts payable                                   26,000
Wages payable                                       3,000
Note payable                                       30,000
Common stock                                       80,000
Retained earnings                                  16,050
Sales revenue                                     180,000
Cost of goods sold                      95,000
Interest expense                             0
Wage expenses                           32,350
Rent expense                            14,000
Supplies expense                         2,000
Utility expense                          6,000
Bad debt expense                             0
  Totals                               345,150 345,150

Additional. information:

Accrued wages, year-end                 $4,500
Percentage of A/R uncollectible             2%
Cash borrowed, 9/1                     $30,000
Principal due in                            10 years
Annual interest rate                       10%
Supplies on hand at year-end              $500
Prepaid rent, year-end                  $1,000
Dividends paid                          $6,000

				
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