Professional Documents
Culture Documents
Practice Set
P4-41, Requirement 2
CRYSTAL CLEAR CLEANING
Income Statement
Month Ended November 30, 2017
Revenues:
Service Revenue
Expenses:
Salaries Expense
Rent Expense
Supplies Expense
Insurance Expense
Utilities Expense
Depreciation Expense
Advertising Expense
Interest Expense
Total Expenses
Net Income
$ 5,300
$ 350
500
190
150
250
270
500
240
2,450
$ 2,850
0
42,000
2,850
44,850
(200)
$ 44,650
4-1
P4-41, cont.
Requirement 2, cont.
CRYSTAL CLEAR CLEANING
Balance Sheet
November 30, 2017
Assets
Current Assets:
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Rent
Prepaid Insurance
Total Current Assets
Plant Assets:
Equipment
Truck
Less: Accumulated Depreciation
Total Plant Assets
Total Assets
$ 138,150
2,600
30
1,500
1,650
$ 143,930
3,200
7,000
(270)
9,930
$ 153,860
Liabilities
Current Liabilities:
Accounts Payable
Unearned Revenue
Interest Payable
Total Current Liabilities
Long-term Liabilities:
Notes Payable
Total Liabilities
1,470
11,500
240
$ 13,210
96,000
109,210
Owners Equity
Habib, Capital
Total Liabilities and Owners Equity
44,650
$ 153,860
4-2
P4-41, cont.
Requirement 3
Date
Accounts and Explanation
Nov. 30 Service Revenue
Income Summary
To close revenue.
Debit
5,300
Credit
5,300
30 Income Summary
Salaries Expense
Advertising Expense
Utilities Expense
Supplies Expense
Depreciation Expense
Rent Expense
Insurance Expense
Interest Expense
To close expenses.
2,450
30 Income Summary
Habib, Capital
To close Income Summary.
2,850
30 Habib, Capital
Habib, Withdrawals
To close withdrawals.
200
350
500
250
190
270
500
150
240
2,850
200
4-3
P4-41, cont.
Requirement 3, cont.
Nov. 1
Nov. 10
Nov. 16
Nov. 17
Nov. 20
Nov. 21
Balance
Cash
35,000 2,000
300 1,800
12,000 1,200
1,000
350
96,000 1,000
900
500
200
138,150
Nov. 2
Nov. 3
Nov. 7
Nov. 15
Nov. 25
Nov. 29
Nov. 30
Accounts Receivable
Nov. 9
3,800 300
Nov. 10
900
Nov. 21
Balance
2,600
Accounts Payable
Nov. 25 1,000
220
Nov. 4
2,000
Nov. 5
250
Nov. 18
1,470
Balance
Interest Payable
240
240
Unearned Revenue
Adj.
500 12,000
Nov. 16
11,500
Balance
Cleaning Supplies
Nov. 4
220 190
Adj.
Balance
30
Nov. 2
Balance
Nov. 3
Balance
Nov. 5
Nov. 7
Balance
Nov. 1
Balance
Prepaid Rent
2,000 500
1,500
Adj.
Prepaid Insurance
1,800 150
Adj.
1,650
Equipment
2,000
1,200
3,200
Truck
7,000
7,000
Adj.
Balance
Clos.
Notes Payable
96,000
96,000
Nov. 20
Balance
Habib, Capital
42,000
200 2,850
2,650
Nov. 1
Clos.
Balance
Clos.
Clos.
Balance
Income Summary
2,450 5,300
2,850 2,850
0
Nov. 30
Balance
Habib, Capital
200
200
0
Service Revenue
Clos. 5,300 3,800
1,000
500
0
Clos.
Balance
Clos.
Nov. 9
Nov. 17
Adj.
Balance
Accumulated Depreciation
270
Adj.
270
Balance
4-4
P4-41, cont.
Requirement 3, cont.
Salaries Expense
Nov. 15
350 350
Balance
0
Clos.
Advertising Expense
Nov. 29
500 500
Clos.
Balance
0
Nov. 18
Balance
Utilities Expense
250 250
0
Clos.
Adj.
Balance
Supplies Expense
190 190
0
Clos.
Depreciation Expense
Adj.
270 270
Clos.
Balance
0
Adj.
Balance
Adj.
Balance
Rent Expense
500 500
0
Clos.
Insurance Expense
150 150
Clos.
0
Interest Expense
Adj.
240 240
Balance
0
Clos.
4-5
P4-41, cont.
Requirement 4
CRYSTAL CLEAR CLEANING
Post-Closing Trial Balance
November 30, 2017
Account Title
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Rent
Prepaid Insurance
Equipment
Truck
Accumulated DepreciationTruck
Accounts Payable
Unearned Revenue
Interest Payable
Notes Payable
Habib, Capital
Total
Balance
Debit
$ 138,150
2,600
30
1,500
1,650
3,200
7,000
Credit
$ 154,130
270
1,470
11,500
240
96,000
44,650
$ 154,130
4-6