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Question 1: 15% points:

 

The account balances appearing on the trial balance (below) were taken from the general ledger of Flop's Copy Shop at September 30, 2012.

 

Additional information for the month of September which has not yet been recorded in the accounts is as follows:

 

(a)    A physical count of supplies indicates $400 on hand at September 30.

 

(b)    The amount of insurance that expired in the month of September was $300.

 

(c)    Depreciation on equipment for September was $500.

 

(d)    Rent owed on the copy shop for the month of September was $400 but will not be paid until July.

 

Flop’s Copy Shop

Trial Balance

For the Month Ended September 30, 2012

Account Titles

Debit

Credit

Cash

$1,000

 

Supplies

1,100

 

Prepaid Insurance

2,200

 

Equipment

24,000

 

Accum. Depreciation—  Equipment

 

$4,500

Accounts Payable

 

2,400

Notes Payable

 

4,000

Flop’s Capital

 

15,300

Flop’s Drawings

2,400

 

Service Revenue

 

4,900

Utilities Expense

    400

             

Totals

$31,100

$31,100

 

Instructions:

 

  1. Prepare in journal form, without explanations, the end of month adjusting entries for Flop's Copy Shop for the month of September.
  2. Prepare a partial adjusted trial balance for the accounts provided.
  3. Prepare in journal form, without explanations, the end of month closing entries for Flop's Copy Shop for the month of September.

 

 

 

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