08 Jul ACC 301 Financial Reporting I Spring 2017 Accounting Cycle Practice Set
Financial Reporting I
Spring 2017
Accounting Cycle Practice Set
Attached is the unadjusted trial balance for Surfs Up, Inc.
Instructions:
1. Construct T-accounts and enter the balances shown.
2. The following adjusting entries have been identified:
a. Bad debt expense is estimated to be $8,000.
b. Annual depreciation expense on the Equipment is $16,000 and annual depreciation expense for building is $9,000.
c. Prepaid Insurance is for 2 years of insurance paid on 1/1/14. Record the amount for 2014.
d. The note payable ($270,000) has interest of 6% per year and the interest is payable on 1/1/15. Record the interest for 2014.
e. Salaries and wages earned but unpaid as of year-end are $10,750 (sales) and $4,950 (administrative).
f. At year-end, $1,660 of Supplies remain on hand.
g. $10,000 of the unearned rent revenue was earned as of 12/31/14.
h. Utilities expense incurred for December, but unpaid and unrecorded was $4,000.
i. Assume no income tax expense and do not calculate earnings per share.
Prepare the adjusting journal entries (include explanations) and post the entries to the appropriate T-accounts (construct additional T-accounts as necessary).
3. Prepare an adjusted trial balance.
4. Prepare a classified balance sheet and a multiple-step income statement in good form.
5. Prepare closing journal entries and post to the T-accounts.
6. Prepare a post-closing trial balance.
You should use Excel or a similar spreadsheet program to prepare your work. Your grade will be based on both the accuracy and the organization of your work product. Please submit a hard copy of your work. (Submit adjusting journal entries, adjusted trial balance, classified balance sheet, multistep income statement, closing journal entries, post closing trial balance and your final T-accounts after posting closing entries)
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