20 Aug E4-18Requirements1. Complete Voice Link’s wor
E4-18Requirements1. Complete Voice Link’s worksheet for the month ended November 30, 2016.2. How much was net income for November?Solution:Requirement 1VOICE LINKWorksheet November 30, 2016Account NamesUnadjusted Trial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance SheetDebitCreditDebitCreditDebitCreditDebitCreditDebitCredit
Requirements1.Prepare the classified balance sheet of Penny O’Hara Dance Studio Company at August 31, 2016. Use the report form. You must compute the ending balance of O’hara, Capital.2.Compute O’Hara’s current ratio at August 31, 2016. One year ago, the current ratio was 1.57. Indicate whether O’Hara’s ability to pay current debts has improved, deteriorated, or remained the same.Requirement 1PENNY O’HARA DANCE STUDIO COMPANYBalance Sheet August 31, 2016AssetsLiabilitiesOwner’s Equity
Requirements1.Complete the income statement for the month ended November 30, 2016.2.Complete the statement of owner’s equity for the month ended November 30, 2016. Assume there were no contributions made by the owner during the month.3.Complete the unclassified balance sheet as of November 30, 2016. Use the account form.Solution:Requirement 1VOICE LINKIncome StatementMonth Ended November 30, 2016Requirement 2VOICE LINKStatement of Owner’s EquityMonth Ended November 30, 2016Requirement 3VOICE LINKBalance Sheet November 30, 2016AssetsLiabilitiesOwner’s Equity
P4-32ARequirements
1.Prepare the journal entries and post to the T-accounts.
2.Prepare an unadjusted trial balance.
3.Complete the worksheet for the month ended December 31, 2016. (optional)
4.Prepare the adjusting entries and post to the T-accounts.
5.Prepare an adjusted trial balance.
6.Prepare the income statement, the statement of owner’s equity, and the unclassified balance sheet in account form.
7.Prepare the closing entries and post to the T-accounts.
8.Prepare a post-closing trial balance.
Solution:Requirement 1DateAccounts and ExplanationDebitCreditDateAccounts and ExplanationDebitCreditRequirement 1, 4, and 7CashWonder, WithdrawalsIncome SummaryAccounts ReceivableService RevenueOffice SuppliesSalaries ExpensePrepaid InsuranceRent ExpenseEquipmentUtilities ExpenseAccumulated Depreciation—EquipmentAdvertising ExpenseLandSupplies ExpenseAccounts PayableInsurance ExpenseUtilities PayableInterest ExpenseInterest PayableDepreciation Expense—EquipmentUnearned RevenueNotes PayableWonder, CapitalRequirement 2WONDER’S QUALITY AUTOMOTIVEUnadjusted Trial BalanceDecember 31, 2016BalanceAccount TitleDebitCreditRequirement 4DateAccounts and ExplanationDebitCreditRequirement 5WONDER’S QUALITY AUTOMOTIVEAdjusted Trial BalanceDecember 31, 2016BalanceAccount TitleDebitCreditRequirement 3WONDER’S QUALITY AUTOMOTIVEWorksheet December 31, 2016Account NamesUnadjusted Trial BalanceAdjustmentsAdjusted Trial BalanceDebitCreditDebitCreditDebitCreditRequirement 6WONDER’S QUALITY AUTOMOTIVEIncome StatementMonth Ended December 31, 2016WONDER’S QUALITY AUTOMOTIVEStatement of Owner’s EquityMonth Ended December 31, 2016WONDER’S QUALITY AUTOMOTIVEBalance Sheet December 31, 2016AssetsLiabilitiesOwner’s EquityRequirement 7DateAccounts and ExplanationDebitCreditRequirement 8WONDER’S QUALITY AUTOMOTIVEPost-Closing Trial Balance December 31, 2016BalanceAccount TitleDebitCredit
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