ACCOUNTING CYCLE EXERCISES

SERVICE BUSINESS
MUSIC DEPOT as PROPRIETORSHIP
(from accounting : chapter 1-4; Carl S. Warren, etc)

FITRA TRI AULADI ABDILAH

PAJAK E
NO.7

POLITEKNIK KEUANGAN NEGARA STAN

BDK PALMEBANG
2016/2017
 JOURNAL
Page 3
post
Date Description Dr. Cr.
ref
2010 1 Cash 11 2,500
July Lee Chang, Capital 31 2,500
1 Office Rent Expense 51 2,000
Cash 11 2,000
1 Prepaid Insurance 15 2,700
Cash 11 2,700
2 Cash 11 1,350
Accounts Receivable 12 1,350
3 Cash 11 7,200
Unearned Revenue 23 7,200
3 Accounts Payable 21 250
Cash 11 250
4 Miscellanous Expense 59 500
Cash 11 500
5 Office Equipment 17 5,000
Accounts Payable 21 5,000
8 Advertising Expense 52 200
Cash 11 200
11 Cash 11 800
Fees earned 41 800
13 Equipment Rent Expense 52 600
Cash 11 600
14 Wages Expense 50 1,000
Cash 11 1,000
16 Cash 11 1,750
Fees earned 41 1,750
18 Supplies 14 680
Accounts Payable 21 680
21 Music Expense 54 420
Cash 11 420
22 Advertising Expense 55 800
Cash 11 800
23 Cash 11 750
Accounts Receivable 12 1,750
Fees Earned 41 2,500
27 Utilities Expense 53 560
Cash 11 560
 JOURNAL
Page 4
post
Date Description Dr. Cr.
ref
2010 28 Wages Expense 50 1,000
July Cash 11 1,000
29 Miscellanous Expense 59 150
Cash 11 150
30 Cash 11 400
Accounts Receivable 12 1,400
Fees Earned 41 1,800
31 Cash 11 2,800
Fees Earned 41 2,800
31 Music Expense 54 1,100
Cash 11 1,100
31 Lee Chang, Drawing 32 1,500
Cash 11 1,500
 LEDGER

Account : Cash Account No : 11

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 8,010
July 1 3 2,500 10,510
1 3 2,000 8,510
1 3 2,700 5,810
2 3 1,350 7,160
3 3 7,200 14,360
3 3 250 14,110
4 3 500 13,610
8 3 200 13,410
11 3 800 14,210
13 3 600 13,610
14 3 1,000 12,610
16 3 1,750 14,360
21 3 420 13,940
22 3 800 13,140
23 3 750 13,890
27 3 560 13,330
28 4 1,000 12,330
29 4 150 12,180
30 4 400 12,580
31 4 2,800 15,380
31 4 1,100 14,280
31 4 1,500 12,780

Account : Accounts Receivable Account No : 12

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 1,350
July 2 3 1,350 -
23 3 1,750 1,750
30 4 1,400 3,150
31 Adjusting 5 1,600 4,750

Account : Supplies Account No : 14

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 170
July 18 3 680 850
31 Adjusting 5 675 175
Account : Prepaid Insurance Account No : 15
post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 3 2,700 2,700
July 31 Adjusting 5 225 2,475

Account : Office Equipment Account No : 17

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 5 3 5,000 5,000

Account : Accumulated Depreciation - Office Equipment Account No : 18

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 31 Adjusting 5 60 60
July

Account : Accounts Payable Account No : 21

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 250
July 3 3 250 -
23 3 5,000 5,000
18 3 680 5,680

Account : Wages Payable Account No : 22

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 31 Adjusting 5 120 120
July

Account : Unearned Revenue Account No : 23

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 3 7,200 7,200
July 31 Adjusting 5 3,600 3,600

Account : Lee Chang, Capital Account No : 31

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 8,000
July 1 3 2,500 10,500
31 Closing 6 6,920 17,420
31 Closing 6 1,700 15,720
Account : Lee Chang, Drawing Account No : 32
post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 200
July 31 4 1,500 1,700
31 Closing 6 1,700 -

Account : Income Summary Account No : 33

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 31 Closing 6 20,500 20,500
July 31 Closing 6 13,580 6,920
31 Closing 6 6,920 -

Account : Fees Earned Account No : 41

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 5,650
July 11 3 800 6,450
16 3 1,750 8,200
23 3 2,500 10,700
30 4 1,800 12,500
31 4 2,800 15,300
31 Adjusting 5 1,600 16,900
31 Adjusting 5 3,600 20,500
31 Closing 6 20,500 -

Account : Wages Expense Account No : 50

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 400
July 14 3 1,000 1,400
28 4 1,000 2,400
31 Adjusting 5 120 2,520
31 Closing 6 2,520 -

Account : Office Rent Expense Account No : 51

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 750
July 1 3 2,000 2,750
31 Closing 6 2,750 -
Account : Equipment Rent Expense Account No : 52
post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 500
July 13 3 600 1,100
31 Closing 6 1,100 -

Account : Utilities Expense Account No : 53

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 300
July 27 3 560 860
31 Closing 6 860 -

Account : Music Expense Account No : 54

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 1,290
July 21 3 420 1,710
31 4 1,100 2,810
31 Closing 6 2,810 -

Account : Advertising Expense Account No : 55

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 600
July 8 3 200 800
22 3 800 1,600
31 Closing 6 1,600 -

Account : Supplies Expense Account No : 56

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 180
July 31 Adjusting 5 675 855
31 Closing 6 855 -

Account : Insurance Expense Account No : 57

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 31 Adjusting 5 225 225
July 31 Closing 6 225 -
Account : Depreciation Expense Account No : 58
post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 31 Adjusting 5 60 60
July 31 Closing 6 60 -

Account : Miscellanous Expense Account No : 59

post Balance
Date Item Dr. Cr.
ref Dr. Cr.
2010 1 Balance 150
July 4 3 500 650
29 4 150 800
31 Closing 6 800 -
 Music Depot
Unadjusted Trial Blance
July 31, 2010

Account Debit Credit

Accounts Name
No Balances Balances
11 Cash 12,780
12 Accounts Receivable 3,150
14 Supplies 850
15 Prepaid Insurance 2,700
17 Office Equipment 5,000
21 Accounts Payable 5,680
23 Unearned Revenue 7,200
31 Lee Chang, Capital 10,500
32 Lee Chang, Drawing 1,700
41 Fees Earned 15,300
50 Wages Expense 2,400
51 Office Rent Expense 2,750
52 Equipment Rent Expense 1,100
53 Utilities Expense 860
54 Music Expense 2,810
55 Advertising Expense 1,600
56 Supplies Expense 180
59 Miscellanous Expense 800
38,680 38,680
 ADJUSTING ENTRIES

Page 5
post
Date Description Dr. Cr.
ref
2010 31 Accounts Receivable 12 1,600
July Fees Earned 41 1,600
31 Supplies Expense 56 675
Supplies 14 675
31 Insurance Expense 57 225
Prepaid Insurance 15 225
31 Depreciation Expense 58 60
Accumulated Depre. 18 60
31 Unearned Revenue 23 3,600
Fees Earned 41 3,600
31 Wages Expense 23 120
Wages Payable 11 120
 Music Depot
Adjusted Trial Blance
July 31, 2010

Account Debit Credit

Accounts Name
No Balances Balances
11 Cash 12,780
12 Accounts Receivable 4,750
14 Supplies 175
15 Prepaid Insurance 2,475
17 Office Equipment 5,000
18 Accumulated Depreciation-Office Equipment 60
21 Accounts Payable 5,680
22 Wages Payable 120
23 Unearned Revenue 3,600
31 Lee Chang, Capital 10,500
32 Lee Chang, Drawing 1,700
41 Fees Earned 20,500
50 Wages Expense 2,520
51 Office Rent Expense 2,750
52 Equipment Rent Expense 1,100
53 Utilities Expense 860
54 Music Expense 2,810
55 Advertising Expense 1,600
56 Supplies Expense 855
57 Insurance Expense 225
58 Depreciation Expense 60
59 Miscellanous Expense 800
40,460 40,460
 Music Depot
End-of-Period Spreadsheet (Worksheet)
For Two Months Ended July 31, 2010

Unadjusted Adjusted Income

Account Adjustments Balance Sheet
Account Title Trial Balace Trial Balance Statement
No
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
11 Cash 12,780 12,780 12,780
12 Accounts Receivable 3,150 1,600 4,750 4,750
14 Supplies 850 675 175 175
15 Prepaid Insurance 2,700 225 2,475 2,475
17 Office Equipment 5,000 5,000 5,000
Accumulated Depre- Office
18 60 60 60
Equipment
21 Accounts Payable 5,680 5,680 5,680
22 Wages Payable 120 120 120
23 Unearned Revenue 7,200 3,600 3,600 3,600
31 Lee Chang, Capital 10,500 10,500 10,500
32 Lee Chang, Drawing 1,700 1,700 1,700
41 Fees Earned 15,300 5,200 20,500 20,500
50 Wages Expense 2,400 120 2,520 2,520
51 Office Rent Expense 2,750 2,750 2,750
52 Equipment Rent Expense 1,100 1,100 1,100
53 Utilities Expense 860 860 860
54 Music Expense 2,810 2,810 2,810
55 Advertising Expense 1,600 1,600 1,600
56 Supplies Expense 180 675 855 855
57 Insurance Expense 225 225 225
58 Depreciation Expense 60 60 60
59 Miscellanous Expense 800 800 800
Total 38,680 38,680 6,280 6,280 40,460 40,460 13,580 20,500 26,880 19,960
Net Income 6,920 6,920
20,500 20,500 26,880 26,880
 Music Depot
Income Statement
For Two Months Ended July 31, 2010

Fees Earned $20,500

Total Revenues 20500
Expenses :
Wages Expense $2,520
Office Rent Expense 2,750
Equipment Rent Expense 1,100
Utilities Expense 860
Music Expense 2,810
Advertising Expense 1,600
Supplies Expense 855
Insurance Expense 225
Depreciation Expense 60
Miscellanous Expense 800
Total Expenses 13,580
Net Income $6,920

Music Depot
Statement of Owner's Equity
For Two Months Ended July 31, 2010

Lee Chang, Capital, Juny 1, 2010 $0

Investment on Juny 1 and July 1, 2010 $10,500
Net Income for July 6,920
$17,420
Less Withdrawals 1,700
Increase in owner's equity 15,720
Lee Chang, Capital, July 31, 2010 $15,720
 Music Depot
Balance Sheet
July 31, 2010

Assets Liabilities
Current Assets : Current Liabilities :
Cash $12,780 Accounts Payable $5,680
Accounts Receivable 4,750 Wages Payable 120
Supplies 175 Unearned Revenue 3,600
Prepaid Insurance 2,475 Total Liabilities $9,400
Total Current Assets $20,180
Fixed Assets :
Office Equipment $5,000 Owner's Equity
Less Accum Depreciation 60 4,940 Lee Chang, Capital $15,720
Total Fixed Assets 4,940
Total Assets $25,120 Total Liabilities And Owner's Equity $25,120
 CLOSING ENTRIES

Page 6
post
Date Description Dr. Cr.
ref
2010 31 Fees Earned 41 20,500
July Income Summary 33 20,500
31 Income Summary 33 13,580
Wages Expense 50 2,520
Office Rent Expense 51 2,750
Equipment Rent Expense 52 1,100
Utilities Expense 53 860
Music Expense 54 2,810
Advertising Expense 55 1,600
Supplies Expense 56 855
Insurance Expense 57 225
Depreciation Expense 58 60
Miscellanous Expense 59 800
31 Income Summary 33 6,920
Lee Chang, Capital 31 6,920
31 Lee Chang, Capital 31 1,700
Lee Chang, Drawing 32 1,700
 Music Depot
Post-Closing Trial Blance
July 31, 2010

Account Debit Credit

Accounts Name
No Balances Balances
11 Cash 12,780
12 Accounts Receivable 4,750
14 Supplies 175
15 Prepaid Insurance 2,475
17 Office Equipment 5,000
18 Accumulated Depreciation-Office Equipment 60
21 Accounts Payable 5,680
22 Wages Payable 120
23 Unearned Revenue 3,600
31 Lee Chang, Capital 15,720
25,180 25,180