ACCOUNTING

MODULE 7 – CLOSING THE BOOKS

The units in Module 7, Units 17 through 19, bargain after a while the procedures carried out at the end of an recitaling year to suspend the books and total the recitaling cycle. You succeed imbibe encircling classifying and stagnation entries, pit and regulating ledger recitals, the Post-Closing Gauge Balance, and reversing entries.

ASSIGNMENT 19

Problem 19-1: Total all the steps in the recitaling cycle.

On December 1, XXX1, Penelope opens her own dental hygiene performance. During the month of December, she has the aftercited actions:

December 1 Penelope opens her own dental hygiene performance after a while an boarding of $20,000 from her peculiar savings recital.

December 2 Penelope pays $4,500 for 3 months' rupture (December XXX1 through February XXX2) in trice for a abundantly equipped appointment after a while telephone employment.

December 3 Penelope purchases uniforms for $150 in specie (Unireach Expense).

December 4 She pays $2,400 in specie for one year's obligation security (December XXX1 through

November XXX2).

December 5 She purchases medical preparation for $1,500 in specie (Medical Supplies).

December 6 Proceeds from fees curlaceration in specie for the week totals $100.

December 9 Penelope purchases $300 rate of appointment preparation (billing reachs and pursuit cards) for specie from Appointment Max (Office Supplies).

December 13 Penelope pays her bookkeeper/secretary $200 stipend in specie.

December 13 She bills the Beverly School (Beverly) $400 for employments rendered (4 lectures and demonstrations on traditional hygiene).

December 13 Proceeds from fees curlaceration during the week in specie totals $300.

December 16 Penelope pays $85 in specie for telephone expenditure.

December 17 She pays an recitalant $500 to project an recitaling rule for her profession (Accounting and Lawful Expense).

December 18 She purchases protuberant toothbrushes to yield afar to patients for $100 (Promotion

Expense).

December 20 She pays the bookkeeper/secretary $200 stipend in specie.

December 20 She after a whiledraws $1,000 in specie for peculiar expenditures.

December 20 Proceeds from fees curlaceration in specie for the week totals $400.

December 24 Penelope pays the monthly defence entrust of $500 in specie.

December 27 She pays her bookkeeper/secretary $200 stipend in specie.

December 27 Proceeds from fees curlaceration in specie for the week totals $400.

The aftercited compound knowledge is granted on December 31st:

a. An schedule semblances $1,300 rate of medical preparation in stock.

b. One month's prehired rupture (for January) has expired.

c. One month's security coverage (for January) has expired.

d. $30 rate of appointment preparation has been used in January.

e. $80 in salaries payable has amplifyd, although the stipend succeed actually be hired in February.

Steps in Accounting Cycle:

1. Journalize and shaft all daily actions, preparation after a while the December 1 action.

2. Arrange gauge pit.

3. Arrange worksheet.

4. Arrange financial statements.

5. Journalize and shaft classifying entries.

6. Journalize and shaft stagnation entries.

7. Arrange shaft-stagnation gauge pit.

8. Journalize and shaft reversing entries.

Complete all the steps in the recitaling cycle forPenelope Francis, Branding Specialist. Remember that the definite three steps in the recitaling cycle are performed merely uninterruptedly a year; besides, for purposes of this provision, total them all owing Penelope’s year end is December 31 flush though she upright established her profession on December 1.

Problem 19-1 Journal Entries
GENERAL JOURNAL Page 1
DATEACCOUNTS AND EXPLANATIONREF.DEBITCREDIT
XXX1Daily Entries
Dec.1
Opened performance as dental hygienist
2
Paid rupture for December through February
3
Purchased uniforms
4
Paid one year of obligation security coverage
5
Purchased medical preparation
6
Fee proceeds for week limit December 6
9
Purchased appointment preparation
13
Paid weekly stipend for bookkeeper/secretary
13
Billed Beverly for lectures and demonstrations
13
Fee proceeds for week limit December 13
Problem 19-1 (continued) Journal Entries
GENERAL JOURNAL Page 2
DATEACCOUNTS AND EXPLANATIONREF.DEBITCREDIT
Daily Entries (continued)
16
Paid for telephone and internet employments
17
Paid for recitaling rule set-up
18
Purchased toothbrushes, picks, and floss
20
Paid weekly stipend for bookkeeper/secretary
20
Penelope after a whiledrew specie for peculiar use
20
Fee proceeds for week limit January 20
24
Paid monthly defence entrust
27
Paid weekly stipend for bookkeeper/secretary
27
Fee proceeds for week limit January 27

Note: After completing the register entries, shaft them to the public ledger recitals on pages 10-14. Then conclude tail to the aftercited page 4 and arrange the Gauge Pit from the Public Ledger recital pits.

Problem 19-1 Trial Pit (Unadjusted)
Note: Check your Gauge pit totals athwart the Gauge Pit totals intervening on the Worksheet on the direct page.

Note: Now arrange the worksheet, entering the gauge pit amounts from in the primitive two shafts of the worksheet.

Problem 19-1 (continued) Worksheet
Penelope Francis, Branding Specialist Worksheet For the Month Ended December 31, XXX1
Acct. No.AccountsTrial BalanceAdjustmentsAdjusted Gauge BalanceInconclude StatementBalance Sheet
DebitCreditDebitCreditDebitCreditDebitCreditDebitCredit
Cash9,565
Account Receivable - Beverly400
Medical Supplies1,500
Prehired Rent4,500
Prehired Insurance2,400
Office Supplies300
P. Francis, Capital20,000
P. Francis, Drawing1,000
Inconclude from Fees1,600
Salary Expense600
Telephone and Internet Expense85
Unireach Expense150
Accounting and Lawful Expense500
Promotion Expense100
Maintenance Expense500
Totals21,60021,600

Note: In this provision, the association has a net mislaying. The net mislaying is external tail to the smaller of the two Proceeds Statement totals and the smaller of the two Pit Sheet shafts, which is the vital two shafts

Note: Using the worksheet on the preceding page (page 5), total the Proceeds Statement, Statement of Owner Equity, and the Pit Sheet (classified/report reach).

Problem 19-1 (continued) Inconclude Statement
Problem 19-1 (continued) Statement of Owner Equity
Problem 19-1 (continued) Balance Sheet

Note: Using the worksheet Adjustments shafts on page 5, registerize the classifying entries in the Public Register underneath. Then shaft them to the Public Ledger Accounts on pages 10-14.

Problem 19-1 (continued) Adjusting Entries
GENERAL JOURNAL Page 3
DATEACCOUNTS AND EXPLANATIONREF.DEBITCREDIT
XXX1Adjusting Entries
Dec.31
To adupright medical preparation
31
To annals expired rupture expenditure
31
To annals expired obligation security
31
To adupright appointment preparation
31
To annals amplifyd salaries

Note: Using the worksheet Adjusted Gauge Pit shafts on page 5, registerize the stagnation entries in the Public Register underneath. Then shaft them to the Public Ledger Accounts on pages 10-14. Then arrange Post-Closing Gauge Pit using reach on direct page (page 10).

Problem 19-1 (continued) Closing Entries
GENERAL JOURNAL Page 3
DATEACCOUNTS AND EXPLANATIONREF.DEBITCREDIT
XXX1Closing Entries
Dec.31
To suspend the proceeds recital
31
31
31
To suspend expenditure recitals
31
To transmit net mislaying
31
To suspend project recital
Problem 19-1 (continued) Post-Closing Gauge Balance

Note: Last, using the Adjustments shaft of the worksheet on page 5 or the classifying entrance for salaries in the Public Register on page 8, registerize the Reversing Entry. Then shaft it to the embezzle public ledger recitals on pages 10-14.

Remember, reversing entries are upright the counterexhibition of any amplifyd expenditure or amplifyd produce classifying entries; and they are dated the primitive day of the direct year. Reversing entries are not mandatory; they are optional. The infer they are performed is that they reach follow-up entries easier that must be performed in the new year and thus economize season.

Problem 19-1 (continued) Reversing Entries
GENERAL JOURNAL Page 5
DATEACCOUNTS AND EXPLANATIONREF.DEBITCREDIT
XXX2Reversing Entry
Jan.1
To counterexhibition amplifyd stipend expenditure compound
Problem 19-1 SOLUTION (continued) General Ledger Posting from Public Register to Public Ledger Using 3-Column Balance-Form Accounts
Cash Recital No. 101
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
Owner made boarding
2Paid for three months of rupture
3Purchased uniforms
4Paid for one year of security
5Purchased medical preparation
6Earned proceeds and curlaceration specie
9Purchased appointment preparation
13Paid stipend
13Earned proceeds and curlaceration specie
16Paid telephone and internet fees
17Paid recitaling and lawful fees
18Purchased preferment items
20Paid stipend
20Owner after a whiledrew specie
20Earned proceeds and curlaceration specie
24Paid defence fees
27Paid stipend
27Earned proceeds and curlaceration specie
Account Receivable--Beverly Recital No. 112
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
13Billed customer for employments
Medical Preparation Recital No. 114
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
5Purchased medical preparation
31To adupright for medical preparation used
Prehired Rupture Recital No. 115
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
2Paid for three months of rupture
31To adupright for expired rupture
Office Preparation Recital No. 116
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
9Purchased appointment preparation
31To adupright for appointment preparation used
Prehired Security Recital No. 117
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
4Paid for one year of security
31To adupright for expired security
Accrued Salaries Payable Recital No. 213
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceCr.0
31To amplify salaries
Penelope Francis, Capital Recital No. 311
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceCr.0
2Owner made boarding
31To transmit net mislaying
31To suspend project
Penelope Francis, Project Recital No. 312
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
20Owner made after a whiledrawal
31To suspend project
Inconclude and Expenditure Summary Recital No. 313
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceCr.0
31To suspend produces
31To suspend expenditures
31To transmit net mislaying
Inconclude from Fees Recital No. 411
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
6Earned proceeds and curlaceration specie
13Billed customer for employments
13Earned proceeds and curlaceration specie
20Earned proceeds and curlaceration specie
27Earned proceeds and curlaceration specie
31To suspend produce
Rent Expenditure Recital No. 511
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
31To adupright for expired rupture
31To suspend recital
Salary Expenditure Recital No. 512
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
13Paid stipend
20Paid stipend
27Paid stipend
31Part of classifying entrance to amplify salaries
31To suspend recital
Jan.1To counterexhibition classifying entrance
Telephone and Internet Expenditure Recital No. 513
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
16Paid telephone and internet fees
31To suspend recital
Unireach Expenditure Recital No. 514
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
3Purchased uniforms
31To suspend recital
Accounting and Lawful Expenditure Recital No. 515
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
17Paid recitaling and lawful fees
31To suspend recital
Promotion Expenditure Recital No. 516
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
18Purchased prefermental items
31To suspend recital
Maintenance Expenditure Recital No. 517
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
24Paid defence fees
31To suspend recital
Medical Preparation Expenditure Recital No. 518
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
31To classifying for medical preparation used
31To suspend recital
Office Preparation Expenditure Recital No. 519
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
31To adupright for appointment preparation used
31To suspend recital
Insurance Expenditure Recital No. 520
DATEEXPLANATIONREF.DEBITSCREDITSDR. OR CR.BALANCE
Dec.1BalanceDr.0
31To adupright for expired security
31To suspend recital

Note: Upright re-examination the aftercited. You don’t want to do everything else after a while it. It’s upright an pattern to semblance you how balancing and regulating would be performed if you were using two-sided something-due and faith shaft recitals instead of the 3-column, pit-reach recitals for this provision.

Problem 19-1 (continued) General Ledger Posting from Public Register to Public Ledger Accounts Using 2-Column Accounts after a while Balancing and Ruling
Cash Recital No. 111
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0Dec.2Paid for three months of ruptureJ14,500
2Owner made boardingJ120,0003Purchased uniformsJ1150
6Earned proceeds and curlaceration specieJ11004Paid for one year of securityJ12,400
13Earned proceeds and curlaceration specieJ13005Purchased medical preparationJ11,500
20Earned proceeds and curlaceration specieJ24009Purchased appointment preparationJ1300
27Earned proceeds and curlaceration specieJ240013Paid stipendJ1200
16Paid telephone and internet feesJ285
17Paid recitaling and lawful feesJ2500
18Purchased preferment itemsJ2100
20Paid stipendJ2200
20Owner after a whiledrew specieJ21,000
24Paid defence feesJ2500
27Paid stipendJ2200
21,20011,635
Jan.1Balance9,565
Account Receivable—Beverly Recital No. 112
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0
13Billed customer for employmentsJ1400
400
Jan.1Balance400
Medical Preparation Recital No. 114
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0Dec.31To adupright for medical preparation usedJ3200
5Purchased medical preparationJ11,500
1,500200
Jan.1Balance1,300
Prehired Rupture Recital No. 115
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0Dec.31To adupright for expired ruptureJ31,500
2Paid for three months of ruptureJ14,500
4,5001,500
Jan.1Balance3,000
Office Preparation Recital No. 116
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0Dec.31To adupright for appointment preparation usedJ330
9Purchased appointment preparationJ1300
30030
Jan.1Balance270
Prehired Security Recital No. 117
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.1Balance0Dec.31To adupright for expired securityJ3200
4Paid for one year of securityJ12,400
2,400200
Jan.1Balance2,200
Accrued Salaries Payable Recital No. 213
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To amplify salariesJ380
80
Jan.1Balance80
Penelope Francis, Capital Recital No. 311
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To suspend projectJ41,000Dec.1Balance0
31To transmit net mislayingJ42,3452Owner made boardingJ120,000
3,34520,000
Jan.1Balance16,655
Penelope Francis, Project Recital No. 312
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.20Owner after a whiledrew specieJ21,000Dec.31To suspend projectJ41,000
Jan.1Balance0
Inconclude and Expenditure Summary Recital No. 313
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To suspend expendituresJ43,945Dec.31To suspend producesJ41,600
31To transmit net mislayingJ42,345
3,9453,945
Jan.1Balance0
Inconclude from Fees Recital No. 411
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To suspend produceJ41,600Dec.6Earned proceeds and curlaceration specieJ1100
13Billed customer for employmentsJ1400
13Earned proceeds and curlaceration specieJ1300
20Earned proceeds and curlaceration specieJ2400
27Earned proceeds and curlaceration specieJ2400
1,6001,600
Jan.1Balance0
Rent Expenditure Recital No. 511
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To adupright for expired ruptureJ31,500Dec.31To suspend expenditureJ41,500
Jan.1Balance0
Salary Expenditure Recital No. 512
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.13Paid stipendJ1200Dec.31To suspend expenditureJ4680
20Paid stipendJ2200
27Paid stipendJ2200
31To amplify salariesJ380
680680
Jan.1Balance0Jan.1To counterexhibition classifying entranceJ380
Telephone and Internet Expenditure Recital No. 513
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.16Paid telephone and internet feesJ285Dec.31To suspend expenditureJ485
Jan.1Balance0
Unireach Expenditure Recital No. 514
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.3Purchased uniformsJ1150Dec.31To suspendJ4150
Jan.1Balance0
Accounting and Lawful Expenditure Recital No. 515
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.17Paid recitaling and lawful feesJ2500Dec.31To suspendJ4500
Jan.1Balance0
Promotion Expenditure Recital No. 516
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.18Purchased prefermental itemsJ2100Dec.31To suspendJ4100
Jan.1Balance0
Maintenance Expenditure Recital No. 517
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.24Paid defence feesJ2500Dec.31To suspendJ4500
Jan.1Balance0
Medical Preparation Expenditure Recital No. 518
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To adupright for medical preparation usedJ3200Dec.31To suspendJ4200
Jan.1Balance0
Office Preparation Expenditure Recital No. 519
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To adupright for appointment preparation usedJ330Dec.31To suspendJ430
Jan.1Balance0
Insurance Expenditure Recital No. 520
DATEEXPLANATIONREF.DEBITDATEEXPLANATIONREF.CREDIT
Dec.31To adupright for expired securityJ3200Dec.31To suspendJ4200
Jan.1Balance0

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