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1 Accounting in English Dr. Mohammed Shanikat Q: P3-5 pages 123-124 (a) Enter the November 1 balances in the ledger accounts: Account: Cash Date Explanation Nov.1 Balance Nov. 8 Nov. 10 Nov. 12 Nov. 20 Nov. 22 Nov. 25 Nov. 29 Ref J1 J1 J1 J1 J1 J1 J1 Account: Accounts Receivable Date Explanation Ref Nov.1 Balance 10 J1 27 J1 Account: Supplies Date Explanation Nov.1 Balance 17 Adj 1,200 1,400 550 Debit 700 Ref Debit J1 J2 1,500 Account: Store Equipment Date Explanation Ref Nov.1 Balance 15 J1 Account: Accumulated Depreciation Date Explanation Ref Nov.1 Balance Adj J2 Account: Accounts Payable Date Explanation Nov.1 Balance 15 17 20 Debit Debit 3,000 Debit Ref Debit J1 J1 J1 2,500 Account No. 101 Credit Balance 2,790 1,100 1,690 2,890 4,290 2,500 1,790 300 1,490 1,000 490 1,040 Account No. 112 Credit Balance 2,510 1,200 1,310 2,010 Account No. 126 Credit Balance 1,000 2,500 900 1600 Account No. 153 Credit Balance 10,000 13,000 Account No. 154 Credit Balance 500 120 620 Account No. 201 Credit Balance 2,100 3,000 5,100 1,500 6,600 4,100 2 Accounting in English Dr. Mohammed Shanikat Account: Unearned Service Revenue Date Explanation Ref Nov.1 Balance 29 J1 Adj J2 Account: Salaries Payable Date Explanation Nov.1 Balance 8 Adj Account: R. Alou, Capital Date Explanation Nov.1 Balance Account: Service Revenue Date Explanation Nov. 12 27 Adj Debit 300 Ref Debit J1 J2 500 Ref Ref J1 J1 J2 Debit Debit Account No. 209 Credit Balance 400 550 950 650 Account No. 212 Credit Balance 500 0 500 500 Account No.301 Credit Balance 12,800 Account No. 407 Credit Balance 1,400 1,400 700 2,100 300 2400 Account: Salaries Expense Date Explanation Nov. 8 25 Adj Ref J1 J1 J2 Debit 600 1,000 500 Account No.726 Credit Balance 600 1,600 2100 Account: Rent Expense Date Explanation Nov. 22 Ref J1 Debit 300 Account No. 729 Credit Balance 300 Debit 900 Account No. 631 Credit Balance 900 Debit 120 Account No. 615 Credit Balance 120 Account: supplies Expense Date Explanation Ref Adj J2 Account: Depreciation Expense Date Explanation Ref Adj J2 3 Accounting in English Dr. Mohammed Shanikat (B) Journalize the November transactions. Date Explanation Nov. 8 Salaries expense Salaries payable Cash Cash Accounts receivable Cash Service Revenue Store equipment Accounts Payable Supplies Accounts Payable Accounts Payable Cash Rent Expense Cash Salaries Expense Cash Accounts Receivable Service Revenue Cash Unearned Service Revenue Nov. 10 Nov. 12 Nov. 15 Nov. 17 Nov. 20 Nov. 22 Nov. 25 Nov. 27 Nov. 29 Post Ref 726 212 101 101 112 101 407 153 201 126 201 201 101 729 101 726 101 112 407 101 209 Debit 600 500 1,100 1,200 1,200 1,400 1,400 3,000 3,000 1,500 1,500 2,500 2,500 300 300 1,000 1,000 700 700 550 (C) Post to the ledger accounts All the entries have been posted (see the ledger accounts in (A). (d) Prepare a trial balance at November 30. Page 1 Credit 550 4 Accounting in English Dr. Mohammed Shanikat Alou Equipment Repair Trial Balance At November 30 Account No 101 112 126 153 154 201 209 212 301 407 615 631 726 729 Account Cash Accounts Receivable Supplies Store equipment Accumulated Depreciation Accounts payable Unearned service revenue Salaries payable R. Alou, Capital Service Revenue Depreciation expense Supplies expense Salaries expense Rent expense Debits 1,040 2,010 2,500 13,000 Credits 500 4,100 950 0 12,800 2,100 1,600 300 20,450 20,450 (E) Journalize and post adjusting entries. Date Explanation Adj Supplies expense Supplies Salaries expense Salaries payable Depreciation expense Accumulated Depreciation Unearned Service Revenue Service revenue Adj Adj Adj Post ref 613 126 631 212 615 154 209 407 Debit Page 2 credit 900 900 500 500 120 120 300 300 5 Accounting in English Dr. Mohammed Shanikat (f) Prepare an adjusted trial balance Alou Equipment Repair Adjusted Trial Balance At November 30 Account No 101 112 126 153 154 201 209 212 301 407 615 631 726 729 Account Cash Accounts Receivable Supplies Store equipment Accumulated Depreciation Accounts payable Unearned service revenue Salaries payable R. Alou, Capital Service Revenue Depreciation expense Supplies expense Salaries expense Rent expense Debits 1,040 2,010 1,600 13,000 Credits 620 4,100 650 500 12,800 2,400 120 900 2100 300 21,070 21,070 (g) Prepare income statement, and owner's equity statement for November and balance sheet at November 30. Alou Equipment Repair Income statement For the month ended on November 30 Service Revenues Expenses: Depreciation expense Supplies expense Salaries expense Rent expense Total expenses Net income (loss) 2,400 120 900 2100 300 (3420) (1,020) 6 Accounting in English Dr. Mohammed Shanikat Alou Equipment Repair Owner's equity statement For the month ended on November 30 Alou, Capital at November 1 12,800 Less: net income (loss) Less: drawings Alou, Capital at November 30 (1,020) 0 11,780 Alou Equipment Repair Balance sheet At November 30 Assets Cash Accounts Receivable Supplies Store equipment 13,000 Less: Accumulated Depreciation (620) Net 1,040 2,010 1,600 12,380 17,030 Total assets Liabilities: Accounts payable Unearned service revenue Salaries payable Total Liabilities Alou, Capital Total liabilities & owner's equity 4,100 650 500 5,250 11,780 17,030 7 Accounting in English Dr. Mohammed Shanikat (h) (H) Closing the books. إغالق الدفاتر Closing the books. إغالق الدفاتر في نهاية السنة المالية At the end of the accounting period, the company makes the accounts ready for the next period. Usually the accounts can be: 1. Temporary accounts حسابات مؤقتةthese accounts are closed All revenues accounts close in the income summary All expenses accounts close in the income summery Owner's drawing account closes in the owner's capital accounts The result of the income summary (net income) closes in the owner's capital If the result of the income summary is profit the closing entry is: Income summary Capital XX XX Closing the drawing is: Capital Drawing XX XX If the result is loss, the closing entry is the opposite of the above entry 2. Permanent accounts حسابات دائمةthese accounts are not closed All assets accounts All liabilities accounts Owner's capital account Closing entries are only at the end of the annual accounting period. يتم إعداد قيود اإلقفال فقط في نهاية السنة المالية Now: Journalize the closing entries Date 2006 Dec 31 closing closing closing Explanation Service revenue Income summary Income summary Depreciation expense Supplies expenses Rent expenses Salaries expense Alou, capital Income summary Post ref Debit credit 2400 2400 3420 120 900 300 2100 1,020 1,020 8 Accounting in English Dr. Mohammed Shanikat The closing entries should post to their accounts Preparing a Post-Closing Trial Balance إعداد ميزان المراجعة ما بعد قيود اإلغالق Purpose is to prove the equality of the permanent account balances after journalizing and posting of closing entries. الهدف من ذلك هو إثبات توازن الحسابات الدائمة بعد تسجيل وترحيل قيود اإلقفال Alou Equipment Repair Post-closing Trial Balance At December 31, 2006 Account No 101 112 126 153 154 201 209 212 301 Account Cash Accounts Receivable Supplies Store equipment Accumulated Depreciation Accounts payable Unearned service revenue Salaries payable Alou, Capital Debits 1,040 2,010 1,600 13,000 17,650 Credits 620 4,100 650 500 11,780 17,650