WORKING PAPERS to accompany SERIAL PROBLEMS in

Fundamental Accounting Principles 14th Canadian Edition by Larson/Jensen

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

1

Chapter 2

Serial Problem

Name

Echo Systems

Parts 2 and 6: October/November Transactions GENERAL JOURNAL Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

2

Chapter 2

Serial Problem

Name

Echo Systems (Cont’d.) Date

Chapter 2

Account Titles and Explanation

Serial Problem

PR

Debit

Credit

Name

Echo Systems (Cont’d.) Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

3

Date

Account Titles and Explanation

Chapter 2 Parts 1, 3, and 7

Serial Problem (cont’d.)

PR

Debit

Credit

Name

GENERAL LEDGER Cash

ACCOUNT NO. 101

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

4

DATE

EXPLANATION

PR

DEBIT

Accounts Receivable DATE

EXPLANATION

PR

Chapter 2

EXPLANATION

Serial Problem (cont’d.)

BALANCE

ACCOUNT NO. 106 DEBIT

Computer Supplies DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 126 PR

DEBIT

CREDIT

BALANCE

Name

Prepaid Computer Insurance Supplies

ACCOUNT ACCOUNTNO. NO.128 126

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

5

DATE

EXPLANATION

PR

DEBIT

Prepaid Rent DATE

EXPLANATION

CREDIT

ACCOUNT NO. 131 PR

DEBIT

CREDIT

Office Equipment Computer Supplies DATE

EXPLANATION

PR

EXPLANATION

PR

DEBIT

EXPLANATION

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

CREDIT

BALANCE

PR

PR

CREDIT

BALANCE

ACCOUNT NO. 301 DEBIT

Mary Graham, Withdrawals DATE

BALANCE

ACCOUNT NO. 201

Mary Graham, Capital DATE

CREDIT

ACCOUNT NO. 167

Accounts Payable DATE

BALANCE

ACCOUNT NO. 163 126

Computer Equipment DATE

BALANCE

CREDIT

BALANCE

ACCOUNT NO. 302 DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

6

Chapter 2

Serial Problem (cont’d.)

Name

Computer Services Revenue DATE

EXPLANATION

PR

ACCOUNT NO. 403 DEBIT

Wages Expense DATE

EXPLANATION

EXPLANATION

PR

DEBIT

PR

EXPLANATION

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

CREDIT

BALANCE

PR

PR

CREDIT

BALANCE

ACCOUNT NO. 684 DEBIT

Charitable Donations Expense DATE

BALANCE

ACCOUNT NO. 676

Repairs Expense, Computer DATE

CREDIT

ACCOUNT NO. 655

Mileage Expense DATE

BALANCE

ACCOUNT NO. 623

Advertising Expense DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 699 DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

7

Chapter 2

Serial Problem (cont’d.)

Name

Part 4 ECHO SYSTMES Trial Balance October 31, 2014 Debit

Credit

Part 5 ECHO SYSTEMS Income Statement Month Ended October 31, 2014

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

8

Chapter 2

Serial Problem (cont’d.)

Name

ECHO SYSTEMS Statement of Changes in Equity Month Ended October 31, 2014

ECHO SYSTEMS Balance Sheet October 31, 2014

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

9

Chapter 2

Serial Problem (cont’d.)

Name

Part 8 ECHO SYSTEMS Trial Balance November 30, 2014 Debit

Credit

Part 9 ECHO SYSTEMS Income Statement For Two Months Ended November 30, 2014

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

10

Chapter 2

Serial Problem (concl’d.)

Name

ECHO SYSTEMS Statement of Changes in Equity For Two Months Ended November 30, 2014

ECHO SYSTEMS Balance Sheet November 30, 2014

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

11

Chapter 4

Serial Problem

Part 1

Echo Systems

Name

GENERAL JOURNAL Page____ Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

12

Chapter 4

Serial Problem (cont’d.)

Name

GENERAL JOURNAL Page____ Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

13

Chapter 4

Serial Problem (cont’d.)

Name

GENERAL LEDGER Cash DATE 2014 Dec. 31

EXPLANATION

ACCOUNT NO. 101 PR

DEBIT

DATE

89,090

EXPLANATION

PR

ACCOUNT NO. 106 DEBIT

DATE

EXPLANATION

PR

ACCOUNT NO. 126 DEBIT

EXPLANATION

PR

ACCOUNT NO. 128 DEBIT

CREDIT

BALANCE

Balance

DATE

3,240

EXPLANATION

ACCOUNT NO. 131 PR

DEBIT

CREDIT

BALANCE

Balance

2,250

Office Equipment DATE

EXPLANATION

ACCOUNT NO. 163 PR

DEBIT

CREDIT

BALANCE

Balance

18,000

Accumulated Depreciation, Office Equipment DATE 2014 Dec. 31

BALANCE 1,440

Prepaid Rent

2014 Dec. 31

CREDIT

Balance

DATE

2014 Dec. 31

BALANCE 5,700

Prepaid Insurance 2014 Dec. 31

CREDIT

Balance

Computer Supplies 2014 Dec. 31

BALANCE

Balance

Accounts Receivable 2014 Dec. 31

CREDIT

EXPLANATION

PR

DEBIT

ACCOUNT NO. 164 CREDIT

BALANCE

Balance

1,500

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

14

Chapter 4

Serial Problem (cont’d.)

Name

Computer Equipment DATE 2014 Dec. 31

EXPLANATION

PR

ACCOUNT NO. 167 DEBIT

DATE

36,000

EXPLANATION

PR

DEBIT

DATE

EXPLANATION

PR

ACCOUNT NO. 201 DEBIT

BALANCE

ACCOUNT NO. 210 PR

DEBIT

CREDIT

BALANCE

Balance

800

Unearned Computer Services Revenue EXPLANATION

PR

DEBIT

ACCOUNT NO. 236 CREDIT

BALANCE

Balance

3,000

Mary Graham, Capital DATE

EXPLANATION

PR

ACCOUNT NO. 301 DEBIT

CREDIT

BALANCE

Balance

144,000

Mary Graham, Withdrawals DATE 2014 Dec. 31

CREDIT

2,310

EXPLANATION

DATE

2014 Dec. 31

BALANCE

Balance

DATE

2014 Dec. 31

CREDIT

2,250

Wages Payable 2014 Dec. 31

ACCOUNT NO. 168

Balance

Accounts Payable 2014 Dec. 31

BALANCE

Balance

Accumulated Depreciation, Computer Equipment 2014 Dec. 31

CREDIT

EXPLANATION

PR

ACCOUNT NO. 302 DEBIT

CREDIT

BALANCE

Balance

14,400

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

15

Chapter 4

Serial Problem (cont’d.)

Name

Computer Services Revenue DATE 2014 Dec. 31

EXPLANATION

PR

ACCOUNT NO. 403 DEBIT

DATE

52,200

EXPLANATION

PR

DEBIT

DATE

EXPLANATION

PR

DEBIT

EXPLANATION

CREDIT

BALANCE

ACCOUNT NO. 623 PR

DEBIT

CREDIT

BALANCE

Balance

DATE

6,200

EXPLANATION

PR

ACCOUNT NO. 637 DEBIT

CREDIT

BALANCE

Balance

1,080

Rent Expense DATE

EXPLANATION

ACCOUNT NO. 640 PR

DEBIT

CREDIT

BALANCE

Balance

6,750

Computer Supplies Expense DATE 2014 Dec. 31

ACCOUNT NO. 613

2,250

Insurance Expense

2014 Dec. 31

BALANCE

Balance

DATE

2014 Dec. 31

CREDIT

1,500

Wages Expense 2014 Dec. 31

ACCOUNT NO. 612

Balance

Depreciation Expense, Computer Equipment 2014 Dec. 31

BALANCE

Balance

Depreciation Expense, Office Equipment 2014 Dec. 31

CREDIT

EXPLANATION

PR

ACCOUNT NO. 652 DEBIT

CREDIT

BALANCE

Balance

5,430

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

16

Chapter 4

Serial Problem (cont’d.)

Name

Advertising Expense DATE 2014 Dec. 31

EXPLANATION

PR

ACCOUNT NO. 655 DEBIT

DATE

5,820

EXPLANATION

PR

ACCOUNT NO. 676 DEBIT

DATE

EXPLANATION

PR

ACCOUNT NO. 684 DEBIT

CREDIT

BALANCE

Balance

DATE

2,610

EXPLANATION

PR

ACCOUNT NO. 699 DEBIT

CREDIT

BALANCE

Balance

1,500

Income Summary DATE 2014 Dec. 31

BALANCE 2,800

Charitable Donations Expense 2014 Dec. 31

CREDIT

Balance

Repairs Expense, Computer 2014 Dec. 31

BALANCE

Balance

Mileage Expense 2014 Dec. 31

CREDIT

EXPLANATION

PR

ACCOUNT NO. 901 DEBIT

CREDIT

BALANCE

Balance

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

17

Chapter 4

Serial Problem (concl’d.)

Name

Part 2 ECHO SYSTEMS Post-Closing Trial Balance December 31, 2014 Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

18

Chapter 5 Part 1

Serial Problem (Perpetual)

Name

Echo Systems GENERAL JOURNAL Page____

Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

19

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

20

Chapter 5 Part 1

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) GENERAL JOURNAL Page____

Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

21

Chapter 5 Part 1

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) GENERAL JOURNAL Page____

Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

22

Chapter 5 Part 1

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) GENERAL JOURNAL Page____

Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

23

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

24

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) GENERAL LEDGER Cash

DATE

EXPLANATION

ACCOUNT NO. 101 PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

89,090

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

25

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Accounts Receivable – Alamo Engineering

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.1 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Buckman Services DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.2 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Capital Leasing DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.3 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Decker Co. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.4 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,700

Accounts Receivable – Elite Corporation DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.5 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

26

Chapter 5 Part 2

Serial Problem (Perpetual) Echo Systems (cont’d.)

Name

Accounts Receivable – Fostek Co. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.6 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,000

Accounts Receivable – Grandview Co. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.7 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Hacienda, Inc. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.8 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Images, Inc. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.9 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

27

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Merchandise Inventory

DATE

EXPLANATION

ACCOUNT NO. 119 PR

DEBIT

Computer Supplies DATE

EXPLANATION

PR

CREDIT

BALANCE

ACCOUNT NO. 126 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Balance

1,440

Prepaid Insurance DATE

EXPLANATION

PR

ACCOUNT NO. 128 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,240

Prepaid Rent DATE

ACCOUNT NO. 131

EXPLANATION

PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,250

Office Equipment DATE

EXPLANATION

PR

ACCOUNT NO. 163 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

18,000

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

28

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Accumulated Depreciation, Office Equipment

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 164 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

1,500

Computer Equipment DATE

EXPLANATION

PR

ACCOUNT NO. 167 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

36,000

Accumulated Depreciation, Computer Equipment DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 168 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,250

Accounts Payable DATE

EXPLANATION

PR

ACCOUNT NO. 201 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,310

Wages Payable DATE

EXPLANATION

ACCOUNT NO. 210 PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

800

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

29

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Unearned Computer Services Revenue

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 236 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,000

Mary Graham, Capital DATE

EXPLANATION

PR

ACCOUNT NO. 301 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

145,860

Mary Graham, Withdrawals DATE

EXPLANATION

PR

ACCOUNT NO. 302 DEBIT

Computer Services Revenue DATE

EXPLANATION

PR

EXPLANATION

BALANCE

ACCOUNT NO. 403 DEBIT

Sales DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 413 PR

DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

30

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Sales Discounts

DATE

EXPLANATION

PR

ACCOUNT NO. 414 DEBIT

Sales Returns and Allowances DATE

EXPLANATION

PR

DEBIT

Cost of Goods Sold DATE

EXPLANATION

PR

EXPLANATION

PR

DEBIT

DEBIT

Depreciation Expense, Computer Equipment DATE

EXPLANATION

PR

DEBIT

Wages Expense DATE

EXPLANATION

BALANCE

ACCOUNT NO. 415 CREDIT

BALANCE

ACCOUNT NO. 502

Depreciation Expense, Office Equipment DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 612 CREDIT

BALANCE

ACCOUNT NO. 613 CREDIT

BALANCE

ACCOUNT NO. 623 PR

DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

31

Chapter 5 Part 2

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) Insurance Expense

DATE

EXPLANATION

PR

ACCOUNT NO. 637 DEBIT

Rent Expense DATE

EXPLANATION

EXPLANATION

PR

DEBIT

P.R.

EXPLANATION

PR

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

PR

BALANCE

CREDIT

BALANCE

CREDIT

BALANCE

ACCOUNT NO. 684 DEBIT

Charitable Donations Expense DATE

CREDIT

ACCOUNT NO. 676

Repairs Expense, Computer DATE

BALANCE

ACCOUNT NO. 655

Mileage Expense DATE

CREDIT

ACCOUNT NO. 652

Advertising Expense DATE

BALANCE

ACCOUNT NO. 640

Computer Supplies Expense DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 699 DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

32

Chapter 5 Part 3

Serial Problem (Perpetual)

Name

Echo Systems ECHO SYSTEMS Partial Work Sheet For Three Months Ended March 31, 2015

Acct. No. 101 106.1 106.2 106.3 106.4 106.5 106.6 106.7 106.8 106.9 119 126 128 131 163 164 167 168 201 210 236 301 302 403 413 414 415 502 612 613 623 637 640 652 655 676 684 699

Account Title Cash Alamo Engineering Co. Buckman Services Capital Leasing Decker Co. Elite Corporation Fostek Co. Grandview Co. Hacienda Inc. Images Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accum. deprec., office equipment Computer equipment Accum. deprec., computer equip. Accounts payable Wages payable Unearned computer services rev. Mary Graham, capital Mary Graham, withdrawals Computer services revenue Sales Sales discounts Sales returns and allowances Cost of goods sold Deprec. exp., office equipment Deprec. exp., computer equip. Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense, computer Charitable donations expense Totals

Unadjusted Trial Balance Dr. Cr.

Adjustments Dr. Cr.

Adjusted Trial Balance Dr. Cr.

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

33

Chapter 5 Part 4

Serial Problem (Perpetual)

Name

Echo Systems (cont’d.) ECHO SYSTEMS Income Statement For Three Months Ended March 31, 2015

Part 5 ECHO SYSTEMS Statement of Changes in Equity For Three Months Ended March 31, 2015

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

34

Chapter 5 Part 6

Serial Problem (Perpetual)

Name

Echo Systems (concl’d.) ECHO SYSTEMS Balance Sheet March 31, 2015

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

35

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

36

Chapter 5

Serial Problem (Periodic)

Name

Part 1 Echo Systems Journal Entries GENERAL JOURNAL Page _____ Date

Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

37

Chapter 5 Part 1 Date

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

38

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

39

Chapter 5 Part 1 Date

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

40

Chapter 5 Part 1 Date

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Account Titles and Explanation

PR

Debit

Credit

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

41

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) GENERAL LEDGER Cash

DATE

EXPLANATION

ACCOUNT NO. 101 PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

89,090

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

42

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Accounts Receivable – Alamo Engineering

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.1 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Buckman Services DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.2 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Capital Leasing DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.3 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Decker Co. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.4 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,700

Accounts Receivable – Elite Corporation DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.5 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

43

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Accounts Receivable – Fostek Co.

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.6 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,000

Accounts Receivable – Grandview Co. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.7 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Hacienda, Inc. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.8 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Accounts Receivable – Images, Inc. DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 106.9 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Merchandise Inventory DATE

EXPLANATION

PR

ACCOUNT NO. 119 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

-0-

Computer Supplies DATE

EXPLANATION

PR

ACCOUNT NO. 126 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

1,440

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

44

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Prepaid Insurance

DATE

EXPLANATION

PR

ACCOUNT NO. 128 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,240

Prepaid Rent DATE

ACCOUNT NO. 131

EXPLANATION

PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,250

Office Equipment DATE

EXPLANATION

ACCOUNT NO. 163 PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

18,000

Accumulated Depreciation, Office Equipment DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 164 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

1,500

Computer Equipment DATE

EXPLANATION

PR

ACCOUNT NO. 167 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

36,000

Accumulated Depreciation, Computer Equipment DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 168 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,250

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

45

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Accounts Payable

DATE

EXPLANATION

PR

ACCOUNT NO. 201 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

2,310

Wages Payable DATE

EXPLANATION

ACCOUNT NO. 210 PR

DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

800

Unearned Computer Services Revenue DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 236 CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

3,000

Mary Graham, Capital DATE

EXPLANATION

PR

ACCOUNT NO. 301 DEBIT

CREDIT

BALANCE

2014 Dec. 31 Beginning Balance

145,860

Mary Graham, Withdrawals DATE

EXPLANATION

PR

ACCOUNT NO. 302 DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

46

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Computer Services Revenue

DATE

EXPLANATION

PR

ACCOUNT NO. 403 DEBIT

Sales DATE

EXPLANATION

PR

EXPLANATION

DEBIT

PR

EXPLANATION

PR

DEBIT

DEBIT

Purchases DATE

EXPLANATION

CREDIT

BALANCE

ACCOUNT NO. 414

Sales Returns and Allowances DATE

BALANCE

ACCOUNT NO. 413

Sales Discounts DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 415 CREDIT

BALANCE

ACCOUNT NO. 505 PR

DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

47

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Purchase Returns and Allowances

DATE

EXPLANATION

PR

DEBIT

ACCOUNT NO. 506 CREDIT

Purchase Discounts

BALANCE

ACCOUNT NO.507

7

DATE

EXPLANATION

PR

DEBIT

Transportation-In DATE

EXPLANATION

PR

EXPLANATION

DEBIT

PR

DEBIT

Depreciation Expense, Computer Equipment DATE

EXPLANATION

PR

DEBIT

Wages Expense DATE

EXPLANATION

BALANCE

ACCOUNT NO. 508

Depreciation Expense, Office Equipment DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 612 CREDIT

BALANCE

ACCOUNT NO. 613 CREDIT

BALANCE

ACCOUNT NO. 623 PR

DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

48

Chapter 5 Part 2

Serial Problem (Periodic)

Name

Echo Systems (cont’d.) Insurance Expense

DATE

EXPLANATION

PR

ACCOUNT NO. 637 DEBIT

Rent Expense DATE

EXPLANATION

EXPLANATION

PR

DEBIT

P.R.

EXPLANATION

PR

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

PR

DEBIT

EXPLANATION

PR

BALANCE

CREDIT

BALANCE

CREDIT

BALANCE

ACCOUNT NO. 684 DEBIT

Charitable Donations Expense DATE

CREDIT

ACCOUNT NO. 676

Repairs Expense, Computer DATE

BALANCE

ACCOUNT NO. 655

Mileage Expense DATE

CREDIT

ACCOUNT NO. 652

Advertising Expense DATE

BALANCE

ACCOUNT NO. 640

Computer Supplies Expense DATE

CREDIT

CREDIT

BALANCE

ACCOUNT NO. 699 DEBIT

CREDIT

BALANCE

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

49

Chapter 5 Part 3

Serial Problem (Periodic)

Name

Echo Systems (concl’d.) ECHO SYSTEMS Partial Work Sheet March 31, 2015

Acct. No. 101 106.1 106.2 106.3 106.4 106.5 106.6 106.7 106.8 106.9 119 126 128 131 163 164 167 168 201 210 236 301 302 403 413 414 415 505 506 507 508 612 613 623 637 640 652 655 676 684 699

Account Title Cash Alamo Engineering Co. Buckman Services Capital Leasing Decker Co. Elite Corporation Fostek Co. Grandview Co. Hacienda Inc. Images Inc. Merchandise inventory Computer supplies Prepaid insurance Prepaid rent Office equipment Accum. deprec., office equipment Computer equipment Accum. deprec., computer equip. Accounts payable Wages payable Unearned computer services rev. Mary Graham, capital Mary Graham, withdrawals Computer services revenue Sales Sales discounts Sales returns and allowances Purchases Purchase returns and allowances Purchase discounts Transportation-in Deprec. exp., office equipment Deprec. exp., computer equip. Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense, computer Charitable donations expense Totals

Unadjusted Trial Balance Debit Credit

Adjustments Debit Credit

Adjusted Trial Balance Debit Credit

Parts 4, 5, and 6: Use the forms provided earlier.

Copyright  2013 by McGraw-Hill Ryerson Limited. All rights reserved. Fundamental Accounting Principles, 14e, Working Papers for Serial Problems (Ch. 2, 4, and 5)

50