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