For this I need to do the adjusted trial balance. I have started it but can’t get it to balance. The account cleaning supplies expense is not part of the general ledgers but needs to be included. My journal entries might be wrong but I can’t seem to find my mistake. copy_of_klean_kars_accounting_simulation_excel_working_papers_2_.xls.xlsxKlean Kars, which began operations in October, is enjoying continuing success. The November 30, 2011 unadjusted trial balan
ACCT NO.
101
106
126
128
131
163
164
167
168
201
210
236
301
302
403
612
613
623
637
640
655
676
684
ACCOUNT TITLE
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Insurance
Prepaid Rent
Office Equipment
Accum. Dep – Office Equip
Computer Equipment
Accum. Dep – Computer Equip
Accounts Payable
Wages Payable
Unearned Services Revenue
Common Stock
Retained Earnings
Services Revenue
Depreciation Expense – Office Equip
Depreciation Expense – Computer Equip
Wages Expense
Insurance Expense
Rent Expense
Advertising Expense
Mileage Expense
Repairs Expense – Computer
TOTALS
DEBIT
$38,264
$12,618
$2,545
$2,220
$3,300
$8,000
CREDIT
$0
$20,000
$0
$0
$0
$0
$44,850
$22,300
$25,659
$0
$0
$2,625
$0
$0
$1,728
$704
$805
$92,809
$92,809
Klean Kars had the following transactions and events in December 2011
2-Dec
Paid $1,025 cash to Hillside Mall for Klean Kars share of mall advertising costs
3-Dec
Paid $500 cash for minor repairs to company’s computer
4-Dec
Received $3,950 cash from Jane Smith for a receivable recorded in November
10-Dec
Paid cash to Lyn Addie for 6 days of work at the rate of $125 per day. Ignore associated payroll taxes
14-Dec
Contacted by James Johnson, who indicated Klean Kars would be hired to perform $7,000 worth of cleaning servic
14-Dec
J. Johnson paid a $1,500 cash advance to Klean Kars and the project is expected to begin on January 15, 2012
15-Dec
Purchased $1,100 of cleaning supplies on credit from Harris Office Products
16-Dec
Sent a reminder to Suzy Solomon to pay the fee for services recorded on November 8
20-Dec
Started and completed a cleaning project for Liu Corporation and received $5,625 cash
28-Dec
Received $3,000 cash from Suzy Solomon on her accounts receivable
31-Dec
Reimbursed an employee for business automobile mileage – 600 total miles at a rate of $.50 per mile
The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the com
a.
The December 31 inventory count of cleaning supplies shows $580 still available
b.
On October 1, 2011, Klean Kars paid their annual insurance premium in the amount of $2,220, which provides cov
c.
As of December 31, Lyn Addie has not been paid for 4 days of work at $125 per day
d.
Record depreciation expense for the company’s computer in the amount of $1200
e.
Record depreciation expense for the company’s office equipment in the amount of $800
f.
On October 1, 2011, Klean Kars signed a 2 year lease agreement, which had the following terms:
** $825 per month
** First 4 months rent due at time of signing (October 1, 2011).
** Payments will be made monthly starting February 1, 2012.
Required:
1
Prepare journal entries to record each of the December transactions and events for Klean Kars
2
3
4
5
6
7
8
Prepare adjusting entries to reflect a – f noted above. Post those entries to the accounts in the ledger
Prepare an adjusted trial balance as of December 31, 2011
Prepare an income statement for the three months ended December 31, 2011
Prepare a statement of owner’s equity for the three months ended December 31, 2011
Prepare a balance sheet as of December 31, 2011
Record and post the necessary closing entries for Klean Kars
Prepare a Post-closing trial balance as of December 31, 2011
Simulation Problem
Part 1
Klean Kars
Journal Entries
Name _______________________________________________
GENERAL JOURNAL
Date
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Account Titles and Explanation
2 Advertising Expense
Cash
3 Repair Expense-Computer
Cash
4 Cash
Accounts Receivable
10 Wages Expense
Cash
14 Cash
Unearned Service Revenue
15 Cleaning Supplies
Accounts Payable
20 Cash
Service Revenue
28 Cash
Accounts Receivable
31 Mileage Expense
Cash
Debit
Credit
1025
1025
500
500
3950
3950
750
750
1500
1500
1100
1100
5625
5625
3000
3000
300
300
Simulation Problem
Part 1
Klean Kars
Adjusting Entries
Name _______________________________________________
GENERAL JOURNAL
Date
Account Titles and Explanation
Dec
31 Cleaning Supplies Expense
Cleaning Supplies
Dec
31 Wages Expense
Wages Payable
Dec
31 Insurance Expense
Prepaid Insurance
Dec
31 Depreciation Expense- Computer
Accumualted Depreciation Com
Dec
31 Depreciation Expense- Office
Accumualted Depreciation Office
Dec
31 Rent Expense
Prepaid Rent
Debit
3065
Credit
3065
500
500
555
555
1200
1200
800
800
2475
2475
2
3
Part 1
Klean Kars
(Continued)
ACCOUNT NO. 101
Date
2011
Nov. 30
Dec. 2
Dec. 3
Dec. 4
Dec. 10
Dec. 14
Dec. 15
Dec. 28
Dec. 31
Explanation
Balance
Advertising Cost
Repair Cost
Cash Received
Wages
Unearned Revenue
Serivce Revenue
Cash Received
Reimbursment
DEBIT
CREDIT
BALANCE
1025
500
3950
750
1500
5625
3000
300
38,264
37,239
36,739
40,689
39,939
41,439
47,064
50,064
49,764
ACCOUNT NO. 106
Date
Explanation
2011
Nov. 30 Balance
Dec. 4 Received Cash
Dec. 28 Received Cash
DEBIT
CREDIT
3950
3000
BALANCE
12,618
8,668
11,668
ACCOUNT NO. 126
Date
Explanation
DEBIT
CREDIT
2011
Nov. 30 Balance
###### Purchased Cleaning Supplies
###### Inventory of Cleaning Supplies
1100
3065
BALANCE
2,545
3,645
580
Simulation Problem
Part 1
Klean Kars
(Continued)
Name _______________________________________________
ACCOUNT NO. 128
Date
Explanation
DEBIT
CREDIT
2011
Nov. 30 Balance
###### 3 months prepaid insurance expired
BALANCE
555
2,220
1,665
ACCOUNT NO. 131
Date
Explanation
DEBIT
2011
Nov. 30 Balance
###### 3 months prepaid rent expired
Date
Explanation
CREDIT
BALANCE
2475
DEBIT
ACCOUNT NO. 163
CREDIT
BALANCE
2011
Nov. 30 Balance
Date
8,000
Explanation
DEBIT
###### Balance
###### 3 Months Accum. Depreciation Office
Date
2011
Nov. 30 Balance
3,300
825
Explanation
ACCOUNT NO. 164
CREDIT
BALANCE
800
DEBIT
800
ACCOUNT NO. 167
CREDIT
BALANCE
20,000
9
Part 1
Klean Kars
(Continued)
ACCOUNT NO. 168
Date
Explanation
DEBIT
###### Balance
###### Accumulated depreciation computer
CREDIT
1200
ACCOUNT NO. 201
Date
Explanation
DEBIT
2011
Nov. 30 Balance
###### Purchased cleaning supplies on credit
CREDIT
1100
ACCOUNT NO. 210
Date
Explanation
DEBIT
CREDIT
###### Four days not paid for Lyn Addie
550
ACCOUNT NO. 236
Date
Explanation
###### Cash advance for work not yet completed
DEBIT
CREDIT
1500
ACCOUNT NO. 168
BALANCE
1,200
ACCOUNT NO. 201
BALANCE
0
1,100
ACCOUNT NO. 210
BALANCE
550
ACCOUNT NO. 236
BALANCE
1,500
Simulation Problem
Part 1
Klean Kars
(Continued)
Date
Explanation
Name _______________________________________________
ACCOUNT NO. 301
CREDIT
BALANCE
DEBIT
2011
Nov. 30 Balance
Date
44,850
Explanation
ACCOUNT NO. 302
CREDIT
BALANCE
DEBIT
2011
Nov. 30 Balance
22,300
ACCOUNT NO. 403
Date
Explanation
DEBIT
CREDIT
2011
Nov. 30 Balance
###### Completed cleaning work
5625
BALANCE
25,659
31,284
ACCOUNT NO. 612
Date
Explanation
###### Depreciation expense office equipment
DEBIT
CREDIT
800
BALANCE
800
__________________________
Simulation Problem
Part 1
Klean Kars
(Continued)
Name _______________________________________________
ACCOUNT NO. 613
Date
Explanation
###### Depreciation expense computers
Date
Explanation
DEBIT
CREDIT
1200
1,200
ACCOUNT NO. 623
CREDIT
BALANCE
DEBIT
2011
Nov. 30 Balance
###### Paid Lyn Addie for six days of work
###### Paid Lyn Addie for four days of work
BALANCE
2,625
3,375
3,875
750
500
ACCOUNT NO. 637
Date
Explanation
DEBIT
###### 3 months insurance
CREDIT
555
BALANCE
555
ACCOUNT NO. 640
Date
Explanation
###### 3 months rent
DEBIT
2475
CREDIT
BALANCE
2,475
__________________________
Simulation Problem
Part 1
Klean Kars
(Continued)
Date
Explanation
2011
Nov. 30 Balance
###### Paid Hillside Mall for advertising
Date
Explanation
Name _______________________________________________
ACCOUNT NO. 655
CREDIT
BALANCE
DEBIT
1,728
2,753
1025
ACCOUNT NO. 676
CREDIT
BALANCE
DEBIT
2011
Nov. 30 Balance
###### Reinbursed employee for milage
704
1,004
300
ACCOUNT NO. 684
Date
Explanation
2011
Nov. 30 Balance
###### Paid for minor repairs on computer
DEBIT
CREDIT
500
BALANCE
805
1,305
Simulation Problem
Part 1
Klean Kars
(Continued)
Name _______________________________________________
Klean Kars
Adjusted Trial Balance
Account Title
Cash
Accounts Receivable
Cleaning Supplies
Prepaid Insurance
Prepaid Rent
Office Equipment
Accum. Dep – Office Equip
Computer Equipment
Accum. Dep – Computer Equip
Accounts Payable
Wages Payable
Unearned Services Revenue
Common Stock
Retained Earnings
Services Revenue
Depreciation Expense – Office Equip
Depreciation Expense – Computer Equip
Wages Expense
Insurance Expense
Rent Expense
Advertising Expense
Mileage Expense
Repairs Expense – Computer
Cleaning Supplies Expense
TOTALS
Debit
Credit
49764
11668
580
1665
825
8000
800
20000
1200
1100
550
1500
44850
22300
31284
1200
800
3875
555
2475
2753
1004
1305
3065
109534
103584
Simulation Problem
Part 1
Klean Kars
(Continued)
Name _______________________________________________
Klean Kars
Income Statement
For Three Months Ended December 31, ____
Klean Kars
Statement of Owner’s Equity
For Three Months Ended December 31, ____
Simulation Problem
Part 1
Klean Kars
(Continued)
Name _______________________________________________
Klean Kars
Balance Sheet
December 31, ____
Simulation Problem
Part 1
Klean Kars
Closing Entries
Name _______________________________________________
GENERAL JOURNAL
Date
Account Titles and Explanation
Debit
Credit
___________________________
Simulation Problem
Part 1
Business Solutions
(Continued)
Name _______________________________________________
Klean Kars
Post Closing Trial Balance
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