I-17.03 Examine the adjusted trial balance. Then examine the
shell financial statements that follow. Select the
boxed areas within the shell financial statements and
use the drop-down pick list to determine which
account logically would appear in the indicated
location. A correct selection will cause the
appropriate dollar amount to populate within the
financial statements and place a check mark beside
the item within the adjusted trial balance. Continue
until all amounts within the trial balance have been
"checked off" and the financial statement totals have
been shaded green. XYZ Company
Adjusted Trial Balance
For the Year Ending December 31, 20XX
Accounts
Cash Debit
$150,000 Accounts receivable 42,000 Prepaid rent 15,000 Land 84,000 Building and equipment Credit 200,000 Accumulated depreciation $ 60,000 Accounts payable 21,000 Unearned revenue 13,000 Notes payable 100,000 Capital stock 75,000 Retained earnings, Jan. 1 174,000 1 I-17.03 Revenues 237,000 Wages expense 98,000 Rent expense 45,000 Depreciation expense 20,000 Interest expense 8,000 Dividends 18,000 - $680,000 $680,000 XYZ Company
INCOME STATEMENT
For the Year Ending December 31, 20XX
$ - Less:
$ - Net Income $ XYZ Company
STATEMENT OF RETAINED EARNINGS
For the Year Ending December 31, 20XX 2 - I-17.03 $ - Net income $ - Retained earnings, Dec. 31 $ - XYZ Company
Balance Sheet
December 31, 20XX
$ - $
Less: - ( - ) Total assets $ - $ - Total liabilities $
$ - 3 - I-17.03 Retained earnings - Total liabilities and equity $ 4 - R2. Based on R1, prepare the closing journal entries. a. Closing the revenue account
Account name $amount Account name $amount Account name $amount Account name $amount Dr:
Cr:
b. Closing the expenses Dr:
Cr:
Cr:
Cr:
Cr:
c. Closing the income summary account Dr:
Cr: d. Closing the dividends account Dr:
Cr: 5 R3. Based on R1 and R2, prepare the post closing trial balance. Pay attention to the difference between this trial balan Accounts add
accounts
if
necessary Debit Cash
Accounts receivable
Prepaid rent
Land
Building and equipment
Accumulated depreciation
Accounts payable
Unearned revenue
Notes payable
Capital stock
….
….
…
…
total 6 Credit ference between this trial balance and the adjusted trial balance 7 R4. Company ABC got a 10-year loan of $1000,000 from the bank on 7/1/2015. The annual interest rate is 4% and is p Without reversing JE
Account name 12/31/2015 With Reversing JE
$amount Dr: Dr:
Cr: 1/1/2016 Account name $amount Dr: Dr:
Cr: 7/1/2016
Account name
Dr: $amount
Dr: Cr:
* Add as many rows or JEs as you need
* if there is no journal entry, just leave the JE empty. 8 interest rate is 4% and is paid every 7/1. Record the journal entries on the following dates i) without and ii) with reversing journal entries. With Reversing JE
Account name $amount Account name $amount Account name $amount Cr: Cr: Cr: 9 reversing journal entries. 10

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