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Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.

   

Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel

     

Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse

   

Problem P4-1A, Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows.

                                                       

SHERLOCK HOLMES, P.I., INC.

               

Worksheet

                       

For the Quarter Ended March 31, 2014

                   

Unadjusted Trial Balance

Ref

Adjustments

Ref

Adjusted Trial Balance

Income Statement

Balance Sheet

   

Debit

Credit

 

Debit

Credit

 

Debit

Credit

Debit

Credit

Debit

Credit

Cash

 

11,410

                     

Accounts Receivable

5,920

                     

Supplies

 

1,250

                     

Prepaid Insurance

2,400

                     

Equipment

30,000

                     

Notes Payable

 

10,000

                   

Accounts Payable

12,350

                   

Common Stock

 

20,000

                   

Dividends

600

                     

Service Revenue

14,200

                   

Salaries and Wages Expense

2,240

                     

Travel Expense

1,300

                     

Rent Expense

1,200

                     

Miscellaneous Expense

230

                     

Totals

 

56,550

56,550

                   

Supplies Expense

                     

Depreciation Expense

                     

Accumulated Depreciation

                   

Interest Expense

                     

Interest Payable

                       

Insurance Expense

                     

Totals

                         

Net Income

                       

Totals

                                                     

Other data:

                       

1. Supplies on hand total

$480

(a)

                 

2. Depreciation is

$720

for the quarter

(b)

             

3. Interest accrued on 6-month note payable, issued January 1,

$300

(c)

           

4. Insurance expires at the rate of

$200

per month.

(d)

             

5. Services provided but unbilled at March 31 total

$1,080

(e)

                                         

Instructions:

                       

(a) Complete the worksheet.

                   

(b)(1) Prepare an income statement for the quarter ended March 31, 2014.

                                       

SHERLOCK HOLMES, P.I., INC.

               

Income Statement

                     

For the Quarter Ended March 31, 2014

               

Title

                         

Account title

     

Amount

             

Title

                         

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Title

         

Formula

             

Title

         

Formula

                                   

(b)(2) Prepare a retained earnings statement for the quarter ended March 31, 2014.

                                   

SHERLOCK HOLMES, P.I., INC.

               

Retained Earnings Statement

                   

For the Quarter Ended March 31, 2014

               

Title

         

$0

             

Title

         

Amount

                         

Formula

             

Title

         

Amount

             

Title

         

Formula

                                   

(b)(3) Prepare a classified balance sheet for March 31, 2014.

                                           

SHERLOCK HOLMES, P.I., INC.

               

Balance Sheet

                     

March 31, 2014

                         

Assets

                         

Title

                         

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Account title

   

Amount

             

Total current assets

     

Formula

             

Title

                         

Account title

   

Amount

             

Less: Account title

   

Amount

Formula

             

Title

         

Formula

                                         

Liabilities and Stockholders’ Equity

                 

Title

                         

Account title

   

Amount

             

Account title

   

amount

               

Account title

   

amount

               

Total Current Liabilities

   

Formula

             

Title

                         

Account title

   

Amount

             

Account title

   

Amount

             

Title

         

Formula

             

Total Liabilities and Stockholders’ Equity

Formula

                                   

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.

                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

           

Text explanation

                                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

           

Text explanation

                                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

           

Text explanation

                                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

           

Text explanation

                                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

         

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

       

(d) Journalize the closing entries from the financial statement columns of the worksheet.

                                 

Mar 31

Account title

   

Amount

                 

Account title

       

Amount

           

Account title

                       

Account title

       

Amount

         

Mar 31

Account title

                       

Text explanation

                       

Account title

                     

Mar 31

Account title

   

Amount

                 

Account title

                       

Account title

                       

Account title

                     

Mar 31

Account title

   

Amount

                 

Account title

                       

Text explanation

                                                 

Mar 31

Account title

                       

Account title

                                                                             

Mar 31

Account title

                       

Account title

                                                                                                                                                                                                                                                   
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