Alshwer Company Worksheet For Year Ended December 31, 2017
	Adjusted Trial Balance
Account Number	Account Title	Dr.	Cr.
101	Cash	5400
112	Accounts Receivable	10700
126	Supplies	1400
130	Prepaid Insurance	1900
157	Equipment	26700
158	Accumulated Depreciation-Equipment		5600
200	Notes Payable		12400
201	Accounts Payable		6400
212	Salaries and Wages Payable		2200
230	Interest Payable		700
311	Common Stock		10800
320	Retained Earnings		4200
332	Dividends	6400
400	Service Revenue		60400
610	Advertising Expense	8900
631	Supplies Expense	4000
711	Depreciation Expense	5600
722	Insurance Expense	3100
726	Salaries And Wages Expense	27900
905	Interest Expense	700
	Totals	102700	10270

INCOME STATEMENT
Service revenue		60400
Expenses:
Advertising Expense	8900
Supplies Expense	4000
Depreciation Expense	5600
Insurance Expense	3100
Salaries And Wages Expense	27900
Interest Expense	700	50200
Net Income		10200
STATEMENT OF RETAINED EARNINGS
Beginning balance		4200
Add: Net income for the year		10200
		14400
Less: Dividends		6400
Ending balance		8000
BALANCE SHEET
ASSETS
Current Assets:
Cash	5400
Accounts Receivable	10700
Supplies	1400
Prepaid Insurance	1900	19400
Non current assets:
Equipment	26700
Accumulated Depreciation-Equipment	5600	21100
Total Assets		40500
LIABILITIES & EQUITY
Current liabilities:
Notes Payable	5290
Accounts Payable	6400
Salaries and Wages Payable	2200
Interest Payable	700	14590
Long term liabilities:
Notes Payable		7110
Total liabilities		21700
Equity:
Common Stock	10800
Retained Earnings	8000	18800
Total liabilities & equity		40500
CLOSING ENTRIES:
Income summary	50200
Advertising Expense		8900
Supplies Expense		4000
Depreciation Expense		5600
Insurance Expense		3100
Salaries And Wages Expense		27900
Interest Expense		700
(Expense accounts closed to income summary)
Service revenue	60400
Income summary		60400
(Revenue closed to income summary)
Income summary	10200
Retained Earnings		10200
(Net income closed to retained earnings)
Retained Earnings	6400
Dividends		6400
(Dividends closed to retained earnings)

A: Post the closing entries. (Post entries in the order of journal entries presented in closing entries.)

B: Prepare a post-closing trial balance.

Answer rating: 100% (QA)

2 3 Journal entries Clasing Journa Particulares Service Revenue Alc TO Income Summary ... View the full answer