Jaguar Auto Company provides general car maintenance to customers. The company s fiscal year - end
Question:
Jaguar Auto Company provides general car maintenance to customers. The companys fiscal yearend is December The December trial balance before any adjusting entries appears below.
Accounts
Debits
Credits
Cash
$
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
$
Accounts Payable
Salaries Payable
Deferred Revenue
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Salaries Expense
Depreciation Expense
Insurance Expense
Supplies Expense
Utilities Expense
Interest Expense
Totals
$
$
In addition, the company had the following yearend adjusting entries.
Transaction
Account Title
Debit
Credit
a
Depreciation Expense
a
Accumulated Depreciation
b
Salaries Expense
b
Salaries Payable
c
Interest Expense
c
Interest Payable
d
Insurance Expense
d
Prepaid Insurance
e
Supplies Expense
e
Supplies
f
Deferred Revenue
f
Service Revenue
Required:
Prepare an income statement, statement of stockholders equity, and classified balance sheet for the year ended December
Record closing entries.
Prepare a postclosing trial balance.
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann