The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as
Question:
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350.
(e) Prepare a post-closing trialbalance.
Eagle Company Worksheet For the Year Ended December 31, 2014 Adjusted Trial Balance Dr. 5,300 Account No 101 112 126 130 151 152 200 201 212 230 311 320 332 400 610 631 Account Titles Cr Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividcnds Service Revenuc Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expensc 10,800 1,500 2,000 27,000 5,600 15,000 4,600 2,400 600 10,000 4,200 5,000 59,000 8,400 4,000 5,600 3,200 28,000 600 722 726 905 Totals 101,400 101,400
Step by Step Answer:
a EAGLE COMPANY Partial Worksheet For the Year Ended December 31 2014 Account Adjusted Trial Balance Income Statement Balance Sheet No Titles Dr Cr Dr Cr Dr Cr 101 Cash 5300 5300 112 Accounts Receivab...View the full answer
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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