The adjusted trial balance columns of the worksheet for Porter Company are as follows. Instructions (a) Complete
Question:
The adjusted trial balance columns of the worksheet for Porter Company are as follows.
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. $10,000 of the notes payable become due in 2011. B. Porter did not make any additional investments in the business during 2010.
(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 account No. 350.
(e) Prepare a post-closing trial balance.
PORTER COMPANY Worksheet For the Year Ended December 31, 2010 Adjusted Trial Balance Account Сг. No. Account Titles Dr. 18,800 16,200 101 Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation-Office Equipment Notes Payable Accounts Payable Salaries Payable Interest Payable B. Porter, Capital B. Porter, Drawing Service Revenue Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries Expense Interest Expense 112 2,300 126 130 4,400 151 44,000 152 20,000 20,000 8,000 200 201 2,600 212 230 1,000 301 36,000 306 12,000 400 77,800 610 12,000 631 3,700 711 8,000 4,000 722 726 39,000 905 1,000 Totals 165,400 165,400
Step by Step Answer:
a PORTER COMPANY Partial Worksheet For the Year Ended December 31 2010 Account Adjusted Trial Balance Income Statement Balance Sheet No Titles Dr Cr Dr Cr Dr Cr 101 Cash 18800 18800 112 Accounts Recei...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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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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