Williams Mechanic Services prepared for the following work sheet for the year ended March 31, 20. Required
Question:
Williams Mechanic Services prepared for the following work sheet for the year ended March 31, 20—.
Required
1. Complete the work sheet.
2. Prepare an income statement.
3. Prepare a statement of owner's equity; assume that there was an additional investment of $ 5,000 on March 13.
4. Prepare a balance sheet.
5. Journalize the closing entries using the four steps in the correct sequence.
6. Prepare a post- closing trial balance.
Williams Mechanic Services Work Sheet For Year Ended March 31, 20- TRIAL BALANCE ADJUSTED TRIAL BALANCE ADJUSTMENTS DEBIT ACCOUNT NAME Cash Accounts Recaivable Supplies Prepaid Insurance Equpment DEBIT CREDIT CREDIT DEBIT CREDIT 6,500.00 1,260.00 215.00 2,000.0O 3,500.00 6,500.00 1,250.00 415.00 2,175.00 (e) 200.00 (a) 175.c0 (b) 75.00 (c) 300.00 Aoaumieted Deprciaton, Equipment 3,50000 redat 1.30000 1,275.00 Truck Aocumulated Depreciaion, Truck Acoounts Payabla J. Williams Cepital J. Williams Drawing Fees Earned Salary Expense Advertising Expense Truck Operating Expense Utifties Expense Miscelaneous Expense 18,300.00 18,300.00 4,00000 900,00 16,94000 4,300.00 800.00 16.840.00 3,000.00 3,000.00 15,00000 15,000.00 (d) 125.00 1,200.00 00.00 250.00 600.00 150.00 1,325.00 600.00 250.00 600.00 150.00 37 940 00 9745900037000 Insuranoa Expense Depreciation Expense, Equipment Depreciation Expense. Truck Salaries Payatle Supplies Expense (a) 175.00 (b) 75.00 (c) 300.00 175.00 75.00 300.00 (d) 125.c0 125.00 (e) 2co.co 875.00 200.00 38,440.00 876.00 38,440.00
Step by Step Answer:
Williams Mechanic Services Work Sheet For Year Ended March 31 20 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 650000 Accounts Receivable 125000 Supplies 41500 e 20000 Prepaid ...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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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