Worksheet data for Auburn Company are presented in E4.2. Instructions a. Journalize the closing entries at April
Question:
Instructions
a. Journalize the closing entries at April 30.
b. Post the closing entries to Income Summary and Owners Capital. Use T-accounts.
c. Prepare a post-closing trial balance at April 30.
E4.2
The adjusted trial balance columns of the worksheet for Auburn Company are as follows.
Auburn Company Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Income Statement Balance Sheet Cr. Cr. Cr. Account Titles Dr. Dr. Dr. Cash 10,000 Accounts Receivable 7,840 2,280 Prepaid Rent Equipment 23,050 Accumulated 4,900 Depreciation-Equip. Notes Payable Accounts Payable Owner's Capital Owner's Drawings 5,700 4,920 27,960 3,650 Service Revenue 15,590 Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable 10,840 760 650 57 57 Totals 59,127 59,127
Step by Step Answer:
a Apr 30 Service Revenue 15590 Income Summary 15590 30 Income Summary 12307 Salaries and Wages Expen...View the full answer
Accounting Principles
ISBN: 978-1119411482
13th 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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