The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Instructions a. Complete
Question:
The adjusted trial balance columns of the worksheet for Alshwer Company 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. (Note: $5,000 of the notes payable become due in 2020.)
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 trial balance.
Alshwer Company Worksheet For the Year Ended December 31, 2020 Adjusted Trial Balance Account Titles Dr. Cr. Account No. Cash 5,300 101 112 Accounts Receivable 10,800 Supplies 126 1,500 130 Prepaid Insurance 2,000 157 Equipment 27,000 Accumulated Depreciation- Equipment Notes Payable 158 5,600 200 15,000 Accounts Payable Salaries and Wages Payable 201 6,100 212 2,400 Interest Payable 230 600 311 Common Stock 10,000 Retained Earnings 320 3,000 Dividends 332 7,000 400 Service Revenue 61,000 610 Advertising Expense 8,400 631 Supplies Expense Depreciation Expense 4,000 711 5,600 722 Insurance Expense 3,500 726 Salaries and Wages Expense 28,000 Interest Expense 600 905 Totals 103,700 103,700
Step by Step Answer:
a ALSHWER COMPANY Partial Worksheet For the Year Ended December 31 2020 b ALSHWER COMPANY Income Statement For the Year Ended December 31 2020 Revenues Service revenue 61000 Expenses Salaries and wage...View the full answer
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd 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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