The completed financial statement columns of the worksheet for Bray Music are shown as follows (amounts in
Question:
The completed financial statement columns of the worksheet for Bray Music are shown as follows (amounts in NT$).
Instructions
a. Prepare an income statement, an owner’s equity statement, and a classified statement of financial position.
b. Prepare the closing entries. L. Bray did not make any additional investments during the year.
c. Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
d. Prepare a post-closing trial balance.
Bray Music Worksheet For the Year Ended December 31, 2020 Statement of Financial Position Income Statement Account Cr. Dr. No. Account Titles Dr. Cr. 101 Cash 8,800 10,800 2,800 24,000 112 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings 130 157 158 4,200 201 9,000 212 2,400 19,500 301 306 11,000 400 Service Revenue 60,000 Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 1,700 2,800 1,800 30,000 1,400 711 722 726 732 Totals 37,700 22,300 60,000 57,400 35,100 Net Income 22,300 57,400 60,000 60,000 57,400
Step by Step Answer:
a b c d Revenues Service revenue Expenses BRAY MUSIC Income Statement For the Year Ended Decembe...View the full answer
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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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