From the following Company R adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings
Question:
From the following Company R adjusted trial balance, prepare the following:
A. Income Statement
B. Retained Earnings Statement
C. Balance Sheet (simple—unclassified)
D. Closing journal entries
E. Post-Closing Trial Balance
Transcribed Image Text:
Adjusted Trial Balance Debit Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense $ 44,000 13,800 6,400 16,000 12,000 7,600 32,000 14,800 $146,600 Credit $ 14,900 4,500 31,000 10,200 86,000 $146,600
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A Income Statement Revenue 86000 Expenses 54400 Insurance Expense 7600 Salaries Expense 32000 Miscel...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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