From the following Company S adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings
Question:
From the following Company S 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 $ 55,200 30,200 6,000 30,000 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 16,500 24,000 128,350 6,900 $297,150 Credit $ 14,300 6,100 26,000 38,900 211,850 $297,150
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answer A Income statement Revenue 211850 Expenses Insurance 24000 Salaries 128350 Miscellaneous ...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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