From the following Company T adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings
Question:
From the following Company T 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 $ 24,000 14,900 5,300 13,500 Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 5,000 7,900 39,000 4,800 $114,400 Credit $ 12,400 1,500 34,000 10,200 56,300 $114,400
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A Income Statement An income statement shows a companys revenues and expenses over a specific period of time It is used to determine the companys net ...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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