172 Chapter 4o Completing the Accounting Cycie PROBLEM heet and 44A pial statements Objectives 2 3 4 SPRTADSNIIT PASS a Net loss s9 020 PROBLEM 45A Ledger accounts optional work sheet and related iterms Objectives 2 3 4 4 Journalize and post the closing entries Indicate line in both Balance columns opposite of the capital account 5 Prepare a postclosing trial balance rent fiscal year Cash Accounts Receivable Possibility Company offers legal consulting adTice to deathron inmates Poss Company prepared the follorying trial balance at April 30 2006 the end of the Prepaid Insurance Supplies 1 and Buildin9 Accumulated DepreciationBuilding Equipment Accumulated DepreciationEquipment Accounts Payable Unearned Rent Shelby Powers Capital Shelby Powers Drawing Fees Revenue Salaries and Waqes Expense Advertising Expense Utilities Expense Repairs Expense Miscellaneous Expense the closing entry Inser Possibility Company Trial Balance Anril 30 2006 Accrued fees revenue ad April 30 are 10000 b Insurance expired durink the year is S450 c Supplies on hand at April 30 are S650 d Depreciation of building for the year is S1620 closed accounts by Instructions e Depreciation of equipment for the year is 3500 g Unearned rent at April 30 is S1000 f Accrued salaries and nages at April 30 are S1800 The data needed to determine yearend adjustments are as follem 2 Journalize the adjusting entires adding accounts as needed 3 Prepare an adjusted trial balance of April 30 2006 the ne balan 4 Prepare an income statement for the year ended April 30 6 Prepare a balance sheet as of April 30 3200 10500 1800 1350 50000 136500 92700 10000 Inse 96200 63 200 18000 1 Optional Enter the trial balance on a tencolumn Nork sheet and com Vork sheet Add accounts as needed 12500 14050 51000 7 Compute the percent of total revenue to total assets for the vear Ssib 2123 5 Prepare a statement of oNners equitv for the vear ended April 30 No zddo investments vere made during the vear 191 The trial balance of Johnson Repairs at December 31 2006 the end of the a year is shown at the top of the follorving page income S16 2 REM 41B heet and related ctives 2 3 4 11 13 3 14 16 17 18 19 21 31 32 41 51 53 55 59 Cash Supplies Prepaid insurance Equipnent ACcumulated DepreciationEquig Trucks Accumulated DepreciationTrur Accounts Payable I Johnson Capital John ohnson Drawing Service Revenue Wages Expense Rent Expense Truck Expense Miscellaneous Expense The data needed to determine ve a Supplies on hand at Decembes b Insurance premiums expiredd c Depreciation of equipment dur d Depreciation of trucks dunine e Wages accrued but not paid at Instructions 1 For each account listed in the Balance column of a fourcolu Posting Reference column 2 Optional Enter the trial balan Vork sheet Add accounts as r and post the adjusting Joumalize a The following additional accoun Wages Payable 22 Supplies Ex Depreciation ExpenseTrucks 4 Prepare an adjusted rial balan 5 Prepare an income statement vestments were made during t roblems Series B 6 Journalize and post the closing chart of accounts Indicate clo columns opposite the closing 7 Prepare a postclosing trial bal The trial balance of The Allen Lau rent fiscal year is shown at the t The data needed to detemine a Laundry supplies on hand at C b Insurance premiums expired d c Depreciation of equipment dur d Wages accrued but not paid at