Financial Accounting

Practice quiz 3 - Chapter 4

5 Points NAME___________________________________

1. Presented below is the adjusted trial balance for Cooper Company on December 31, 2017.

COOPER COMPANY

Adjusted Trial Balance

December 31, 2017

Dr. Cr.

Cash $ 1,500

Accounts Receivable 4,300

Prepaid Rent 2,100

Supplies 400

Automobile equipment 18,500

Accumulated depreciation

Automobile equipment $ 1,300

Accounts Payable 2,700

Unearned Revenue 3,660

Notes Payable 10,000

Common Stock 5,000

Retained Earnings 2,200

Dividends 1,200

Service Revenue 8,800

Salaries Expense 2,160

Utilities Expense 1,400

Rent Expense 500

Supplies Expense 600

Depreciation Expense

Automobile Equipment 650

Interest Expense 350

Totals $33,660 $33,660

a) Using this information, prepare for the month ending December 31: (2 points)

1. an income statement.

2. a retained earnings statement.

3. a balance sheet.

COOPER COMPANY Income Statement

COOPER COMPANY Retained Earnings Statement

COOPER COMPANY Balance Sheet

b) Using the above information, prepare December 31 closing entries for Cooper Company.

(3 points)

Date	Account Titles	Debit	Credit