Required: Using the above-adjusted trial balance,

1. Prepare Income Statement
2. Prepare Retained Earnings Statement
3. Prepare Balance Sheet
4. Prepare Closing Entries
5. Prepare Post-closing Trial balance

Avery Munnings Corporation

Trial Balance

For the month of January, xxxxxx

Account Title	Dr.	Cr.
Cash Prepaid Rent Prepaid Salary Merchandise Inventory Accounts Receivable Work-in-Process Materials Office Supplies Office Building Accumulated Depreciation—Office Building Unearned Legal Service Revenue Accounts Payable Interest Payable Notes Payable Discount on Notes Payable Bonds Payable Premium on Bonds Payable Common Stock Paid-in-Capital in Excess of Par, Common Stock Sales Sales Returns and Allowances Sales Discount Legal Services Revenue Cost of Goods Sold Depreciation Expense Interest Expense Freight-out Rent Expense Salaries Expense Retained Earnings	$2,400,000 5,500 2,500 915,400 270,000 137,500 533,574.52 15,000 336,120 62,972.53 8,000 6,880 235,500 1,192.17 3,714.59 5,000 500 2,500	1,192.17 22,000 7,000 3,000 200,000 300,000 36,661.64 500,000 3,000,000 450,000 22,000 400,000
TOTAL	$4,941,853.81	$4,941,853.81

Answer rating: 100% (QA)

To prepare the financial statements and closing entries based on the provided trial balance I will need to make some assumptions regarding the revenue and expense information I will assume the followi... View the full answer