The adjusted trial balance columns of the worksheet for Alshwer Company, owned by M. Alshwer, are as
Question:
The adjusted trial balance columns of the worksheet for Alshwer Company, owned by M. Alshwer, are as follows.
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. ($5,000 of the notes payable become due in 2015.) M. Alshwer did not make any additional investments in the business during the year.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350.
(e) Prepare a post-closing trialbalance.
ALSHWER COMPANY Worksheet For the Year Ended December 31, 2014 Adjusted Trial Balance Account Account Titles 5,300 10,800 1,500 2,000 27,000 101 112 Accounts Receivable 126 130 157 Equipment 158 Accumulated Depreciation-Equipment 200 Notes Payable 201 212 Salaries and Wages Payable 230 Interest Payable 301 Owner's Capital 306 Owner' 400 610 Advertising Expense 631 Supplies Expense Cash Supplies Prepaid Insurance 5,600 15,000 6,100 2,400 600 13,000 s Drawings 7,000 61,000 Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense 8,400 4,000 5,600 3,500 28,000 600 103,700 722 726 905 Totals 103,700
Step by Step Answer:
a ALSHWER COMPANY Partial Worksheet For the Year Ended December 31 2014 Account Adjusted Trial Balance Income Statement Balance Sheet No Titles Dr Cr Dr Cr Dr Cr 101 Cash 5300 5300 112 Accounts Receiv...View the full answer
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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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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