Toms Catering Services prepared the following work sheet for the year ended December 31, 20. Required 1.
Question:
Required
1. Complete the work sheet.
2. Prepare an income statement.
3. Prepare a statement of owner€™s equity; assume that there was an additional investment of $ 2,500 on December 1.
4. Prepare a balance sheet.
5. Journalize the closing entries with the four steps in the correct sequence.
6. Prepare a post- closing trialbalance.
Tom's Catering Services Work Sheet For Year Ended December 31,20- TRIAL BALANCE DEBIT ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT NAME Cash Accounts Recenatle Suppliee Prepaid Insurance Equipment Accumulated Depreciation, Equipment Truck Accunaulated Depreciation, Truck Accounts Payakle Y Tom Capital Y Tom Drawing Fees Earned Salary Expnse Advertising Expense Truck Operabing Expense Ublities Expense Miscelaneous Expense CREDIT DEBIT CREDIT DEBIT CREDIT 240000 2,40000 80000 22500 1,20000 2,280000 80000 14500 1,10000 2,220000 e 80.00 (a) 100.00 (b) 185.00 (c) 1.000.00 370.00 565.00 25,000000 25,00000 5000.00 250.00 26,500.00 6,000.00 250,00 26,500.00 1,50000 1,5000 2,400.00 2 400.00 64000 13000 12500 20000 8000 72000 13000 12500 20000 80oo 34,5000 3452000 Insurance Expense Depreciation Expense Equipment Depreciation Expensa Truck Salaries Payable Supplies Expense (a) 100.00 (b) 185.00 (c) 1.000.00 100.00 18500 100000 (d) 80.00 80.00 (e)--80.00 1445.00 8000 1,445.00 35,78600 1DR 35,785,00
Step by Step Answer:
Toms Catering Services Work Sheet For Year Ended June 30 20 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 240000 Accounts Receivable 80000 Supplies 22500 e 8000 Prepaid Insuran...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Related Video
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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