Chattahoochee Coolers’ trial balance as of December 31, 2012, follows: DRCRCash2,400 Accounts receivable10,400 Inventory71,200 Prepaid rent3,600 Equipment24,100 Accumulated depreciation- equipment 7,200Accounts payable 9,000Salary payable - Note payable-long term 20,100Robert, Capital 56,000Robert, withdrawals36,400 Sales revenue 192,500Cost of goods sold66,000 Salary expense46,400 Rent expense14,500 Utilities expense6,700 Depreciation expense- Interest expense3,100 ___ ___ Total284,800284,800 The following additional data at December 31, 2012 were provided by the company:Prepaid rent expired, $2,300.Depreciation, $4,000.Accrued salaries, $1,000.Inventory on hand, $67,900.Required:Complete the accounting worksheet for the year ended December 31, 2012.Prepare the multi-step income statement, statement of owner’s equity and balance sheet for the year.Prepare the closing entries for the year.

Accounting Worksheet: Accounting Worksheet refers to the multi-column sheet where the accountant…

Answered: Chattahoochee Coolers’ trial balance as…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chattahoochee Coolers’ trial balance as of December 31, 2012, follows:

	DR	CR
Cash	2,400
Accounts receivable	10,400
Inventory	71,200
Prepaid rent	3,600
Equipment	24,100
Accumulated depreciation- equipment		7,200
Accounts payable		9,000
Salary payable		-
Note payable-long term		20,100
Robert, Capital		56,000
Robert, withdrawals	36,400
Sales revenue		192,500
Cost of goods sold	66,000
Salary expense	46,400
Rent expense	14,500
Utilities expense	6,700
Depreciation expense	-
Interest expense	3,100
	___	___
Total	284,800	284,800

The following additional data at December 31, 2012 were provided by the company:

Prepaid rent expired, $2,300.
Depreciation, $4,000.
Accrued salaries, $1,000.
Inventory on hand, $67,900.

Required:

Complete the accounting worksheet for the year ended December 31, 2012.
Prepare the multi-step income statement, statement of owner’s equity and balance sheet for the year.
Prepare the closing entries for the year.

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