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D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 17005- 790- 2500- Bank O800– 21055– O1625- Supplies Prepaid Insurance Equipment Accounts Payable GST Payable 825- 17005- 1075- O800– 1875 580 - 580 GST Recoverable 365- 365- R. Tompko, Capital R. Tompko, Drawings 9342- 9342- 42000- 42000- 98370- 1 200 Revenue 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense 1 200 96 Pjo55– 96 8005 6950 1902- 6000 1902 6000 2104 2104 25750 109 367- 109367– 25 750 Insurance Expense O625 1625- 3480- 3480– 46682– 98370- 63485- 11797- 51688- Net Income 51688 98 370-98370-63485- 63485-

D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 17005- 790- 2500- Bank O800– 21055– O1625- Supplies Prepaid Insurance Equipment Accounts Payable GST Payable 825- 17005- 1075- O800– 1875 580 - 580 GST Recoverable 365- 365- R. Tompko, Capital R. Tompko, Drawings 9342- 9342- 42000- 42000- 98370- 1 200 Revenue 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense Rent Expense Utilities Expense Wages Expense 1 200 96 Pjo55– 96 8005 6950 1902- 6000 1902 6000 2104 2104 25750 109 367- 109367– 25 750 Insurance Expense O625 1625- 3480- 3480– 46682– 98370- 63485- 11797- 51688- Net Income 51688 98 370-98370-63485- 63485-

FINANCIAL ACCOUNTING
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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Please only do question D
2. Shown below is the completed work sheet for R. Tompko, who operates a bar- ber shop in Milton, Ontario. In your Workbook: A. Explain why there are two adjustments to the supplies account. B. Journalize the adjusting and closing entries in the general journal provided. C. Post the adjusting and closing entries in the general ledger provided. D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 790- 2500- Bank O800-21055. O1625 Supplies Prepaid Insurance Equipment Accounts Payable GST Payable GST Recoverable R. Tompko, Capital R. Tompko, Drawings 825- 17005- 17005- 1075- O800 - 1875- 580- 580- 365- 365- 9342- 9342- 42 000 42000- Revenue 98370 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense 1200 1200 96 96 Pj055– 6950 1902- 6000 8005 1902 6000 Rent Expense Utilities Expense Wages Expense 2104 25750 2104 25 750 109 367-109367– Insurance Expense O1625 1625 46682– 98370 - 63485- 11797– 51688 98 370-98370-63485- 63485- 3480- 348o Net Income 51688-
Transcribed Image Text:2. Shown below is the completed work sheet for R. Tompko, who operates a bar- ber shop in Milton, Ontario. In your Workbook: A. Explain why there are two adjustments to the supplies account. B. Journalize the adjusting and closing entries in the general journal provided. C. Post the adjusting and closing entries in the general ledger provided. D. Take off a post-closing trial balance. Golden Tresses Hair Stylists Work Sheet Year Ended Dec. 31, 20- TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET ACCOUNTS DR CR DR CR DR CR DR CR 790 2755 2450- 790- 2500- Bank O800-21055. O1625 Supplies Prepaid Insurance Equipment Accounts Payable GST Payable GST Recoverable R. Tompko, Capital R. Tompko, Drawings 825- 17005- 17005- 1075- O800 - 1875- 580- 580- 365- 365- 9342- 9342- 42 000 42000- Revenue 98370 98370- Advertising Expense Bank Charges Expense Supplies Used Expense Miscellaneous Expense 1200 1200 96 96 Pj055– 6950 1902- 6000 8005 1902 6000 Rent Expense Utilities Expense Wages Expense 2104 25750 2104 25 750 109 367-109367– Insurance Expense O1625 1625 46682– 98370 - 63485- 11797– 51688 98 370-98370-63485- 63485- 3480- 348o Net Income 51688-
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