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Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Additional Paid-in Capital Administrative Expenses Allowance for Doubtful Accounts $ 6,400 $ 5,700 19,000 11,000 15,000 6,500 600 Buildings Common Stock, $1 par (4,000 shares) Cash Cost of Goods Sold Current Income Taxes Payable Dividends 42,000 4,000 5,000 27,400 4,035 2,400 22,000 4,035 650 Equipment Income Tax Expense Interest Expense Interest Payable (due July 1, 2020) Inventory land Notes Payable (due July 1, 2023) Prepaid Insurance Rent Revenue 650 10,800 6,800 10,000 1,600 2,800 14,500 54,900 Retained Earnings, January 1, 2019 Sales Revenue Selling Expenses Unearned Rent Wages Payable 9,700 700 1,000 $144,585 $144,585

Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Additional Paid-in Capital Administrative Expenses Allowance for Doubtful Accounts $ 6,400 $ 5,700 19,000 11,000 15,000 6,500 600 Buildings Common Stock, $1 par (4,000 shares) Cash Cost of Goods Sold Current Income Taxes Payable Dividends 42,000 4,000 5,000 27,400 4,035 2,400 22,000 4,035 650 Equipment Income Tax Expense Interest Expense Interest Payable (due July 1, 2020) Inventory land Notes Payable (due July 1, 2023) Prepaid Insurance Rent Revenue 650 10,800 6,800 10,000 1,600 2,800 14,500 54,900 Retained Earnings, January 1, 2019 Sales Revenue Selling Expenses Unearned Rent Wages Payable 9,700 700 1,000 $144,585 $144,585

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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Question

Financial Statements Carolyn Company has prepared the following alphabetical
adjusted trial balance on December 31, 2019:

 

Required:
Prepare the following 2019 items in proper form for Carolyn:
1. the income statement

2. the retained earnings statement
3. the ending balance sheet (Hint: The Common Stock, Additional Paid-in
Capital, and Retained Earnings accounts are summed to determine the total
shareholders’ equity )

4. the closing entries in the general journal

Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Additional Paid-in Capital Administrative Expenses Allowance for Doubtful Accounts $ 6,400 $ 5,700 19,000 11,000 15,000 6,500 600 Buildings Common Stock, $1 par (4,000 shares) Cash Cost of Goods Sold Current Income Taxes Payable Dividends 42,000 4,000 5,000 27,400 4,035 2,400 22,000 4,035 650 Equipment Income Tax Expense Interest Expense Interest Payable (due July 1, 2020) Inventory land Notes Payable (due July 1, 2023) Prepaid Insurance Rent Revenue 650 10,800 6,800 10,000 1,600 2,800 14,500 54,900 Retained Earnings, January 1, 2019 Sales Revenue Selling Expenses Unearned Rent Wages Payable 9,700 700 1,000 $144,585 $144,585
Transcribed Image Text:Debit Credit Accounts Payable Accounts Receivable Accumulated Depreciation: Buildings Accumulated Depreciation: Equipment Additional Paid-in Capital Administrative Expenses Allowance for Doubtful Accounts $ 6,400 $ 5,700 19,000 11,000 15,000 6,500 600 Buildings Common Stock, $1 par (4,000 shares) Cash Cost of Goods Sold Current Income Taxes Payable Dividends 42,000 4,000 5,000 27,400 4,035 2,400 22,000 4,035 650 Equipment Income Tax Expense Interest Expense Interest Payable (due July 1, 2020) Inventory land Notes Payable (due July 1, 2023) Prepaid Insurance Rent Revenue 650 10,800 6,800 10,000 1,600 2,800 14,500 54,900 Retained Earnings, January 1, 2019 Sales Revenue Selling Expenses Unearned Rent Wages Payable 9,700 700 1,000 $144,585 $144,585
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