Attached is the Worksheet data for Auburn CompanyInstructions:(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Owner’s Capital. Use T-accounts.(c) Prepare a post-closing trial balance at April 30. (c) Prepare adjusting entries from a worksheet, and extend balances to worksheet columns The adjusted trial balance columns of the worksheet for Auburn Company are as follows.Auburn CompanyWorksheet (partial)For the Month Ended April 30, 2022Adjusted Trial Balance Income Statement Balance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Cash10,000Accounts Receivable7,840Prepaid RentEquipmentAccumulated Depreciation-Equip.Notes PayableAccounts PayableOwner's Capital2,28023,0504,9005,7004,92027,960Owner's Drawings3,650Service Revenue15,590Salaries and Wages Expense10,840Rent Expense760Depreciation ExpenseInterest Expense65057Interest Payable57Totals59,12759,127

Name: Attached is the Worksheet data for Auburn CompanyInstructions:(a) Jour
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Attached is the Worksheet data for Auburn CompanyInstructions:(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Owner’s Capital. Use T-accounts.(c) Prepare a post-closing trial balance at April 30.

Answered: For the Month Ended April 30, 2022…

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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Attached is the Worksheet data for Auburn Company

Instructions:

(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Owner’s Capital. Use T-accounts.
(c) Prepare a post-closing trial balance at April 30.
(c) Prepare adjusting entries from a worksheet, and extend balances to worksheet columns

The adjusted trial balance columns of the worksheet for Auburn Company are as follows.
Auburn Company
Worksheet (partial)
For the Month Ended April 30, 2022
Adjusted Trial Balance Income Statement Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
10,000
Accounts Receivable
7,840
Prepaid Rent
Equipment
Accumulated Depreciation-Equip.
Notes Payable
Accounts Payable
Owner's Capital
2,280
23,050
4,900
5,700
4,920
27,960
Owner's Drawings
3,650
Service Revenue
15,590
Salaries and Wages Expense
10,840
Rent Expense
760
Depreciation Expense
Interest Expense
650
57
Interest Payable
57
Totals
59,127
59,127

Expert Solution

Step 1 Introduction

The closing entries are prepared to close the temporary accounts of the business.

The post closing trial balance includes the permanent accounts of the business, which are carried forward.

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