PA17. LO 5.4 From the following Company T adjusted trial balance, prepare the following:A. Income StatementB. Retained Earnings StatementC. Balance Sheet (simple-unclassified)D. Closing journal entriesE. Post-Closing Trial BalanceAdjusted Trial BalanceDebitCreditCash$ 24,000Accounts Receivable14,900Prepaid Insurance5,300Land13,500Accounts PayableSalaries Payable$ 12,4001,500Common Stock34,000Retained Earnings10,200Dividends5,000Service Revenue56,300Insurance ExpenseSalaries ExpenseMiscellaneous Expense7,90039,0004,800$114,400$114,400

PA17. LO 5.4 From the following Company T adjusted trial balance, prepare the following: D. Closing journal entries E. Post-Closing Trial Balance A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) Adjusted Trial Balance Debit Credit $ 24,000 14,900 5,300 Cash Accounts Receivable Prepaid Insurance Land 13,500 Accounts Payable Salaries Payable $ 12,400 1,500 Common Stock 34,000 Retained Earnings 10,200 Dividends 5,000 Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 56,300 7,900 39,000 4,800 $114,400 $114,400

PA17. LO 5.4 From the following Company T adjusted trial balance, prepare the following: D. Closing journal entries E. Post-Closing Trial Balance A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) Adjusted Trial Balance Debit Credit $ 24,000 14,900 5,300 Cash Accounts Receivable Prepaid Insurance Land 13,500 Accounts Payable Salaries Payable $ 12,400 1,500 Common Stock 34,000 Retained Earnings 10,200 Dividends 5,000 Service Revenue Insurance Expense Salaries Expense Miscellaneous Expense 56,300 7,900 39,000 4,800 $114,400 $114,400

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 3RQ

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Prepare the statement of retained earnings with the information attached.
PB16. LO 5.4 From the following Company S adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Debit Credit Cash $ 55,200 Accounts Receivable 30,200 6,000 Prepaid Insurance Land 30,000 Accounts Payable Salaries Payable $ 14,300 6,100 Common Stock 26,000 Retained Earnings Dividends 38,900 16,500 Service Revenue Insurance Expense 211,850 24,000 Salaries Expense Miscellaneous Expense 128,350 6,900 $297,150 $297,150 A F9 F10 Book Air F7 *8 8 1 DII F8 ( 9 0 ) 0 P J F11 { [ + 11 F12 }
Prepare a multi-step income statement in proper form.
EA11. LO 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed assets 120,000 Accumulated depreciation Prepaid rent 24,000 18,000 Unearned revenue 3,500 A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $55
Adjusted Trial BalanceJune 30, 2012 Account | DebitCreditCashS21.200 Accounts receivable38.900Supplies 14.300Prepaid insurance 1, 800Equipment32.600 Acc. deprequipment26, 800Building42.800Acc dep:building10.800Land 28.300Accounts pavable22.700Notes pavable22, 400Interest payable100Wages payable200Unearned service revenue5.600Capital stock79.100 Retained earningsDividends4, 200Service revenue26.100Dep. expense: equipment600Dep. expense: building300Wages expense3, 400Insurance expense500Interest expense100Utilities expense1.100Advertising expense400Supplies expense3.300 Total 193.800193, 800Required:a. Prepare the income statement, the statement of retained earnings, and the balance sheet.b. Journalize the closing entries.c. Prepare the after - closing trial balance.
PA16. LO 5.4 From the following Company R adjusted trial balance, prepare the following: A. Income Statement B. Retained Earnings Statement C. Balance Sheet (simple-unclassified) D. Closing journal entries E. Post-Closing Trial Balance Adjusted Trial Balance Debit Credit $ 44,000 13,800 Cash Accounts Receivable Prepaid Insurance 6,400 Land 16,000 Accounts Payable Salaries Payable $ 14,900 4,500 Common Stock 31,000 Retained Earnings 10,200 Dividends 12,000 Service Revenue 86,000 Insurance Expense Salaries Expense Miscellaneous Expense 7,600 32,000 14,800 $146,600 $146,600
Prepare the closing entries using the information attached.
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse ☆ 国 The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each balance should be extended to an Income Statement column or a Balance Sheet column. 1. Retained Earnings 2. Common Stock 3. Depreciation Expense 4. Accumulated Depreciation 5. Fees Earned 6. Unearned Fees 7. Supplies 8. Supplies Expense
1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal 2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense 3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income 4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income
the best answer for the question. 9. The adjusting entries made at the end of an accounting period may be classified into four principal types. Which of the following classifications of accounts are not ow O A. Accrued expenses O B. Cost apportionments O C. Temporary accounts O D. Revenue apportionments O Mark for review (Will be highlighted on the review page) >>> O ii 9 C 7 INPUT
Prepare a classified balance sheet in proper form.
A-E is either going to be: Account Accounts receivable Asset Classified balance sheet Creditors Equality Ledger Payable Three