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Question 1 The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY (Partial) Worksheet For the Month Ended April 30, 2017 Adjusted Trial Income Statement Balance Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation- Equipment 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 650 Interest Expense 57 Interest Payable 57 Totals 59,127 59,127 Net Income Totals Complete The worksheet!

Question 1 The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY (Partial) Worksheet For the Month Ended April 30, 2017 Adjusted Trial Income Statement Balance Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation- Equipment 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 650 Interest Expense 57 Interest Payable 57 Totals 59,127 59,127 Net Income Totals Complete The worksheet!

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 1 The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY (Partial) Worksheet For the Month Ended April 30, 2017 Adjusted Trial Income Statement Balance Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation- Equipment 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 650 Interest Expense 57 Interest Payable 57 Totals 59,127 59,127 Net Income Totals Complete The worksheet!
Transcribed Image Text:Question 1 The adjusted trial balance columns of the worksheet for Savaglia Company are as follows. SAVAGLIA COMPANY (Partial) Worksheet For the Month Ended April 30, 2017 Adjusted Trial Income Statement Balance Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accum. Depreciation- Equipment 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owner's Capital 27,960 Owner's Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 650 Interest Expense 57 Interest Payable 57 Totals 59,127 59,127 Net Income Totals Complete The worksheet!
Question 2 Worksheet data for company are presented in question 1 above. The owner did not make any additional investments in the business in April. Instructions 1. Prepare an income statement, an owner equity statement, and a classified statement of financial position! Question 3 Worksheet data for company are presented in question 1 above. 1. Journalize closing entries 2. Post closing entries to income summary and owners capital. Use T accounts 3. Prepare post-closing trial balance
Transcribed Image Text:Question 2 Worksheet data for company are presented in question 1 above. The owner did not make any additional investments in the business in April. Instructions 1. Prepare an income statement, an owner equity statement, and a classified statement of financial position! Question 3 Worksheet data for company are presented in question 1 above. 1. Journalize closing entries 2. Post closing entries to income summary and owners capital. Use T accounts 3. Prepare post-closing trial balance
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