Question 2 An adjusted trial balance for Woods Company is presented below. Woods Company Adjusted Trial Balance For the Year Ended December 31, 2012 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable D. Woods, capital D. Woods, drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Insurance expense Utilities expense Depreciation expense Delivery expense Interest revenue Interest expense Total $45,000 50,000 96,000 100,000 36,000 30,000 25,000 260,000 52,000 9,000 19,000 10,000 15,000 $20,000 56,000 201,000 455,000 company. 3. Prepare the post-closing trial balance. 28,000 13,000 $760,000 $760,000 Required: 1. Prepare the company's closing entries. 2. Prepare a multiple-step income statement, statement of owner's equity and balance for the

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Question 2
An adjusted trial balance for Woods Company is presented below.
Woods Company
Adjusted Trial Balance
For the Year Ended December 31, 2012
Cash
Accounts receivable
Inventory
Equipment
Accumulated depreciation-equipment
Accounts payable
D. Woods, capital
D. Woods, drawing
Sales revenue
Sales returns and allowances
Sales discounts
Cost of goods sold
Salary expense
Insurance expense
Utilities expense
Depreciation expense
Delivery expense
Interest revenue
Interest expense
Total
$45,000
50,000
96,000
100,000
36,000
30,000
25,000
260,000
52,000
9,000
19,000
10,000
15,000
$20,000
56,000
201,000
455,000
company.
3. Prepare the post-closing trial balance.
28,000
13,000
$760,000 $760,000
Required:
1. Prepare the company's closing entries.
2. Prepare a multiple-step income statement, statement of owner's equity and balance for the
Transcribed Image Text:Question 2 An adjusted trial balance for Woods Company is presented below. Woods Company Adjusted Trial Balance For the Year Ended December 31, 2012 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable D. Woods, capital D. Woods, drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Insurance expense Utilities expense Depreciation expense Delivery expense Interest revenue Interest expense Total $45,000 50,000 96,000 100,000 36,000 30,000 25,000 260,000 52,000 9,000 19,000 10,000 15,000 $20,000 56,000 201,000 455,000 company. 3. Prepare the post-closing trial balance. 28,000 13,000 $760,000 $760,000 Required: 1. Prepare the company's closing entries. 2. Prepare a multiple-step income statement, statement of owner's equity and balance for the
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 5 images

Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education