The adjusted trial balance columns of the worksheet for LingLing Corporation are as follows: LingLing Corporation Worksheet (partial) For the Month Ended October 31, 2019 Adjusted Trial Balance Income Statement SOFP Ассount Debit Credit Debit Credit Debit Credit 101 Cash S 158.830 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 157 Equipment Accumulated 158 Depreciation-Equipment 201 Account Payable 209 Unearned Service Revenue Salaries and wages 212 payable 311 Share Capital-Ordinary 320 Retained earnings 332 Dividend 29.820 1.280 10.725 35.000 860 20.040 14.600 1.800 179.000 500 350 Income Summary 400 Service Revenue 620 Rent Expense 46.500 1.600 631 Supplies Expense 711 Depreciation Expense 13.610 860 722 Insurance Expense Salaries and Wages 726 Expense 8.775 1.800 TOTAL S 262.800 262.800 Net Income ТОTAL Instructions: a. Complete the Worksheet for LingLing Corporation for the month of October b. Prepare these financial statements: Income Statement, Retained Earnings Statement, and Statement of Financial Position for LingLing Corporation on October 31* 2019 c. Prepare the closing entries

The adjusted trial balance columns of the worksheet for LingLing Corporation are as follows: LingLing Corporation Worksheet (partial) For the Month Ended October 31, 2019 Adjusted Trial Balance Income Statement SOFP Ассount Debit Credit Debit Credit Debit Credit 101 Cash S 158.830 112 Accounts Receivable 126 Supplies 130 Prepaid Insurance 157 Equipment Accumulated 158 Depreciation-Equipment 201 Account Payable 209 Unearned Service Revenue Salaries and wages 212 payable 311 Share Capital-Ordinary 320 Retained earnings 332 Dividend 29.820 1.280 10.725 35.000 860 20.040 14.600 1.800 179.000 500 350 Income Summary 400 Service Revenue 620 Rent Expense 46.500 1.600 631 Supplies Expense 711 Depreciation Expense 13.610 860 722 Insurance Expense Salaries and Wages 726 Expense 8.775 1.800 TOTAL S 262.800 262.800 Net Income ТОTAL Instructions: a. Complete the Worksheet for LingLing Corporation for the month of October b. Prepare these financial statements: Income Statement, Retained Earnings Statement, and Statement of Financial Position for LingLing Corporation on October 31* 2019 c. Prepare the closing entries

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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