Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Morgan's Waterproofing Service at January 31. The firm began business on Janu 1. All accounts have normal balances. Accounts payable $3,500 Notes payable Accounts receivable 21,000 Rent expense Advertising expense 1,420 Salaries expense Cash 10,400 Service fees earned 29,740 Supplies Common stock Dividends 1,000 Supplies expense Interest expense 50 Utilities expense $4,000 1,700 8,000 25,760 8,860 10,250 320 Required a. Prepare a trial balance from the given data. b. Prepare an income statement for the month of January. c. Prepare a statement of stockholders' equity for the month of January. d. Prepare a balance sheet as of January 31. Note: Do not use negative signs with your answers, unless otherwise noted (such as Dividends). Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet MORGAN'S WATERPROOFING SERVICE Balance Sheet January 31

Trial Balance and Financial Statements The following account balances, in alphabetical order, are from the general ledger of Morgan's Waterproofing Service at January 31. The firm began business on Janu 1. All accounts have normal balances. Accounts payable $3,500 Notes payable Accounts receivable 21,000 Rent expense Advertising expense 1,420 Salaries expense Cash 10,400 Service fees earned 29,740 Supplies Common stock Dividends 1,000 Supplies expense Interest expense 50 Utilities expense $4,000 1,700 8,000 25,760 8,860 10,250 320 Required a. Prepare a trial balance from the given data. b. Prepare an income statement for the month of January. c. Prepare a statement of stockholders' equity for the month of January. d. Prepare a balance sheet as of January 31. Note: Do not use negative signs with your answers, unless otherwise noted (such as Dividends). Trial Balance Income Statement Statement of Stockholders' Equity Balance Sheet MORGAN'S WATERPROOFING SERVICE Balance Sheet January 31

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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Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Unearned Rent 23 Notes Payable 24 Salaries Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned 42 Sales Commissions EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salary Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense Journal Prepare a journal entry on June 30 for dividends of $21,000. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION…
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On December 31, Year 2, Kimberly Company had the following normal account balances in its general ledger. The accounts are listed in random order. Salaries expense $ 18,900 Buildings 87,000 Retained earnings 1/1/Year 2 17,000 Operating expense 103,900 Cash 27,000 Accounts payable 16,000 Bonds payable 32,000 Accounts receivable 26,000 Common stock 57,000 Sales revenue 157,000 Prepaid rent 16,200 Required: Use the information regarding normal account balances to prepare a trial balance
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