Question

GLS Complete worlksheat prapare financial statements, cloaing aentries, and poat-cloazing rial balovce L0124 The adgusted trial balance columns of the worksheet for Alsbwer Company are as follows ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No Account Tides Dr. Cr 5,300 10,800 1,500 2,000 101 Cash Accousts Receivable 112 126 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock 130 157 27,000 5,600 15,000 158 200 201 6,100 2,400 600 212 230 10,000 3,000 311 Retained Earmings Dvidends Service Revenue Advertising Expense Supplies Expense 320 332 400 7,000 61,000 ,400 4,000 5,600 3,500 28,000 600 610 631 711 Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expense Totals 722 726 905 103,700 103,700 Instructions ( Complete the worksbeet by exteading the balances to the financial statement columan Net income $10,900 Prepare an income statement, a retained earnings statement, and a clasifed balance steet (Note: 53,000 of the notes payable become due in 2020) Currest assets $19,600 Currest labilities $14,100 (e) Prepare the closing entries. Use 14 for the journal page (Post the closing enries (Uve the the-column form of account ) Income Summary in No. 350 () Prepare a post-closing trial balance Post-closing trial balance $46,600

Answer 1

Financila Statement coloums Balance Sheet Dr Dr 112 5,300 10,800 1,500 2,000 27,000 Account No Account Name 101 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep-Equipment Notes Payable Accounts Payable Salaries & Wages Payable Interest Payable Common Stock Retained Earnings Dividends Service Revenue Advertising expense Supplies Expense Depreciation expense Insurance expense Salaries & Wages expense Adjusted Trial Balance | Income Statement Dr 5,300 10,800 1,500 2,000 27,000 5,600 15,000 6,100 2,400 600 10,000 3,000 7,000 61,000 61,000 8,400 8,400 4,000 4,000 5,600 5,600 3,500 3,500 28,000 28,000 5,600 15,000 6,100 2,400 600 10,000 3,000 7,000

905 600 Interest expense Total 600 50,100 103,700 103,700 61,000 53,600 42,700 Net Income 10,900 10,900 61,000 61,000 53,600 53,600 Income Statement Amount 61,000 Particulars Service Revenue Less: Expenses Advertising expense Supplies Expense Depreciation expense Insurance expense Salaries & Wages expense Interest expense Net Income (8,400) (4,000) (5,600) (3,500) (28,000) (600) 10,900

Statement of Retained Earnings Opening Balance Add: Profit for the year Less: Dividend Closing Balance 3,000 10,900 (7,000) 6,900 Balance Sheet Amount Assets Current Assets Cash Accounts Receivable Supplies Prepaid Insurance Total Current Assets 5,300 10,800 1,500 2,000 19,600 Non Current Assets Equipment Accumulated Dep-Equipment Total Non Current Assets 27,000 (5,600) 21,400 Total Assets 41,000

Liabilities & Equity Current Liabilities Notes Payable Accounts Payable Salaries & Wages Payable Interest Payable Total Current Liabilities 5,000 6,100 2,400 600 14,100 Non Current Liabilities Notes Payable Total Non Current Liabilities 10,000 10,000 Equity Common Stock Retained Earnings Total Equity 10,000 6,900 16,900 Total Liabilities & Equity 41,000

61,000 Closing Entries Service Revenue ToAdvertising expense ToSupplies Expense ToDepreciation expense Tolnsurance expense ToSalaries & Wages expense Tolnterest expense To Summary of Income & Expenses 8,400 4,000 5,600 3,500 28,000 600 10,900 10,900 Summary of Income & Expenses To Retained Earnings 10,900

101 5,300 10,800 1,500 2,000 27,000 Post Closing Trial Balance Account No Account Name Cash 112 Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep-Equipment Notes Payable Accounts Payable Salaries & Wages Payable Interest Payable Common Stock Retained Earnings 5,600 15,000 6,100 2,400 600 10,000 6,900 46,600 46,600