Question

Problem 4-03A a-d The completed financial statement columns of the worksheet for Bridgeport Company are as follows. Bridgeport Company Worksheet For the Year Ended December 31, 2019 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. 101 Cash 112 9,100 11,000 2,800 23,800 130 157 201 212 4,700 8,800 2,400 10,400 9,000 311 320 332 400 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals 9,900 59,800 622 711 722 726 732 1,800 3,100 1,700 30,400 1,500 38,500 59,800 56,600 35,300

Answer 1

Closing Entries: Date General Journal Dec. 31 Service Revenue Income Summary Debit Credit $59.800 $59.800 12/31 Retained Earnings $9.900 Bal. 12/31 $9,000 $21.300 Bal $20,400 Dec. 31 $38,500 12/31 Dividends $9.900 Bal. $9.900 Income Summary Maintenance and Repairs Expenses Salaries and wage Expense Insurance Expense Utilities Expense Depreciation expense (To close expense accounts) $1.800 $30.400 $1,700 $1.500 $3.100 Income Summary $38.500 12/31 $21,300 12/31 12/31 $59.800 Dec. 31 $21.300 Income Summary Retained Earnings (To close net income / (loss)) $21,300 12/31 Service revenue $59.800 Bal. $59,800 Maintenance and Repairs Expenses Bal. $1,800 12/31 $1,800 Dec. 31 $9.900 Retained Earnings Dividends (To close dividends) $9.900 Depreciation expense $3,100 12/31 Bal. $3.100 Bal. Insurance expense $1,700 12/31 $1,700 Salaries and wage Expense $30.400 12/31 $30.400 Bal. Bridgeport Company Post-closing Trial Balance For the year ended December 31, 2019 Account Title Debit Credit Cash $9.100 Accounts Receivable $11,000 Prepaid insurance $2.800 Equipment $23.800 Accumulated depreciation $4.700 Accounts payable $8.800 Salaries and wages payable $2.400 Common stock $10.400 Retained earnings $20.400 Totals $46,700 $46,700 Utilities Expense $1,500 12/31 Bal. $1,500