Question

126 159 GLS Complete worksheet prepare financial statements, closing entries, and poss-closing trial balance LOL 2.4 The adjusted trial balance columns of the worksheet for Allwer Company are as follows ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles De 101 Cash 5,300 112 Accounts Receivable 10.800 Supplies 1.500 Prepaid Insurance 2.000 Equipment 27,000 158 Accumulated Depreciation Equipment Notes Payable 15,000 Accounts Payable 6.100 212 Salaries and W es Payable 2400 Interest Payable Common Stock 10.000 320 Retained Earnings 3.000 Dividende 7,000 Service Revenue 61,000 610 Advertising Expense 400 Supplies Expense 4,000 Depreciation Expense 5.600 Inance Expert 3.500 726 Salaries and Wages Expertise 28,000 905 Interest Expense Totals 230 600 711 600 103,900 103,70 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns Net income $10.900 (6) Prepare an income statement, a retained earnings statement, and a classified balance sheet (Note: $5,000 of the sotes payable become due in 2020.) Current 519.600 Curretibilities 514.100 (1) Prepare the closing entries. Use 114 for the journal page () Pout the closing entries (Use the three-column form of account Income Summary is No. 350 (6) Prepare a post-closing trial balance Pout-closing trial balance 546,600

Can you answer only c , d and e.

Answer 1

c)

Closing Entries
	Debit	Credit
Retained earnings	7000
To Dividends		7000
Service Revenue	61000
To Income Summary		61000
Income Summary	50100
To Advertise Expenses		8400
To Supplies expenses		4000
To Depreciation Expenses		5600
To Insurance expense		3500
To Salaries and wages expenses		28000
To Interest Expenses		600
Income Summary	10900
To Retained Earnings		10900
(61000-50100)

d)

Particulars	Debit	Credit	Balance
Dividends Account
Balance b/d	7000		7000
Retained earnings		7000	0
Service Revenue
Balance b/d		61000	61000
Income Summary	61000		0
Advertise Expenses
Balance b/d	8400		8400
Income Summary		8400	0
Supplies expenses
Balance b/d	4000		4000
Income Summary		4000	0
Depreciation Expenses
Balance b/d	5600		5600
Income Summary		5600	0
Insurance expense
Balance b/d	3500		3500
Income Summary		3500	0
Salaries and wages expenses
Balance b/d	28000		28000
Income Summary		28000	0
Interest Expenses
Balance b/d	600		600
Income Summary		600	0

e)

Post Closing Trial Balance
	Debit	Credit
Cash	5300
Accounts Receivable	10800
Supplies	1500
Prepaid Insurance	2000
Equipment	27000
Accumu. Depreciation		5600
Notes Payable		15000
Accounts payable		6100
Salaries and wages payable		2400
Interest Payable		600
Common Stock		10000
Retained Earnings		6900
	46600	46600

Answer 2

Martin Johnson opened Seaside Cleaning Service on October 1, 2021. During October, the company completed the following transactions: