Question

the adjusted trial balance od the worksheet for whispering Winds Company are as follows: complete the worksheet by extending the balance to the financial statement prepare a classified balance sheet 5440 due on notes payable

*Problem 4-2A (Part Level Submission) The adjusted trial balance columns of the worksheet for Whispering Winds Company are as follo 201 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,300 112 Accounts Receivable 10,500 126 Supplies 1,200 130 Prepaid Insurance 2,200 157 Equipment 26,700 158 5,000 Accumulated Depreciation --Equipment 200 14,100 Notes Payable Accounts Payable 6,200 212 Salaries and Wages Payable 2,200 700 Interest Payable 311 Common Stock 11,200 Retained Earnings 4,400 Dividends 6,300 Service Revenue 58,900 Advertising Expense 8,300 Supplies Expense 4,300 Depreciation Expense 5,000 722 Insurance Expense 3,900 726 Salaries and Wages Expense 28,300 905 Interest Expense 700 Totals 102,700 102,700 230 332 400 610 *(a) Your answer is partially correct. Try again. Complete the worksheet by extending the balances to the financial statement columns. For the Month Ended D

prepare the closing entries

Answer 1

Solution: Closing Entries in the books of Whispering Winds Company

Transaction	Account Titles	Debit	Credit
a	Service Revenue	$         58,900
	Income Summary		$          58,900
	(To close Income account )
b	Income Summary	$         50,500
	Advertisement Expense		$            8,300
	Supplies Expense		$            4,300
	Depreciation Expense		$            5,000
	Insurance Expense		$            3,900
	Salaries and Wages expense		$          28,300
	Interest Expense		$                700
	(To close Expense account )
c	Income Summary	$            8,400
	Retained Earnings		$            8,400
	(To close income summary )
d	Retained Earnings	$            6,300
	Dividends		$            6,300
	(To close dividend account to retained earnings)