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Te dajusted trial balance columns of the worksheet for Novak Company are as follows. Novak Company Worksheet (Partial) For th
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Answer #1
General Journal
Debit Credit
30-Apr Service Revenue 16000
   Income Summary 16000
30-Apr Income Summary (10640+900+700+60) 12300
Salaries and Wages Expenses 10640
   Rent Expenses 900
   Depreciation Expenses 700
Interest Expenses 60
30-Apr Retained Earnings   3700
Income Summary (16000-12300) 3700
30-Apr Dividends 3750
   Retained Earnings 3750
Income Summary
Expenses 12300 Service Revenue 16000
Net Profits (16000-12300) 3700
Dividend (3750)
Retained Earnings -50
16000 16000
Retained Earnings
Opening bal 8900
Income Summary -50
Closing bal (8900-50) 8850
8850 8850
Post Closing Trial Balance
Dr Cr
Cash 10000
Accounts Receivable 7300
Prepaid rent 2260
Equipment 23050
Accumulated Depreciation - Equip 4500
Notes Payable 5600
Accounts Payable 5000
Common Stock 18600
Retained Earnings 8850
Interest Payable 60
                                          Total 42610 42610
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