Question

Quiz: Solid Footing Chapters 5 and 6 Name: The following is Green Co.'s Pre-Closing Trial Balance as of December 31. Green's accounting period is a month, thus the balances in the temporary accounts are for the month of December. Note that the accounts are not listed in their normal sequence -- rather they are listed in alphabetical sequence. Debit Credit 26,000 28,850 10,000 12.500 Account Name Accounts Payable Accounts Receivable Cash Common Stock Cost of Goods Sold Equipment Interest Expense Interest Payable Inventory Note Payable Retained Earnings Sales Revenue Supplies Expense Wages Expense 70,000 73,000 5,150 500 45,000 21,000 52,000 187,000 7,000 60,000 299,000 Total 299,000

Answer 1

Date	Particulars	Debit	Credit
1	Sales Revenue	187000
	Income statement		187000
2	Income Statement	142150
	Cost of goods sold		70000
	Interest expense		5150
	Supplies expense		7000
	Wages expense		60000
3	Net income= Sales revenue-Total expenses
	187000-142150		44850
4	Retained ernings
	Opening balance		52000
	(+) profit		44850
	Closing balance		96850