Question

The adjusted trial balance columns of the worksheet for Bridgeport Company are as follows.

Bridgeport Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,000 Prepaid Rent 2,440 Equipment 22,900 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,900 Accounts Payable 5,000 Common Stock 20,060 Retained Earnings 7,100 Dividends 3,800 Service Revenue 16,000 Salaries and Wages Expense 10,920 Rent Expense 900 Depreciation Expense 600 Interest Expense Interest Payable 20 Totals 58,580 58,580 20

Post the closing entries to Income Summary and Retained Earnings.

Answer 1

A B C D E F H 16,000 10,920 By service fee 900 Income summary Income statement To salaries and wages To rent To depreciation To interest To profit - transfer to retained earnings (Balancing figure) - carried down 600 Balance sheet as at April 30 2019 Equity and liabilities Common stock 20,060 Accumulated depreciation 4,500 Notes payable 5,900 Accounts payable 5,000 Retained earnings 6,860 Interest payable 20 Total 42,340 20 3,560 16,000 16,000 Retained earnings a/c To dividends Assets Cash 7,100 10,000 To balance - to be shown in balance sheet (Balancing figure) - carried down 3,800 By opening balance By income statement balance 6,860 brought down 10,660 3,560 10,660 Accounts receivable pre paid rent equipment Total 7,000 2,440 22,900 42,340