Using the worksheet, and posting adjusting and closing entries [20-30 min]Consider the ent...

Using the worksheet, and posting adjusting and closing entries [20-30 min]

Consider the entries prepared in Exercise.

Requirements

1. Set up T-accounts for those accounts affected by the adjusting and closing entries in Exercise.

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2. Post the adjusting and closing entries to the accounts; denote adjustment amounts by Adj, closing amounts by Clo, and balances by Bal. Double underline the accounts with zero balances after you close them, and show the ending balance in each account.

Journalizing adjusting and closing entries [15-20 min]

Use your answer from E4-13.

Requirement

1. Journalize Telegraphic Link’s adjusting and closing entries at November 30, 2012.

Preparing a worksheet and using it to calculate net income [20-30 min]

The trial balance of Telegraphic Link, Inc., at November 30, follows:

Additional information at November 30, 2012:

a. Accrued service revenue, $600.

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b. Depreciation, $300.

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c. Accrued salary expense, $800.

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d. Prepaid rent expired, $500.

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e. Supplies used, $100.

Requirements

1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.

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2. How much was net income for November?