Using the worksheet, and posting adjusting and closing entries
Consider the entries prepared in Exercise.
Requirements
1. Set up T-accounts for those accounts affected by the adjusting and closing entries in Exercise.
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.
Exercise
Journalizing adjusting and closing entries
Use your answer from Exercise.
Requirement
1. Journalize Telegraphic Link’s adjusting and closing entries at November 30, 2012.
Exericse
Preparing a worksheet and using it to calculate net income
The trial balance of Telegraphic Link at November 30, follows:
Additional information at November 30, 2012:
a. Accrued service revenue, $600.
b. Depreciation, $300.
c. Accrued salary expense, $800.
d. Prepaid rent expired, $500.
e. Supplies used, $100.
Requirements
1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.
2. How much was net income for November?
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