Worksheet, journalizing and posting adjusting and closing entries, and the postclosing tri...

Worksheet, journalizing and posting adjusting and closing entries, and the postclosing trial balance.

A partially completed worksheet for Christopher Cobb, CPA, for the month ending June 30, 2016, is shown below.

INSTRUCTIONS

1. Record the balances as of June 30 in the ledger accounts.

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2. Prepare the worksheet.

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3. Journalize (use 3 as the journal page number) and post the adjusting entries. Use account number 121 for Supplies; 131 for Computers; 142 for the Accumulated Depreciation account; 309 for Income Summary; 517 for Supplies Expense; 519 for Travel Expense; and 523 for Depreciation Expense.

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4. Journalize (use 4 as the journal page number) and post the closing entries.

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5. Prepare a postclosing trial balance.

Analyze: What is the reported net income for the month of June for Christopher Cobb, CPA?