Using the adjusted trial balance for Dianes Dairy Sales & Delivery in E4-22, prepare a single-step income
Question:
Using the adjusted trial balance for Diane’s Dairy Sales & Delivery in E4-22, prepare a single-step income statement, a statement of shareholders’ equity, and a balance sheet.
Data from Exercises 22
Diane’s Dairy Sales & Delivery finished its first year of operations on December 31, 2022. After adjusting journal entries, the company presented the following adjusted trial balance.
Using this trial balance, prepare Diane’s necessary entries to close out temporary accounts at year-end. Omit explanations.
Diane's Dairy Sales & Delivery Adjusted Trial Balance At December 31 Account Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Wages Payable Deferred Revenue Notes Payable, due 2023 Common Stock Retained Earnings Dividends Sales Revenue Wage Expense Debit $ 833,000 179,000 83,000 13,000 30,000 350,000 12,000 320,000 Credit $ 30,000 150,500 24,000 12,000 80,000 1,000,000 0 1,000,500
Step by Step Answer:
Service Revenue Expenses Dianes Dairy Sales Delivery Statement of Net Income For the Year ended Dece...View the full answer
Intermediate Accounting
ISBN: 9780136946694
3rd Edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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