Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(c) Journalize the hujus (d) Journalize the closing entries from the financiar worksheet for Thao Company, owned by P4-2A The adjusted trial balance columns of

image text in transcribed
image text in transcribed
(c) Journalize the hujus (d) Journalize the closing entries from the financiar worksheet for Thao Company, owned by P4-2A The adjusted trial balance columns of the worksheet D. Thao, are as follows. Account No. 101 112 126 130 157 158 200 201 212 230 301 306 400 610 631 711 722 726 905 THAO COMPANY Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Dr. Account Titles Cash 5,300 Accounts Receivable 10,800 Supplies 1,500 Prepaid Insurance 2,000 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 15,000 Accounts Payable 6,100 Salaries and Wages Payable 2,400 Interest Payable 600 Owner's Capital 13,000 Owner's Drawings 7,000 Service Revenue 61,000 Advertising Expense 8,400 Supplies Expense 4,000 Depreciation Expense 5,600 Insurance Expense 3,500 Salaries and Wages Expense 28,000 Interest Expense 600 Totals 103,700 103,700 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (h) Prenare an income statement, owner's equity statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2018.) D. Thao additional investments in the business during the year. (c) Prepare the closing entries. Use J14 for the journal page. (d) Past the closing entries. Use the three-column form of account. Income Summary is No. 350. (e) Prepare a post-closing trial balance. 610 631 711 722 726 905 Instructions (a) Complete columns. (a) Net income $10,900 (b) Current assets $19,600 Current liabilities $14,100 (b) Prepare an (Note: $5, additional (e) Post-closing trial balance $46,600 (c) Prepare t! (d) Post the No. 350. (e) Prepare Prepare financial statements, closing entries, and post- closing trial balance. (LO 1, 2, 4) P4-3A The are shown

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

12th edition

1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056

More Books

Students also viewed these Accounting questions