Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following list of accounts and their normal balances for Jupiter, Inc. as of December 31, 2112: Account Description Balance A/D - Equipment 10,000

Consider the following list of accounts and their normal balances for Jupiter, Inc. as of December 31, 2112:

Account Description Balance A/D - Equipment 10,000 Accounts Payable 44,500 Accounts Receivable 14,100 Cash 129,700 Common Stock 100,000 Depreciation Expense 12,000 Dividends 7,500 Dividends Payable 5,000 Equipment 28,200 Income Tax Expense 9,120 Insurance Expense 6,000 Inventory 41,280 Miscellaneous Expense 2,500 Miscellaneous Revenue 5,000 Mortgage Payable 29,400 Note Payable 13,800 Payroll Tax Expense 7,500 Prepaid Insurance 29,900 Rent Expense 12,000 Retained Earnings 28,200 Salaries Expense 78,000 Salaries Payable 28,900 Service Revenue 157,500 Utilities Expense 4,500 Instructions for Jupiter, Inc.: 1) Prepare the following items in good form: a. Trial balance b. Income statement c. Statement of retained earnings. (Note: Do not prepare a statement of stockholders equity for the statement of retained earnings.) d. Balance sheet e. Closing journal entries f. Post-closing trial balance 2) Show only whole dollars in all six items. Do not show cents. 3) Do not use dollar signs. 4) Use only the Accounting number format in Excel. 5) Use single-underline prior to subtotaling a column of numbers, and use double-underlining to indicate the final total in a column of numbers.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started