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GLS Complete worksheet, prepare financial statements, closing entries, and post-closing trial balance (L01 2.4 The adjusted trial balance columns of the worksheet for Alshwer Company

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GLS Complete worksheet, prepare financial statements, closing entries, and post-closing trial balance (L01 2.4 The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Dr. Account No. 101 112 126 130 157 ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Cr. 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 Common Stock 10,000 Retained Earnings 3,000 Dividends 7,000 Service Revenue 61,000 Advertising Expense 8,400 Supplies Expense 4,000 Depreciation Experise 5600 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 Net income $10,900 (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: 55,000 of the notes payable become due in 2020.) Current assets $19,600 Current liabilities 514,100 (c) Prepare the closing entries. Use J14 for the joumal page (d) Post the closing entries. Use the three-column form of account.) Income Summary is No. 350 (e) Prepare a post-closing trial balance. Post-closing trial balance 546,600

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