Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please complete a-d. Dr. FLEMING COMPANY Worksheet For the Year Ended December 31, 2019 Account Income Statement Balance Sheet No. Account Titles Cr. Dr. Cr.

Please complete a-d.
image text in transcribed
Dr. FLEMING COMPANY Worksheet For the Year Ended December 31, 2019 Account Income Statement Balance Sheet No. Account Titles Cr. Dr. Cr. 101 Cash 8,900 112 Accounts Receivable 10,800 130 Prepaid Insurance 2,800 157 Equipment 24,000 158 Accumulated Depreciation-Equip. 4,500 201 Accounts Payable 9,000 212 Salaries and Wages Payable 2,400 311 Common Stock 12,000 320 Retained Earnings 7,500 332 Dividends 11,000 400 Service Revenue 60,000 622 Maintenance and Repairs Expense 1,600 711 Depreciation Expense 3,100 722 Insurance Expense 1,800 726 Salaries and Wages Expense 30,000 732 Utilities Expense 1,400 Totals 37,900 60,000 57,500 35,400 Net Income 22,100 22,100 60,000 60,000 57,500 57,500 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (b) Prepare the closing entries. (c) Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (d) Prepare a post-closing trial balance

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

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

Recommended Textbook for

Managerial Accounting

Authors: John Wild, Ken Shaw

6th Edition

ISBN: 9781259726972

More Books

Students also viewed these Accounting questions