questions are on the attached document

P43A The completed financial statement columns of the worksheet for Woods Company are shown below. WOODS COMPANY Worksheet For the Year Ended December 31, 2008 Acc. No. Income Balance Sheet Statement 101 112 130 157 167 201 212 311 320 332 400 622 711 722 726 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Repair Expense Depreciation Expense Insurance Expense Salaries Expense 732 Utilities Expense Totals Net Loss Dr. 5,300 2,800 1,400 35,000 Cr. 44,200 Dr. 8,400 7,700 2,000 28,200 7,400 Cr. 8,800 11,900 3,200 20,000 14,200 4,100 48,600 44,200 53,700 58,100 4,400 4,400 48,600 48,600 58,100 58,100 Prepare an income statement, a retained earnings statement, and a classified balance sheet. No additi stock was issued during 2008. (List amounts from largest to smallest eg 10, 5, 3, 2. For negative n either a negative sign preceding the number eg 45 or parentheses eg (45). If there is a net loss, amount as a positive number in the retained earnings statement. List assets in order of liquidity liabilities from largest to smallest eg 10, 5, 3, 2.) Revenues Expenses Total expenses Net income (loss) Less: Current Assets Total current assets Property, plant and equipment Less: Total assets Current liabilities Total current liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Prepare the closing entries. (For multiple debit/credit entries, list amounts from largest to smalles 2.) Date Description/Account Dec. 31 (To close revenue account.) Dec. 31 (To close expense accounts.) Dec. 31 (To close net income to retained earnings.) Dec. 31 (To close dividends to capital.) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is accou Retained Earnings 12/31 12/31 Dividends 12/31 Bal. Income Summary 12/31 Service Revenue 12/31 12/31 Prepare a postclosing trial balance. (If answer is zero, please enter 0. Do not le WOODS COMPANY PostClosing Trial Balance December 31, 2008 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries. Salaries Service Revenue Expense 6/10 3,540 6/30 6/28 5,710 Retained Earnings 3,140 6/1 6/30 Bal. 8,850 12,200 6/12 1,790 6/24 620 6/30 1,330 710 10,850 Dividends 6/1 6,840 6/24 Supplies Expense Rent 15,690 6/15 6/30 Expense 9,250 6/30 3,320 6/30 3,320 6/13 6/25 1,010 6/30 3,140 2,130 Instructions (a) Prepare the closing entries that were made. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Description/Account Debit Credit (To close revenue.) (To close expenses.) (To close net income to retained earnings.) (To close dividends to capital.) (b) Post the closing entries to Income Summary. Income Summary June 30 June 30 June 30 1,790 At October 31, Nathan Company made an accrued expense adjusting entry of $1,580 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and Salaries Expense after posting the reversing entry. (If answer is zero, please enter 0. Do not leave any fields blank.) Date Description/Account Debit Credit Nov. 1 Salaries Payable Balance $ Salaries Expense Balance $ he income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $14,600, Salaries Expense $9,580, Maintenance Expense $3,270, and Net Income $1,750. Prepare the entries to close the revenue and expense accounts. Post the entries to the revenue and expense accounts, and complete the closing process for these accounts using the threecolumn form of account. (If answer is zero, please enter 0. Do not leave any fields blank. List amounts from largest to smallest eg 10, 5, 3, 2.) Date Description/Account Debit Credit July 31 (To close revenue.) July 31 (To close expenses.) Green Fee Revenue Date Explanation July 31 Balance Ref. Debit Credit Balance 31 Closing entry Salaries Expense Date Explanation Ref. July 31 Balance 31 Closing entry Debit Credit Balance Credit Balance Maintenance Expense Date Explanation Ref. July 31 Balance 31 Closing entry Debit