Question
The accounts and their amounts for Belgrave Co. at December 31, 2012 are listed below. 1)Prepare the income statement, 2)the balance sheet, 3)the closing entries,
The accounts and their amounts for Belgrave Co. at December 31, 2012 are listed below. 1)Prepare the income statement, 2)the balance sheet, 3)the closing entries, and 4)an After-Closing Trial Balance. Cash: $5,300 (dr); A/R: $5,850 (dr); Supplies: $360 (dr); Prepaid Insurance: $700 (dr); Machinery: $2,600 (dr);Accumulated depreciation - Machine: $1,650 (cr); Salary Payable: $400(cr); Capital Stock: $5,200 (cr); Retained Earnings: $1.940 (cr); Dividends: $500 (dr); Revenue: $13,250 (cr); Insurance Expense: $120 (dr); Salary Expense: $6210 (dr); Misc Expense: $340 (dr); Depreciation Expense: $460 (dr); Totals of Debits and Credits equal 22,440.
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