Question
The completed adjusted trial balance for Ivanhoe Company is below. IVANHOE COMPANY Adjusted Trial Balance December 31, 2021 Account No. Account Titles Dr. Cr. 101
The completed adjusted trial balance for Ivanhoe Company is below.
IVANHOE COMPANY Adjusted Trial Balance December 31, 2021 | ||||||
Account No. | Account Titles | Dr. | Cr. | |||
101 | Cash | 9,200 | ||||
112 | Accounts receivable | 9,900 | ||||
130 | Prepaid insurance | 3,700 | ||||
157 | Equipment | 24,400 | ||||
158 | Accumulated depreciationequipment | 4,600 | ||||
201 | Accounts payable | 8,200 | ||||
212 | Salaries payable | 3,300 | ||||
301 | L. Ivanhoe, capital | 19,500 | ||||
306 | L. Ivanhoe, drawings | 12,000 | ||||
400 | Service revenue | 60,400 | ||||
622 | Repairs expense | 1,000 | ||||
711 | Depreciation expense | 2,400 | ||||
722 | Insurance expense | 3,000 | ||||
726 | Salaries expense | 30,000 | ||||
732 | Utilities Expense | 400 |
| |||
Totals | $96,000 | $96,000 |
Part 1
Prepare an income statement.
Part 2
Prepare a statement of owners equity. L. Ivanhoe did not make any additional investments during the year. (List items that increase Owner's Equity first.)
Part 3
Prepare a classified balance sheet. L. Ivanhoe did not make any additional investments during the year. (List Current Assets in the order of liquidity.)
Part 4
Prepare the closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Part 5
Post the closing entries and calculate the balance in each account. (Use T accounts.) Income Summary is account No. 350. (Post entries in the order of journal entries presented in the previous part. For balances ending in 0 select bal for the date and 0 for the amount for the normal balance of the account.)
Part 6
Prepare a post-closing trial balance. (Do not list those accounts that have zero ending balance.)
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