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The post-closing trial balance of Anderson Company at December 31, 2019, is shown below. Cr Anderson Company Post-Closing Trial Balance December 31, 2019 Dr Cash
The post-closing trial balance of Anderson Company at December 31, 2019, is shown below. Cr Anderson Company Post-Closing Trial Balance December 31, 2019 Dr Cash $ 15,000 Accounts Receivable 20,000 Land 180,000 Accounts Payable Notes Payable Capital Stock Retained Earnings Totals $ 215,000 $25,000 35,000 125,000 30,000 $ 215,000 During 2019, Anderson Company had the following transactions: a. Equipment purchases were $80,000 all on credit b. An additional $10,000 of capital stock was issued for cash C. Services were provided for $180,000; $100,000 was on credit and the balance was by cash. d. The notes were paid, including $7,000 interest. e. $105,000 was collected from customers. f. $95,000 was paid to reduce accounts payable. g. Salaries expense was $30,000, all paid in cash. h. A $10,000 cash dividend was declared and paid. Required: a. Prepare journal entries to record each of the 2019 transactions. b. Set up T-accounts with the proper balances at January 1, 2019, the post the journal entries to the T-accounts. 2. Learning Objectives: LOS LO6L011 Use the information from Question 1: a. prepare a statement of comprehensive income for the year ended December 31, 2019, and a balance sheet as of that date. b. Prepare a statement of retained earnings. C. Prepare a post-closing trial balance at December 31, 2019
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