Question
These are questions from a study guide, if i could get instructions on how to do it or how to solve it would be very
These are questions from a study guide, if i could get instructions on how to do it or how to solve it would be very helpful thank you
Questions below are all worth 5 points. 1. This question refers to the worksheet and asks which items would go into the income statement columns and which would go into the balance sheet columns. Hint, this just refers to the statements these accounts would go one. There are a mixture of revenue, expense, stockholders equity, asset, contra asset and liability accounts.
2. Given the adjusted balances in revenue, expense, dividends and retained earnings, prepare the two closing entries at the end of the period.
3. Prepare the adjusting entry for accrued salaries at the end of the period given the amount of salaries owed but not paid.a. What is the closing entry related to just the salary expense account after the above adjusting entry? Hint: Treat this as the only temporary account that needs to be closed.
4. This problem is longer and worth 15 points. a. You are provided the end-of-year spreadsheet (basically this just shows the unadjusted trial balance and the adjusted trial balance. b. Additionally, you are given the amount of common stock that was issued during the year. c. You are asked to use this information to prepare the income statement, the statement of stockholders equity and the balance sheet for this company. d. HINT: Use the balances in the adjusted trial balance columns, the information that the ending common stock balance includes that stock issued during the year (similar to problem 5-05B) and the balances you get preparing the statements to complete this problem
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