Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the data from Ryan company, prepare closing entries for the year. Post the part of your entries that affected the income summary and retained

Using the data from Ryan company, prepare closing entries for the year. Post the part of your entries that affected the income summary and retained earnings accounts. Prepare a post-closing trial balance for Ryan Company at August 31, 2017. image text in transcribed
image text in transcribed
image text in transcribed
LO 7-Prepare Financial Statements E0-38 The trial balances shown below are before and after adjustment for Ryan Company at the end of its fiscal year. RYAN COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $10,900 9,400 500 2,500 16,000 $10,900 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 8,800 2,500 4,000 16,000 $ 3,600 5,800 0 1,800 10,000 5,500 $ 4,800 5,800 1,100 800 10,000 5,500 2,800 2,800 34,000 34,600 12,100 13,100 17,000 18,100 2,000 10,800 1,500 10,800 $72,800 $72,800 $75.700 $75,700 Instructions: Using the form on the following page, prepare an income statement, statement of retained earnings and a classified balance sheet. LO 8-Journalize and Post Closing Entries E 0-41 Using the data from Ryan Company on page 15, prepare closing entries for the year. Close Revenue Accounts: Close Expense Accounts: Close Income Summary Close Dividends: Post the part of your entries that affected the Income Summary and Retained Earnings accounts below. (Include the beginning balance in retained earnings from the trial balance.) Income Summary Retained Earnings LO 9-Prepare a Post-Closing Trial Balance E 0-42 Using the data from Ryan Company on page 15 and your closing entries from above, prepare a post-closing trial balance for Ryan at August 31, 2017. Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

More Books

Students also viewed these Accounting questions