Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the T-accounts presented complete the required income statement, statement of retained earnings, balance sheet, closing journal, and post closing trial balance. thank you, explaining

Using the T-accounts presented complete the required income statement, statement of retained earnings, balance sheet, closing journal, and post closing trial balance. thank you, explaining your work is appreciated.
image text in transcribed
image text in transcribed
image text in transcribed

84,100 ASSETS T-accounts (General Ledger) example 43100 Total Right Side 84,100 400 Liabilities + Owner's Equity + 118400 Revenue + #100-Cash 200-A/P-Gusto 300-Capital/Common Stock 400-Earned Revenue date dr. date date dr. cr. date date dr. cr. open 36,100 open 3,200 open date 34,200 open dr. cr. date 77800 Expenses 500-Salaries Expense dr. cr. 1-Dec 800 1,600 2-Dec 2-Dec 1,600 4-Dec 104,000 1,400 open 12-Dec 35,200 1,700 10-Dec 500 2,100 3-Dec 10-Dec 500 11-Dec 900 1,600 5-Dec 1,600 34,200 16-Dec 11,000 36,500 1 22-Dec 2.500 1,500 9-Dec 210-Wages Payable 302-Drawings/Dividends ADI 3 1,500 501-Utilities Expense 2 3,300 15-Dec date dr. cr date dr. ler. 118,400 date dr. cr. 3 1,700 23-Dec open 14 15 5-Dec 1,600 23-Dec 1,700 1,600 1,700 open 40,100 12-Dec 15-Dec 3,300 open 8,800 9-Dec 1,500 16 43,400 10,300 7 78 220-Unearned Revenue 29,000 date dr. tr. 310 Retained Earnings 19 #110-A/B-Franklin open 3,000 date dr. cr. 20 date dr. cr date: ADI 1,500 open 9,600 502-Supplies Expense date open ADI #4 dr. lu. 1,600 500 21 open 1,900 1,500 22 1-Dec 800 240-Notes Payable 23 16-Dec 11,000 2,500 22-Dec date dr. Cr 24 9,600 8-Dec 40,000 25 #115-A/R-Washington 2,100 9,600 503-Rent Expense date dr. open cr 26 date dr. cr. date 40,000 24,200 3-Dec 2,100 27 open 1,400 ASSETS cont 28 4-Dec 1,400 30 29 11-Dec 31 120-Supplies 900 130-Prepaid Insurance 1.900 date open dr. cr 2,400 26,300 504-Depreciation Expense date dr. Cr ADI #1 1000 ADI #2 1,200 32 date 33 open 34 ADI 4 35 dr. 8 900 500 400 36 140 Equipment 37 date dr. cr 18 open 5,000 39 40 5,000 41 42 150-Land 43 date dr. cr. 44 45 8-Dec 40,000 47 40,000 1,200 141-Accum. Dep-Equip date open ADI dr. a 2,000 1000 3,000 1,000 505-InsuranceExpense date ADJ #2 dr. cr. 1,200 1,200

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

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

What is residual income, and what is one of its major weaknesses?

Answered: 1 week ago