Worksheet data for Albanese Company are presented in E. Instructions (a) Journalize the closing entries at April
Question:
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T-accounts.
(c) Prepare a post-closing trial balance at April30.
Transcribed Image Text:
Albanese Company Worksheet (partial) For the Month Ended April 30, 2014 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Cr. Dr Dr Cr Cash Accounts Receivable Prepaid Rent Equipment 7,442 7,840 23,000 Depreciation-Equip. Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Service Revenuc Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable Totals 4,800 5,700 22,000 4,000 3,000 12,590 9,840 760 57 2 54,819 54,819
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a Apr 30 Service Revenue 12590 Income Summary 12590 30 Income Summary 11257 ...View the full answer
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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