Worksheet data for Goode Company are presented below. Adjusted Trial Balance Acc
ID: 2364634 • Letter: W
Question
Worksheet data for Goode Company are presented below.
Adjusted Trial Balance
Account Titles
Dr.
Cr.
57
62,900
62,900
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the beginning balances and closing entries to Income Summary and P. Goode, Capital.
(c)Prepare a post-closing trial balance at April 30.
GOODE COMPANY Worksheet (Partial) For the Month Ended April 30, 2010Adjusted Trial Balance
Account Titles
Dr.
Cr.
Cash 13,752 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation 4,921 Notes Payable 5,700 Accounts Payable 5,672 T. Goode, Capital 30,960 T. Goode, Drawing 3,650 Service Revenue 15,590 Salaries Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable57
Totals62,900
62,900
Explanation / Answer
(a) Journalize the closing entries at April 30. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.) (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts Dr Service Revenue 15,590 Cr Income Summary 15,590 Dr Income Summary 12,328 Cr Salaries Expense 10,840 Cr Rent Expense 760 Cr Depreciation Expense 671 Cr Interest Expense 57 Dr Income Summary 15,590 Cr Retained Earnings 15,590 Dr Retained Earnings 12,328 Cr Income Summary 12,328 Dr Retained Earnings 3,650 Cr Dividends 3,650 (c) Prepare a post-closing trial balance at April 30. (If answer is zero, please enter 0. Do not leave any fields blank.) Cash Dr 13,752 Accounts Receivable Dr 7,840 Prepaid Rent Dr 2,280 Equipment Dr 23,050 Accumulated Depreciation Cr 4,921 Notes Payable Cr 5,700 Accounts Payable Cr 5,672 Interest Payable Cr 57 Common stock Cr 25,000 Retained Earnings Cr 5,572 Debits $46,922 Credits $46,922
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