Worksheet data for Goode Company are presented below. Adjusted Trial Balance Acc
ID: 2371939 • 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. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
(b) Post the beginning balances and closing entries to Income Summary and P. Goode, Capital. (Post entries in the order presented above. If there is no transaction, enter NA as the account and 0 for the amount.)
(c) Prepare a post-closing trial balance at April 30. (If answer is zero, please enter 0. Do not leave any fields blank.)
Debit
Credit
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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