Worksheet data for Goode Company are presented below. Adjusted Trial Balance Acc

Question

  Worksheet data for Goode Company are presented below.   

Adjusted Trial Balance

Account Titles

Dr.

Cr.

57

62,900

62,900

(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.)

GOODE COMPANY Worksheet (Partial) For the Month Ended April 30,            2010

Adjusted 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 Payable

57

     Totals

62,900

62,900

Worksheet data for Goode Company are presented below.

Explanation / Answer

(a) Debit Service Revenue 15,590 Credit Income Summary 15,590 To close the revenue account Debit Income Summary 12,328 Credit Salaries Expense 10,840 Credit Rent Expense 760 Credit Depreciation Expense 671 Credit Interest Expense 57 To close the expense accounts Debit Income Summary 3,262 Credit T. Goode, Capital 3,262 To close net income Debit T. Goode, Capital 3,650 Credit T. Goode, Drawing 3,650 To close the drawing account (c) Cash 13,752 debit Accounts Receivable 7,840 debit Prepaid Rent 2,280 debit Equipment 23,050 debit Accumulated Depreciation 4,921 credit Notes Payable 5,700 credit Accounts Payable 5,672 credit Interest Payable 57 credit T. Goode, Capital 30,572 Total debits 46,922 Total credits 46,922

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