Use multiple blank sheets of paper or Excel 1 Create an adjusted trial balance.
ID: 2397643 • Letter: U
Question
Use multiple blank sheets of paper or Excel 1 Create an adjusted trial balance. (hint use very few accounts 3 asset, 2 liability 3 the contra accounts dividends and accumulated depreciation-eq. Make up the s equity, 1 revenue, 2 expense) Do not do a worksheet. You must have numbers. It must balance. 2. Create an income statement, retained earnings statement and balance sheet. Use page 22 as a guide in the book or chapter 1, 1.5 in the e-book or look at the homework you manually uploaded 3. Journalized the closing entries. Zero out the income statement accounts to income summary, then zero out income summary to retained earnings. Zero out dividends to retained earnings 4. Post the closing journal entries to the ledger. Use the adjusted trial balance for the beginning balances. Use a three column format. After your done all the income statement and dividend accounts should be zero to get ready for the next month. 5. Create a post closing trial balance.Explanation / Answer
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Adjusted Trial Balance Account Debit Credit Cash 155000 Accounts receivable 45000 Equipment 100000 Accumulated depreciation-equipment 10000 Accounts payable 10000 Salaries and wages payable 5000 Dividends 20000 Common stock 20000 Additional paid-n capital 5000 Retained earnings 50000 Service revenue 300000 Salaries and wages expense 76000 Depreciation expense 4000 Totals $ 400000 400000Related Questions
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