The adjusted trial balance columns of the worksheet for DeSousa Company for the
ID: 2553134 • Letter: T
Question
The adjusted trial balance columns of the worksheet for DeSousa Company for the month of April 30, 2017 are as follows.
Complete the worksheet.
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
70
59,705
59,705
Totals
KAY MAGILL COMPANY
Adjusted Trial Balance
For the Month Ended June 30, 2017
Adjusted Trial Balance
Account Titles
Debit
Credit
(a)
Date
Account Titles and Explanation
Debit
Credit
(To close revenue account)
(To close expense accounts)
(To close net income / (loss))
(To close dividends)
(a1)
NORSTED COMPANY
DESOUSA COMPANY(Partial) Worksheet
For the Quarter Ended April 30, 2017April 30, 2017For the Month Ended April 30, 2017
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Titles
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash 11,000 Accounts Receivable 8,000 Prepaid Rent 2,200 Equipment 22,700 Accumulated Depreciation—Equip. 5,000 Notes Payable 5,700 Accounts Payable 5,000 Common Stock 21,255 Retained Earnings 7,180 Dividends 3,700 Service Revenue 15,500 Salaries and Wages Expense 10,660 Rent Expense 700 Depreciation Expense 675 Interest Expense 70 Interest Payable
70
Totals59,705
59,705
Net IncomeTotals
Kay Magill Company had the following adjusted trial balance.KAY MAGILL COMPANY
Adjusted Trial Balance
For the Month Ended June 30, 2017
Adjusted Trial Balance
Account Titles
Debit
Credit
Cash $3,560 Accounts Receivable 3,820 Supplies 540 Accounts Payable $1,900 Unearned Service Revenue 140 Common Stock 1,210 Retained Earnings 2,500 Dividends 520 Service Revenue 5,500 Salaries and Wages Expense 1,200 Miscellaneous Expense 210 Supplies Expense 2,000 Salaries and Wages Payable 600 $11,850 $11,850(a)
Prepare closing entries at June 30, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Date
Account Titles and Explanation
Debit
Credit
June 30(To close revenue account)
June 30(To close expense accounts)
June 30(To close net income / (loss))
June 30(To close dividends)
These financial statement items are for Norsted Company at year-end, July 31, 2017.Salaries and wages payable $ 2,100 Notes payable (long-term) $ 2,000 Salaries and wages expense 51,700 Cash 16,000 Utilities expense 22,400 Accounts receivable 10,800 Equipment 31,500 Accumulated depreciation-equipment 6,000 Accounts payable 4,900 Dividends 2,600 Service revenue 61,500 Depreciation expense 3,500 Rent revenue 8,300 Retained Earnings (beginning of the year) 20,700 Common Stock 33,000
(a1)
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)NORSTED COMPANY
Explanation / Answer
1 Date Account Debit Credit Jun 30 Service Revenue 5500 Income Summary 5500 (Closing Revenue Account) Jun 30 Income Summary 3410 Salaries and Wages Expense 1200 Miscellaneous Expense 210 Supplies Expense 2000 (Closing Expense Account) Jun 30 Income Summary 2090 Retained Earning 2090 (5500-3410) Jun 30 Retained Earning 520 Dividend 520 (Closing Dividend Account) 2 Income Statement Service Revenue 61500 add Rent Revenue 8300 Total Revenue 69800 less Salaries and wages expense -51700 Utilities Expense -22400 Depreciation Expense -3500 Net Income/(Loss) -7800
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