Dana Bowen Company is completing its first year of operations on April 30. Recon

Question

Dana Bowen Company is completing its first year of operations on April 30. Reconstruct the entries for the year ended April 30 from the T accounts below, Record them, assigning letters to each transaction, as follows: a-1 Transaction m-r Adjusting Journal Entries Balance and prepare the Income Statement, Statement of Owner's Equity, and the Balance Sheet from the T accounts 2) 3) Prepare the four closing entries (s - v). 4) Prepare the post-closing trial balance. Prepaid Insurancc Accounts Supplics 870 Cash Receivable 1940 6,500 900 1250 385 400 2,500 930 Accumulated Depreciation Accounts Payable Equipment Wages Payable 130 870 225 Unearned Revenues Dana Bowen, Capital Dana Bowen, Income Summary Drawing 6,500 2,500 930 350 590

Explanation / Answer

1)

Adjusting Entries

2)

Trial Balance

Income Statement

Statement of Owner's Equity

Balance Sheet

3)

4)

Account Title & Explanations debit ($) credit ($) a) Cash 6500 Dana Bowen Capital 6500 (investment in business recorded) b) Cash 900 Fees Earned 900 (Fees earned in cash recorded) c) Accounts Receivable 1250 Fees Earned 1250 (fees earned on account) d) Rent expense 400 Cash 400 (rent paid in cash) e) Wage Expense 420 Cash 420 (wages paid in cash) f) Prepaid Insurance 1940 Cash 1940 (Paid for insurance in advance) g) Cash 2500 Fees Earned 2500 (Fees earned in cash recorded) h) Equipment 2500 Dana Bowen Capital 2500 (Equipment brought in business recorded) i) Miscellaneous expense 50 Cash 50 j) Accounts Receivable 385 Fees Earned 385 (fees earned on account) k) Supplies 870 Accounts Payable 870 (purchase of supplies recorded) l) Cash 930 Unearned Revenue 930 (fees collected in advance)

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