Enter the trial balance on a worksheet and complete the worksheet. E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows.
GOODE COMPANY
Worksheet (partial) For the Month Ended April 30, 2008 Adjusted Trial Income Balance Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. 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 Common Stock 25,000 Retained Earnings 5,960 Dividends 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 Instructions Complete the worksheet. E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April. Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet. E4-4 Worksheet data for Goode Company are presented in E4-2. Instructions (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30. E4-5 The adjustments columns of the worksheet for Mears Company are shown below. Adjustments Account Titles Debit Credit Accounts Receivable 600 Prepaid Insurance 400 Accumulated Depreciation 900 Salaries Payable 500 Service Revenue 600 Salaries Expense 500 Insurance Expense 400 Depreciation Expense 900 2,400 2,400
Exercises 177
Complete the worksheet. (SO 1) Prepare financial statements from worksheet. (SO 1, 6) Journalize and post closing entries and prepare a postclosing trial balance.
(SO 2, 3) Prepare adjusting entries from a worksheet, and extend balances to worksheet columns. (SO 1)
Instructions (a) Prepare the adjusting entries. (b) Assuming the adjusted trial balance amount for each account is normal, indicate the financial statement column to which each balance should be extended. E4-6 Selected worksheet data for Nicholson Company are presented below.
178 Chapter 4 Completing the Accounting Cycle
Prepare closing entries, and prepare a post-closing trial balance. (SO 2, 3) Derive adjusting entries from worksheet data. (SO 1) Journalize and post closing entries, and prepare a postclosing trial balance. (SO 2, 3)
Adjusted Account Titles Trial Balance Trial Balance Dr. Cr. Dr. Cr. Accounts Receivable ? 34,000 Prepaid Insurance 26,000 20,000 Supplies 7,000 ? Accumulated Depreciation 12,000 ? Salaries Payable ? 5,000 Service Revenue 88,000 97,000 Insurance Expense ? Depreciation Expense 10,000 Supplies Expense 5,000 Salaries Expense ? 49,000 Instructions (a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made