Closing Entries and the Post Closing Trial Balance

assignment_mod_05.xlsx

M5 Assignment

Module 5 Assignment:
The adjusted trial balance for Smith construction for the period ending May 31 2010 is as follows:
Smith Construction
Adjusted Trial Balance
31-May
Account			Debit		Credit
10.	Cash		47,240
12.	Accounts Receivable		8,080
13.	Prepaid Insurance		1,000
14.	Supplies		700
16.	Equipment		24,000
17.	Accumulated Depreciation equipment				2,400
18.	Tools		1,200
20.	Accounts Payable				200
22.	Unearned Revenue				2,000
24.	Wages Payable				1,000
30.	Common Stock				42,500
32.	Dividends		3,900
40.	Service Revenue				56,700
50.	Salary Expense		11,780
51.	Depreciation Expense		2,400
52.	Rent Expense		2,000
54.	Repair Expense		1,000
56.	Supplies Expense		800
57.	Insurance Expense		500
59.	Utilities Expense		200
	Total		104,800		104,800
Requirements:
1	Prepare the Income Statement for the period ending May for Smith Construction.
	Smith Construction
	Income Statement
	For the period Ended March 1 through May 31
2	Prepare the Statement of Retained Earnings for Smith Construction for the Month of May.
	Smith Construction
	Statement of Retained Earnings
	For the Period Ended March 1 through May 31
3	Prepare the Balance Sheet for Smith Construction as of May 31, 2010.
	Smith Construction
	Balance Sheet
	May 31
	ASSETS			Liabilities
				STOCKHOLDER'S EQUITY
4	Prepare the three closing entries.
	Journal
	Date	Accounts			Post. Ref	Debit	Credit
5	Prepare the Post Closing Trial Balance.
	Smith Construction
	Post Closing Trial Balance
	31-May
	Account			Debit		Credit