Accounting Homework Help
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hw20ch20420b-04.0520jes.xlsProblem
| Timber Creek prepared the following adjusted trial balance on December 31, 20X3. The company has completed preparation of financial statements and is now ready to prepare closing entries. | |||||
| TIMBER CREEK | |||||
| Adjusted Trial Balance | |||||
| As of December 31, 20X3 | |||||
| Debits | Credits | ||||
| Cash | $ 35,600 | $ - | |||
| Accounts receivable | 23,700 | - | |||
| Supplies | 7,500 | - | |||
| Equipment | 325,700 | - | |||
| Accumulated depreciation | - | 40,400 | |||
| Accounts payable | - | 34,800 | |||
| Loan payable | - | 100,000 | |||
| Capital stock | - | 80,000 | |||
| Retained earnings | - | 70,000 | |||
| Dividends | 20,000 | - | |||
| Revenues | - | 478,400 | |||
| Rent expense | 120,000 | - | |||
| Salaries expense | 235,600 | - | |||
| Supplies expense | 18,000 | - | |||
| Interest expense | 7,400 | - | |||
| Depreciation expense | 10,100 | - | |||
| $ 803,600 | $ 803,600 | ||||
| (a) Prepare the necessary closing entries. | |||||
| (b) Use T-accounts to determine the post-closing balances of the accounts. | |||||
| (c) Prepare the post-closing trial balance. |
&R&"Myriad Web Pro,Bold"&20B-04.05
B-04.05
Worksheet(a)
| GENERAL JOURNAL | Page | ||||
| Date | Accounts | Debit | Credit | ||
| Dec. 31 | |||||
| To close revenues to Income Summary | |||||
| Dec. 31 | |||||
| To close expenses to Income Summary | |||||
| Dec. 31 | |||||
| To close Income Summary to retained earnings | |||||
| Dec. 31 | |||||
| To close dividends |
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-04.05(a)
B-04.05(a)
Worksheet(b)
| CASH | DIVIDENDS | ||||||||
| closing | |||||||||
| ACCOUNTS RECEIVABLE | REVENUES | ||||||||
| closing | |||||||||
| SUPPLIES | RENT EXPENSE | ||||||||
| closing | |||||||||
| EQUIPMENT | SALARIES EXPENSE | ||||||||
| closing | |||||||||
| ACCUMULATED DEPRECIATION | SUPPLIES EXPENSE | ||||||||
| closing | |||||||||
| ACCOUNTS PAYABLE | INTEREST EXPENSE | ||||||||
| closing | |||||||||
| LOAN PAYABLE | DEPRECIATION EXPENSE | ||||||||
| closing | |||||||||
| CAPITAL STOCK | INCOME SUMMARY | ||||||||
| closing | closing | ||||||||
| closing | |||||||||
| RETAINED EARNINGS | |||||||||
| closing | |||||||||
| closing |
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-04.05(b)
B-04.05(b)
Worksheet(c)
| TIMBER CREEK | |||||
| Post-Closing Trial Balance | |||||
| As of December 31, 20X3 | |||||
| Debits | Credits | ||||
| $ - | $ - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| - | - | ||||
| $ - | $ - |
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-04.05(c)
B-04.05(c)
