Maurice Tutor

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Teaching Since: May 2017
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Education

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 10.00

post closing entries

Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance.

COOKIE CREATIONS

Adjusted Trial Balance

December 31, 2011
 

Debit

Credit

Cash

$1,180

  

Accounts Receivable

875

  

Supplies

350

  

Prepaid Insurance

1,210

  

Equipment

1,200

  

Accumulated Depreciation—Equipment

  

$ 40

Accounts Payable

  

75

Salaries and Wages Payable

  

56

Interest Payable

  

15

Unearned Service Revenue

  

300

Notes Payable

  

2,000

Owner’s Capital

  

800

Owner’s Drawings

500

  

Service Revenue

  

4,515

Salaries and Wages Expense

1,006

  

Utilities Expense

125

  

Advertising Expense

165

  

Supplies Expense

1,025

  

Depreciation Expense

40

  

Insurance Expense

110

  

Interest Expense

15

  
 

$7,801

$7,801

Instructions

Using the information in the adjusted trial balance, do the following.

(a) Prepare an income statement and an owner’s equity statement for the 2 months ended December 31, 2011, and a classified balance sheet as at December 31, 2011. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2013.

(b) Natalie has decided that her year-end will be December 31, 2011. Prepare and post closing entries as of December 31, 2011.

(c) Prepare a post-closing trial balance.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 10.00

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