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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Taj Company

The adjusted trial balance columns of the worksheet for Taj Company, owned by Gabby Taj, are as follows.

TAJ COMPANY
Worksheet
For the Year Ended December 31, 2012
		Adjusted
		Trial Balance
Account
No.	Account Titles		Dr.
101	Cash		5,300
112	Accounts Receivable		10,800
126	Supplies		1,500
130	Prepaid Insurance		2,000
151	Equipment		27,000
152	Accumulated Depreciation—Equipment			5,600
200	Notes Payable			15,000
201	Accounts Payable			6,100
212	Salaries and Wages Payable			2,400
230	Interest Payable			600
301	Owner’s Capital			13,000
306	Owner’s Drawings		7,000
400	Service Revenue			61,000
610	Advertising Expense		8,400
631	Supplies Expense		4,000
711	Depreciation Expense		5,600
722	Insurance Expense		3,500
726	Salaries and Wages Expense		28,000
905	Interest Expense		600
	Totals		103,700	103,700

Instructions

(a) Complete the worksheet by extending the balances to the financial statement columns.

(b) Prepare an income statement, owner’s equity statement, and a classified balance sheet. Gabby Taj did not make any additional investments in the business during the year.

(d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350.

(e) Prepare a post-closing trial balance.

Answers

Maurice Tutor

(5)

Status NEW Posted 25 Sep 2017 02:09 PM My Price 9.00

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