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Category > Accounting Posted 19 Apr 2017 My Price 12.00

ACC 201 Chapter 4 Problem set A

ACC 201 Chapter 4 Problem set A

Problem 4-2A (Part Level Submission)

The adjusted trial balance columns of the worksheet for Watson Company are as follows.

WATSON COMPANY
Worksheet
For the Year Ended December 31, 2014

 

  

 

  

Adjusted Trial Balance

Account No.

  

Account Titles

  

Dr.

  

Cr.

101

  

Cash

  

17,800

    

112

  

Accounts Receivable

  

14,400

    

126

  

Supplies

  

2,300

    

130

  

Prepaid Insurance

  

4,400

    

151

  

Equipment

  

46,000

    

152

  

Accumulated Depreciation—Equipment

      

18,000

200

  

Notes Payable

      

20,000

201

  

Accounts Payable

      

8,000

212

  

Salaries and Wages Payable

      

2,600

230

  

Interest Payable

      

1,000

311

  

Common Stock

      

15,000

320

  

Retained Earnings

      

9,800

332

  

Dividends

  

12,000

    

400

  

Service Revenue

      

86,200

610

  

Advertising Expense

  

10,000

    

631

  

Supplies Expense

  

3,700

    

711

  

Depreciation Expense

  

6,000

    

722

  

Insurance Expense

  

4,000

    

726

  

Salaries and Wages Expense

  

39,000

    

905

  

Interest Expense

  

1,000

  

  
   

Totals

  

160,600

  

160,600

 

PART A TO G all

ACC 201 Chapter 4 Problem set A  part B

Use two blank sheets of paper

1  Create an adjusted trial balance.  You must have the contra accounts dividends and accumulated depreciation-eq.  Make up the numbers.  It must balance.

2. Create an income statement, retained earnings statement and balance sheet.  Use page 23 as a guide.  Use the cash account as a plug figure to make the balance sheet balance.

3. Journalized the closing entries. Zero out the income statement accounts to income summary, then zero out income summary to retained earnings.  Zero out dividends to retained earnings.

4. Post the journal entries to the ledger.  Use the trial balance for the beginning balances.  Use a three column format. After your done all the income statement and dividend accounts should be zero to get ready for the next month.

5.  Create a post closing trial balance.

 

 

Answers

SmartExpert
(118)
Status NEW Posted 19 Apr 2017 08:04 AM My Price 12.00

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file 1492589554-ACC 201 Chapter 4 Problem set A Answers.docx preview (863 words )
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