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

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Category > Accounting Posted 04 Aug 2017 My Price 13.00

Rachel Company Inc

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

	RACHEL COMPANY INC.
	Worksheet
	For the Year Ended December 31, 2011
Account
No.	Account Titles	Dr.	Cr.
101	Cash	8,100
112	Accounts Receivable	10,800
126	Supplies	1,500
130	Prepaid Insurance	2,000
151	Office Equipment	24,000
152	Accumulated Depreciation—Office Equipment		5,600
200	Notes Payable		15,000
201	Accounts Payable		6,100
212	Salaries Payable		2,400
230	Interest Payable		600
311	Common Stock		10,000
320	Retained Earnings		5,800
332	Dividends	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 Expense	31,000
905	Interest Expense	600
	Totals	106,500	106,500

Instructions

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

(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.(Note: $9,000 of the notes payable become due in 2012.)

(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 04 Aug 2017 10:08 PM My Price 13.00

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