Week+4+LT+Assignment

Week+4+LT+Assignment - Name: Aileena Boyoda,Betty Edwards,...

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Course: Acc 280 Date: November 8,2010 Problem P4-2A, Prepare worksheet, financial statements, closing entries and post-closing trial balance. Points out of 6 Problem P4-2A, The adjusted trial balance columns of the worksheet for Porter Company are as follows: (Total 2 point, 1.0 for each statement) Porter Company Work Sheet For the Year Ended December 31, 2008 Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $18,800 $18,800.00 Accounts Receivable 16,200 $16,200.00 Supplies 2,300 $2,300.00 Prepaid Insurance 4,400 $4,400.00 Equipment 44,000 $44,000.00 Acc Depre-Off. Equip. $20,000 $20,000.00 Notes Payable $20,000 $20,000.00 Accounts Payable 8,000 $8,000.00 Salaries Payable 2,600 $2,600.00 Interest Payable 1,000 $1,000.00 Common Stock 30,000 $30,000.00 Retained Earnings 6,000 $6,000.00 Dividends 12,000 $12,000.00 Service Revenue 77,800 $77,800.00 Advertising Expense 12,000 $12,000.00 Supplies Expense $3,700 $3,700.00 Depreciation Expense 8,000 $8,000.00 Insurance Expense 4,000 $4,000.00 Salaries Expense 39,000 $39,000.00 Interest Expense 1,000 $1,000.00 Totals 165,400 165,400 $67,700.00 $77,800.00 $97,700.00 $87,600.00 Net Income $10,100.00 $10,100.00 Totals $77,800.00 $77,800.00 $97,700.00 $97,700.00 Other data: pts earned a. Net Income $10,100 b. Current Assets $41,700 Current Liabilties $21,600 e. Post-closing trial balance $85,700 Instructions: (a) Complete the work sheet by exteding the balances to the financial statement columns. (b)
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Week+4+LT+Assignment - Name: Aileena Boyoda,Betty Edwards,...

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