EXERCISES-Chapter 1-2-3-4

Cr 10 8 2 20 8 4 27 5 32 17 6 3 71 71 chapter 4

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Unformatted text preview: Agencies on 31, Dec, N Trial Balance Dr. Cr. $ 10 8 2 20 $8 4 27 5 32 17 6 3 71 71 CHAPTER 4 COMPLETING THE ACCOUNTING CYCLE Crazy Young –TRIAL BALANCE A- Prepare a 10-column worksheet using the following additional information on 31, Dec, N (1) Expired insurance $1 (2) Accrued wages, $2 (3) Depreciation on Equipt 4$ December 31, N Account Title (000 ommited) Cash at bank Trade debtors Prepaid insurance Equipment Acc Dep’t –Equipment Trade creditors Charles Metlock, Capital Charles Metlock, Drawings Service Revenue Wages Expense Electricity Expense Sundry Expense Totals Trial Balance Dr. Cr. $ 10 8 2 20 $8 4 27 5 A partially completed work sheet is shown below. The unadjusted trial balance columns are complete. Complete the adjustments, adjusted trial balance. B. Prepare Income Statement, Balance Sheet, Owner’s Equity Statement 32 17 6 3 71 71 C. Recording the adjusting and closing entries in the General Journal 6 2/12/2014 Presented below are the year-end balances at December 31 of Laura's Laundry Service. (All accounts have normal balances.) (a) Prepare the necessary closing entries at December 31. (b) Prepare a post-closing trial balance at December 31. 7...
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