The balances in the ledger of A Good Company as of January 1, 2017 before adjustments are as follows: Cash $ 4,250 Retained Earnings $13,525 Supplies 3,900 Dividends 3,425 Prepaid Insurance 8,400 Service Revenue 63,200 Equipment 41,750 Salary Expense 24,300 Accumulated Depreciation 9,950 Rent Expense 6,000 Capital Stock 6,850 Miscellaneous Expense 1,500 Adjustment data are as follows: supplies on hand, January 31, 2017 $1,800; insurance expired for January, $1,100; depreciation on equipment for January, $2,500; salaries accrued, January 31, $1,650. (a) Prepare a ten-column work sheet for A Good Company for January 31. (b) On the basis of the work sheet in (a), present the following in good order: (1) income statement, (2) retained earnings statement (no additional investments were made during the month), and (3) classified balance sheet. (c) On the basis of the work sheet in (a), journalize the closing entries as of January 31
The balances in the ledger of A Good Company as of January 1, 2017 before adjustments are as follows:
|
Cash |
$ 4,250 |
|
$13,525 |
|
|
Supplies |
3,900 |
Dividends |
3,425 |
|
|
Prepaid Insurance |
8,400 |
Service Revenue |
63,200 |
|
|
Equipment |
41,750 |
Salary Expense |
24,300 |
|
|
|
9,950 |
Rent Expense |
6,000 |
|
|
Capital Stock |
6,850 |
Miscellaneous Expense |
1,500 |
Adjustment data are as follows: supplies on hand, January 31, 2017 $1,800; insurance expired for January, $1,100; depreciation on equipment for January, $2,500; salaries accrued, January 31, $1,650.
|
(a) |
Prepare a ten-column work sheet for A Good Company for January 31. |
|
(b) |
On the basis of the work sheet in (a), present the following in good order: (1) income statement, (2) retained earnings statement (no additional investments were made during the month), and (3) classified |
|
(c) |
On the basis of the work sheet in (a), journalize the closing entries as of January 31. |
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