The trail balance for the period ended on 30/12/1430
Account
Trail Balance
Adjustments
Adjusted Trail Balance
Income Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
15000
Car
50000
Acc. Payable
3000
Supplies
2000
Revenue
50000
Salary
11000
Insurance
1800
Rent
24000
Dividends
1000
Retained Earnings
21800
Common Stock
30000
Total
104800
104800
Other Data
200 of Supplies have remained at the end year.
The insurance is for 3 years starting 1/10/1430
Services provided during the period ended on 30/12/1430, but not recorded as of the 30/12/1430 worth of 1,000.
The depreciation expense for the period ended on 30/12/1430 is 5,000.
Salary expense listed above is for eleven months. The salary for December has not been paid yet.
Required:
Prepared the worksheet.
Prepare the balance sheet and the income statement.
Journalize the closing entries
Hints (to check your solutions):
Total of Trail Balance after adjustments: 110,800.
Net income: 6050
Total assets 67850