fill the charts yPLUS Weygandt, Financial Accounting, 10e Problem 4-2A The adjus

Question

fill the charts

yPLUS Weygandt, Financial Accounting, 10e Problem 4-2A The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company Worksheet For the Year Ended December 31, 2019 d-1S Adjusted Trial Balance Account No. Account Titles Dr. 5,000 10,800 1.800 1,800 27,400 101 Cash 112 126 Supplies 130 Prepaid Insurance 157 Equipment 158 200 Notes Payable 201 Accounts Payable 212 Salaries and Wages Payable 230 Interest Payable 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 610 Advertising Expense 631 Supplies Expense 711 Depreciation Expense 722 Insurance Expense re sults b ctive Accounts Receivable 5,200 14.600 6,300 2,600 500 12,600 3,500 Accumulated Depreciation- Equipment 7,200 58,300 8,700 3.700 5,200 3,300 28,200 500 726 905 Salaries and Wages Expense Interest Expense Totals 103,600 103.600 Complete the worksheet by extending the balances to the financial statement columns

Explanation / Answer

Monty Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Income Statement Balance Sheet Account No Account Titles Debit Credit Debit Credit Debit Credit 101 Cash $5,000 $5,000 112 Accounts Receivable $10,800 $10,800 126 Supplies 1800 $1,800 130 Prepaid Insurance 1800 $1,800 157 Equipment 27400 $27,400 158 Accumulated Depreciation - Equipment 5200 5200 200 Notes Payable 14600 14600 201 Accounts Payable 6300 6300 212 Salaries and Wages Payable 2600 2600 230 Interest Payable 500 500 311 Common Stock 12600 12600 320 Retained Earnings 3500 3500 332 Dividends 7200 7200 400 Service Revenue 58300 58300 610 Advertising Expense 8700 8700 631 Supplies Expense 3700 3700 711 Depreciation Expense 5200 5200 722 Insurance Expense 3300 3300 726 Salaries and Wages Expense 28200 28200 905 Interest Expense 500 500 Totals $103,600 $103,600 $49,600 $58,300 $54,000 $45,300 Net Income $8,700 $8,700 Totals $103,600 $103,600 $58,300 $58,300 $54,000 $54,000 Monty Company Income Statement For the Year Ended December 31, 2019 Revenue Service Revenue $58,300 Expenses Advertising Expense 8700 Supplies Expense 3700 Depreciation Expense 5200 Insurance Expense 3300 Salaries and Wages Expense 28200 Interest Expense 500 Total Expenses 49600 Net Income $8,700 Monty Company Retained Earnings Statement As on December 31, 2019 Retained Earnings, Jan 1 $3,500 Add : Net Income 8700 $12,200 Less : Dividends 7200 Retained Earnings, Dec 31 $5,000 Monty Company Balance Sheet As on December 31, 2019 ASSETS Current Assets Cash $5,000 Accounts Receivable 10800 Supplies 1800 Prepaid Insurance 1800 Total Current Assets $19,400 Property, Plant and Equipment Equipment 27400 Less : Accumulated Depreciation 5200 Total Fixed Assets 22200 Total Assets $41,600 LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Notes Payable $14,600 Accounts Payable 6300 Salaries and Wages Payable 2600 Interest Payable 500 Total Current Liabilities $24,000 Stockholders Equity Common Stock 12600 Retained Earnings 5000 Total Stockholders Equity 17600 Total Liabilities and Stockholders Equity $41,600 Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue $58,300 To Income Summary $58,300 (To Close Revenue account) Dec. 31 Income Summary 49600 To Advertising Expense 8700 To Supplies Expense 3700 To Depreciation Expense 5200 To Insurance Expense 3300 To Salaries and Wages Expense 28200 To Interest Expense 500 (To Close expense account) 31-Dec Net Income 8700 To Retained Earnings 8700 (To Close net income/loss) 31-Dec Retained Earnings 7200 To Dividends 7200 (To close dividends) Retained Earnings                                                                    No. 301 Date Explanation Ref Debit Credit Balance Jan.31 Balance 3500 3500 Dec. 31 Closing Entry 114 8700 12200 Dec. 31 Closing Entry 114 7200 5000 Dividends                                                                    No. 306 Date Explanation Ref Debit Credit Balance Dec. 31 Balance 7200 Dec. 31 Closing Entry 114 7200 0 Income Summary                                                                    No. 350 Date Explanation Ref Debit Credit Balance Dec. 31 Closing Entry 114 58300 58300 Dec. 31 Closing Entry 114 49600 8700 Dec. 31 Closing Entry 114 8700 0 Service Revenue                                                                    No. 400 Dec. 31 Balance 58300 58300 Dec. 31 Closing Entry 114 58300 0 Advertising Expense                                                                    No. 610 Dec. 31 Balance 8700 8700 Dec. 31 Closing Entry 114 8700 0 Supplies Expense                                                                    No. 631 Dec. 31 Balance 3700 3700 Dec. 31 Closing Entry 114 3700 0 Depreciation Expense                                                                    No. 711 Dec. 31 Balance 5200 5200 Dec. 31 Closing Entry 114 5200 0 Insurance Expense                                                                    No. 722 Dec. 31 Balance 3300 3300 Dec. 31 Closing Entry 114 3300 0 Salaries and Wages Expense                                                                    No. 726 Dec. 31 Balance 28200 28200 Dec. 31 Closing Entry 114 28200 0 Interest Expense                                                                    No. 905 Dec. 31 Balance 500 500 Dec. 31 Closing Entry 114 500 0 MONTY COMPANY POST-TRIAL BALANCE AS ON 31-DEC-2019 Debit Credit Cash $5,000 Accounts Receivable $10,800 Supplies 1800 Prepaid Insurance 1800 Equipment 27400 Accumulated Depreciation - Equipment 5200 Notes Payable 14600 Accounts Payable 6300 Salaries and Wages Payable 2600 Interest Payable 500 Common Stock 12600 Retained Earnings 5000 $46,800 $46,800

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