The adjusted trial balance columns of the worksheet for Porter Company are as fo

Question

The adjusted trial balance columns of the worksheet for Porter Company are as follows.
PORTER COMPANY
Worksheet
For the Year Ended December 31, 2008
Adjusted
Account Trial Balance
No. Account Titles Dr. Cr.
101 Cash 18,800
112 Accounts Receivable 16,200
126 Supplies 2,300
Prepare worksheet, financial
statements, and adjusting and
closing entries.
(SO 1, 2, 6)
(a) Adjusted trial balance
$57,800
(b) Net income $6,680
Total assets $48,730
Complete worksheet; prepare
financial statements, closing
entries, and post-closing trial
balance.
(SO 1, 2, 3, 6)
www.wi ley.com /college/weygan dt
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
$10,000 of the notes payable become due in 2009. No additional issuance of common stock
occurred during 2008.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is account
No. 350.
(e) Prepare a post-closing trial balance.

Explanation / Answer

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