Requirements. 1.prepare Journal entries. 2.T Accounts 3.adjusted trial balance 4

Question

Requirements.

1.prepare Journal entries.

2.T Accounts

3.adjusted trial balance

4.financial statement,income statement, statement of retained earnings and balance sheet.

5.prepare closing and post closing.

Carlo's Carpet Cleaning Unadjusted Trial Balance December 31, 2016 Post-closing Trial Balance Adjustments Adjusted Trial Balance Debit Credit refDebit Credit Debit Credit Debit Credit Cash Accounts Receivable Cleaning Supplies Cleaning Equipment Accumulated Depreciation -Cleaning Equipment 35,572 59,680 2,443 20,300 3,200 Accounts Payable Unearned Service Revenue 2,640 5,650 Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Cleaning Supplies Expense2,100 35,000 60,805 5,000 89,000 71,200 Total 196,295$196,295

Explanation / Answer

1. Adjustment Journal entries Debit Credit a. Cleaning supplies expense 1893 Cleaning supplies 1903 (2443-550) b. Depreciation-Cleaning Equipment 1000 Accumualted Depn.-Cleaning equipment 1000 c. Salaries expense 425 Salaries Payable 425 d. Unearned Service Revenue 1900 Service revenue 1900 (5650-3750) e.Account Receivable 2500 Service revenue 2500 Carlo's Carpet Cleaning Account Titles Unadjusted T/B Adjustments Adjusted T/B Post-closing T/B Debit Credit Debit Credit Debit Credit Debit Credit Cash 35572 35572 35572 Accounts Receivable 59680 2500 62180 62180 Cleaning Supplies 2443 -1893 550 550 Cleaning Equipment 20300 20300 20300 Accmulated Depn.-Cleaning Equipment 3200 1000 4200 4200 Accounts Payable 2640 2640 2640 Salaries Payable 425 425 425 Unearned Service Revenue 5650 -1900 3750 3750 Common Stock 35000 35000 35000 Retained Earnings 60805 60805 72587 Dividends 5000 5000 Service Revenue 89000 4400 93400 Salaries Expense 71200 425 71625 Cleaning Supplies Expense 2100 1893 3993 Depreciation-Cleaning Equipment 1000 1000 Total 196295 196295 3925 3925 200220 200220 118602 118602 Income Statement Service Revenue 93400 Less: Operating Expenses: Salaries Expense 71625 Cleaning Supplies Expense 3993 Depreciation-Cleaning Equipment 1000 76618 Net income 16782 Balance Sheet Assets Current assets: Cash 35572 Accounts Receivable 62180 Cleaning Supplies 550 Total current assets 98302 Cleaning Equipment 20300 Less:Acc.Depn.-Cleaning Equip. 4200 16100 Total assets 114402 Liabilities & Equity Liabilities Current liabilities Accounts Payable 2640 Salaries Payable 425 Unearned Service Revenue 3750 Total current liabilities 6815 Equity Common Stock 35000 Retained Earnings(60805+16782-5000) 72587 Total Equity 107587 Total Liabilities & Equity 114402 Retained Earnings Opening Balance 60805 Add:Net Income 16782 Less:Dividends 5000 Closing balance 72587 Closing entries Income Summary 76618 Salaries Expense 71625 Cleaning Supplies Expense 3993 Depreciation-Cleaning Equipment 1000 Service Revenue 93400 Income Summary 93400 Income Summary 16782 Retained earnings 16782 Retained earnings 5000 Dividends 5000

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.