the adjusted trial balance columns of the worksheet for greenwood company are as fol 593173
The adjusted trial balance columns of the worksheet for Greenwood Company are as follows.
|
GREENWOOD COMPANY Worksheet For the Year Ended December 31, 2014 |
|||
|
Account |
Account Titles |
Adjusted |
|
|
101 112 126 130 157 |
Cash Accounts Receivable Supplies Prepaid Insurance Equipment |
18,800 16,200 2,300 4,400 46,000 |
|
|
158 |
Accumulated Depreciation—Equipment |
20,000 |
|
|
200 |
Notes Payable |
20,000 |
|
|
201 |
Accounts Payable |
8,000 |
|
|
212 |
Salaries and Wages Payable |
2,600 |
|
|
230 |
Interest Payable |
1,000 |
|
|
301 |
Owner”s Capital |
26,000 |
|
|
306 |
Owner”s Drawings |
12,000 |
|
|
400 |
Service Revenue |
87,800 |
|
|
610 |
Advertising Expense |
10,000 |
|
|
631 |
Supplies Expense |
3,700 |
|
|
711 |
Depreciation Expense |
8,000 |
|
|
722 |
Insurance Expense |
4,000 |
|
|
726 |
Salaries and Wages Expense |
39,000 |
|
|
905 |
Interest Expense |
1,000 |
|
|
Totals |
165,400 |
165,400 |
|
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner”s equity statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2015.) T. Greenwood did not make any additional investments in the business during 2014.
(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.