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problem: PORTER COMPANY Worksheet for the Year Ended December 31, 2008

Account No.

Account Titles

Adjusted Trial Balance

 

 

Income Statement

 

Balance Sheet

 

 

Dr.

Cr.

Dr

Cr.

Dr.

Cr.

101

Cash

18,800

 

 

 

18,800

 

112

Accounts Receivable

16,200

 

 

 

16,200

 

126

Supplies

2,300

 

 

 

2,300

 

130

Prepaid Insurance

4,400

 

 

 

4,400

 

151

Office Equipment

44,000

 

 

 

44,000

 

152

Accumulated Depreciation-Office Equipment

20,000

 

 

 

 

 

200

Notes Payable

 

20,000

 

 

 

20,000

201

Accounts Payable

 

8,000

 

 

 

8,000

212

Salaries Payable

 

2,600

 

 

 

2,600

230

Interest Payable

 

1,000

 

 

 

1,000

311

Common Stock

 

30,000

 

 

 

30,000

320

Retained Earnings

 

6,000

 

 

 

6,000

332

Dividends

12,000

 

 

 

 

 

400

Service Revenue

77,800

77,800

 

77,800

 

 

610

Advertising Expense

12,000

 

12,000

 

12,000

 

631

Supplies Expense

3,700

 

3,700

 

 

 

711

Depreciation Expense

8,000

 

8,000

 

 

 

722

Insurance Expense

4,000

 

4,000

 

 

 

726

Salaries Expense

39,000

 

39,000

 

 

 

905

Interest Expense

1,000

 

1,000

 

 

 

 

Totals

165,400

165,400

67,700

77,800

97,700

87,600

 

Net Income

 

 

10,100

 

 

10,100

 

Totals

 

 

77,800

77,800

97,700

97,700

Instructions
Use above Potter company worksheet to prepare the following.

[A] Create an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable becomes due in 2009. No additional issuance of common stock occurred during 2008.

[B] Create closing entries. Use J14 for the journal page.

[C] Post the closing entries. Apply the three-column form of account. Income Summary is account
No. 350.

[D] Create a post-closing trial balance.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M921863

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