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Q1) Adjusted trial balance columns of worksheet for Goode Company are given below.

 

 GOODE COMPANY

 

Worksheet (partial)

 

For the Month Ended April 30, 2008

 

Adjusted Trial            Income

 

Balance 

Statement 

Balance Sheet 

Account Titles 

DEBIT 

CREDIT 

DEBIT 

CREDIT 

DEBIT

CREDIT

Cash

13,752

 

 

 

 

 

Accounts Receivable

7,840

 

 

 

 

 

Prepaid Rent

2,280

 

 

 

 

 

Equipment

23,050

 

 

 

 

 

Accumulated Depreciation

 

4,921

 

 

 

 

Notes Payable

 

5,700

 

 

 

 

Accounts Payable

 

5,672

 

 

 

 

Common Stock

 

25,000

 

 

 

 

Retained Earnings

 

5,960

 

 

 

 

Dividends

3,650

 

 

 

 

 

Service Revenue

 

15,590

 

 

 

 

Salaries Expense

10,840

 

 

 

 

 

Rent Expense

760

 

 

 

 

 

Depreciation Expense

671

 

 

 

 

 

Interest Expense

57

 

 

 

 

 

Interest Payable

 

57

 

 

 

 

Totals

62,900

62,900

 

 

 

 

 

Complete worksheet.

 

Worksheet data for Goode Company are presented in E4-2.

 

(a) Journalize closing entries at April 30.

 

(b) Post closing entries to Income Summary and Retained Earnings. Use T accounts.

 

(c) Make a post-closing trial balance at April 30.

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  • Category:- Accounting Basics
  • Reference No.:- M917278

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