The adjusted trial balance for Okabe Company is presented bellow
Okabe Company
Adjusted Trial Blance
July 31, 2020
Adjusted Trial Blance
July 31, 2020
Instructions
- Prepare an income statement and an owner's equity statement for the year. Okabe did not make any new investments during the year.
- Prepare a classified balance sheet at July 31, 2019.
Victoria Lee Company had the following adjusted trial balance
Victoria Lee Company
Adjusted Trial Balance
For the Month Ended June 30, 2019
Adjusted Trial Balance
For the Month Ended June 30, 2019
Instructions
- Prepare closing entries at June 30, 2019.
- Prepare a post-closing trial balance
Worksheet data for Savaglia Company are present as follows
Savaglia Company
Worksheet (partial)
For the Month Ended April 30, 2020
Worksheet (partial)
For the Month Ended April 30, 2020
Instruction
- journalize the closing entries at Atril 30.
- Post the closing entries to become Summary and Owner's Capital. Use T-accounts.
- Prepare a post-closing trial balance at April 30.
Selected worksheet data for Rose Company are presented below.
Instructions
- Fill the missing amounts
- Prepare the adjusting entries that were made
The adjustments columns of the worksheet for Becker Company are shown below.
Instructions
- Prepare the adjusting entries
- Assuming the adjusted trial balance amount for each account is normal. Indicate the financial statement column to which each balance should be extended.
Okabe Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is shown below
Okabe Company
Adjusted Trial Blance
July 31, 2020
Adjusted Trial Blance
July 31, 2020
Instruction
- journalize the closing entries using page J15.
- Post to Owner's Capital and No. 350 Income Summary accounts. (Use the three-column form.)
- Prepare a post-closing trial balance at July 31.
Selected accounts for Tamora's Salon are presented below. All June 30 postings are from closing entries.
Instruction
- Prepare the closing entries that were made.
- Post the closing entries to Income Summary.
Noah Bahr Company discovered the following errors made in January 2019.
- A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.
- A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100.
- The purchase of equipment on account for $760 was debited to Equipment $670 and credited to Accounts Payable $670.
Instructions
- Correct the errors by reversing the incorrect entry and preparing the correct entry.
- Correct the errors without reversing the incorrect entry.
Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
- A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570.
- The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
- A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
These financial statement items are for Basten Company at year-end, July 31, 2019.
| Salaries and Wages Payable | $2,080 | Notes Payable (long-term) | $1,800 |
| Salaries and Wages Expense | 48,700 | Cash | 14,200 |
| Utilities Expense | 22,600 | Accounts Receivable | 9,780 |
| Equipment | 34,400 | Accumulated depreciation-equipment | 6,000 |
| Accounts Payable | 4,100 | Owner's Drawings | 3,000 |
| Service Revenue | 63,000 | Depreciation Expense | 4,000 |
| Rent Revenue | 8,500 | Owner's capital (beginning of the year) | 51,200 |
Instructions
- Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
- Prepare a classified balance sheet at July 31, 2019.