The adjusted trial balance columns of the worksheet for Thao Company

The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follows.

Thao Company
Worksheet
For the Year Ended December 31, 2019

Instructions

Complete the worksheet by extending the balances to the financial statement columns.
Prepare an income statement, owner's equity statement, and a classified balance sheet.(Note: $5,000 of the notes payable become due in 2020.) D. Thao did not make any additional investments in the business during the year.
Prepare the closing entries. Use J14 for the journal page.
Post the closing entries. Use the three-column form of account. Income Summary is No. 350.
Prepare a post-closing trial balance.

Solution

Thao Company
Worksheet
For the Year Ended December 31, 2019

Thao Company
Income Statement
For the Year Ended December 31, 2019

Thao Company
Owner's Equity Statement
For the Year Ended December 31, 2019

Thao Company
Balance Sheet
December 31, 2019

Thao Company
Closing Journal Entries

Thao Company
Ledger Entries (Three-Column Form)

Thao Company
Post-Closing Trial Balance
December 31, 2019

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Problem-2: Completing the Accounting Cycle

Instructions

Solution

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