At the end of its first month of operations, Watson Answering Service has the following unadjusted trial balance.
In completing the worksheet, be sure to (a) key the adjustments; (b) start at the top of the adjusted trial balance columns and extend adjusted balances to the correct statement columns; and (c) enter net income (or net loss) in the proper columns.
In preparing a classified balance sheet, know the contents of each of the sections.
In journalizing closing entries, remember that there are only four entries and that Owner”s Drawings is closed to Owner”s Capital.
WATSON ANSWERING SERVICE August 31,2014 Trial Balance
Salaries and Wages Expense
(a) Prepare a worksheet.
(b) Prepare a classified balance sheet assuming $35,000 of the notes payable are long-term.
(c) Journalize the closing entries
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