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.

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

Debit

Credit

Cash

$ 5,400

Accounts Receivable

2,800

Supplies

1,300

Prepaid Insurance

2,400

Equipment

60,000

Notes Payable

$40,000

Accounts Payable

2,400

Owner”s Capital

30,000

Ownees Drawings

1,000

Service Revenue

4,900

Salaries and Wages Expense

3,200

Utilities Expense

800

Advertising Expense

400

$77,300

$77,300

Other data:

  1. Insurance expires at the rate of $200 per month.
  2. $1,000 of supplies are on hand at August 31.
  3. Monthly depreciation on the equipment is $900.
  4. Interest of $500 on the notes payable has accrued during August.

Instructions

(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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