The adjusted trial balance columns of the worksheet for Alshwer Company, owned by M. Alshwer, are as follows.
AL5HWER COMPANY Worksheet For the Year Ended December 31, 2014
Account
No.
Account Titles
Adjusted
Trial Balance
101 112 126 130
157
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
5,300 10,800 1,500 2,000 27,000
158
Accumulated Depreciation—Equipment
5,600
200
Notes Payable
15,000
201
Accounts Payable
6,100
212
Salaries and Wages Payable
2,400
230
Interest Payable
600
301
Owner”s Capital
13,000
306
Owner”s Drawings
7,000
400
Service Revenue
61,000
610
Advertising Expense
8,400
631
Supplies Expense
4,000
711
Depreciation Expense
5,600
722
Insurance Expense
3,500
726
Salaries and Wages Expense
28,000
905
Interest Expense
600
Totals
103,700
103,700
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner”s equity statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2015.) M. Alshwer did not make any additional investments in the business during the year.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350.
(e) Prepare a post-closing trial balance.
Buy an essay in any subject you find difficult—we’ll have a specialist in it ready
Ask for help with your most urgent short tasks—we can complete them in 4 hours!
Get your paper revised for free if it doesn’t meet your instructions.
Contact us anytime if you need help with your essay
APA, MLA, Chicago—we can use any formatting style you need.
Get a paper that’s fully original and checked for plagiarism
