the adjusted trial balance columns of the worksheet for alshwer company owned by m a 593167

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.

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