29 Jun Question The completed financial s
Question
The completed financial statement columns of the worksheet for Woods Company are shown below.
Account No.
Account Titles
Income Statement
Balance Sheet
Debit
Credit
Debit
Credit
101
Cash
$8,200
112
Accounts Receivable
$7,500
130
Prepaid Insurance
$1,800
157
Equipment
$28,000
167
Accumulated Depreciation
$8,600
201
Accounts Payable
$11,700
212
Salaries Payable
$3,000
301
S. Woods, Capital
$34,000
306
S. Woods, Drawing
7200
400
Service revenue
$44,000
622
Repair Expense
$5,400
711
Depreciation Expense
$2,800
722
Insurance Expense
$1,200
726
Salaries Expense
$35,200
732
Utilities Expense
$4,000
Totals
$48,600
$44,000
$52,700
$57,300
Net Loss
$4,600
$4,600
$48,600
$48,600
$57,300
$57,300
Instructions
(a) Prepare an income statement, owner’s equity statement, and a classified balance sheet.
S. Woods made an additional investment in the business of $4,000 during 2010.
(b) Prepare the closing entries.
(c) Post the closing entries and rule and balance the accounts. Use T accounts. Income Summary is account No. 350.
(d) Prepare a post-closing trial balance.
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