Ex. 183
These financial statement items are for Lexulous Company at year-end, July 31, 2011.
Salaries payable$ 4,580Note payable (long-term)$ 3,300
Salaries expense45,700Cash22,200
Utilities expense19,100Accounts Receivable9,780
Equipment22,000Accumulated depreciation6,000
Accounts payable4,100Dividends4,000
Commission revenue 56,100Depreciation expense4,000
Rent revenue 6,500Retained earnings (1/1/2011) 30,000
Common stock 16,200
Instructions
(a)Prepare an income statement and a retained earnings statement for the year.
(b)Prepare a classified balance sheet at July 31, 2011.
.................................................$47,980
Ex. 184
Latitudes Company had the following adjusted trial balance.
LATITUDES COMPANY
Adjusted Trial Balance
For the month ended June 30, 2011
Account titles
|
Debits
|
Credits
|
Cash
|
$ 3,700
|
|
Accounts Receivable
|
3,900
|
|
Supplies
|
500
|
|
Accounts Payable
|
|
$ 1,800
|
Unearned Revenue
|
|
200
|
Common Stock
|
|
5,000
|
Retained Earnings
|
|
800
|
Dividends
|
300
|
|
Service Revenue
|
|
4,100
|
Salaries Expense
|
1,300
|
|
Miscellaneous Expense
|
300
|
|
Supplies Expense
|
2,300
|
|
Salary Payable
|
|
400
|
|
$12,300
|
$12,300
|
(a) Prepare closing entries at June 30, 2011.
(b) Prepare a post-closing trial balance.