Ex. 189
The income statement of JBT Marine Repairs is as follows:
JBT MARINE REPAIRS
Income Statement
For the Month Ended April 30, 2011
Revenue
Repair Revenue.............................................$7,500
Expenses
Salaries Expense............................................$3,400
Depreciation Expense........................................350
Utilities Expense............................................400
Insurance Expense..........................................600
Supplies Expense............................................ 1,050
Total Expenses............................................. 5,800
Net Income................................................$1,700
On April 1, the retained earnings account had a balance of $12,900. During April, the company paid $3,000 in dividends.
Instructions
(a)Prepare closing entries at April 30.
(b)Prepare a retained earnings statement for the month of April.
Ex. 190
Identify which of the following accounts would appear in a post-closing trial balance.
Accumulated DepreciationDividends
Depreciation ExpenseService Revenue
Interest PayableStore Equipment
Ex. 191
The trial balances of Barola Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare (a) the adjusting entries and (b) the closing entries made by Barola Company.
Trial Balances
UnadjustedAdjustedPost-Closing
Accounts Payable$10,000$10,000$10,000
Accounts Receivable2,2003,2003,200
Accumulated Depreciation13,00017,00017,000
Advertising Expense016,3000
Cash60,00060,00060,000
Common Stock30,00030,00030,000
Depreciation Expense04,0000
Dividends11,00011,0000
Equipment75,00075,00075,000
Prepaid Advertising17,8001,5001,500
Prepaid Rent15,00011,00011,000
Retained Earnings52,20052,20072,400
Rent Expense04,0000
Service Revenue96,000105,0000
Supplies3,200700700
Supplies Expense2,0004,5000
Unearned Revenue23,00015,00015,000
Wages Expense38,00045,0000
Wages Payable07,0007,000