Chat with AI
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 23
Worksheet, journalizing and posting adjusting and closing entries, and the postclosing trial balance.
A partially completed worksheet for Scott Wilson, CPA, for the month ending June 30, 2013, is shown below.
INSTRUCTIONS
1. Record the balances as of June 30 in the ledger accounts.
2. Prepare the worksheet.
3. Journalize (use 3 as the journal page number) and post the adjusting entries. Use account number 121 for Supplies; 131 for Computers; 142 for the Accumulated Depreciation account; 309 for Income Summary; 517 for Supplies Expense; 519 for Travel Expense; and 523 for Depreciation Expense.
4. Journalize (use 4 as the journal page number) and post the closing entries.
5. Prepare a postclosing trial balance.
Analyze: What is the reported net income for the month of June for Scott Wilson, CPA?
A partially completed worksheet for Scott Wilson, CPA, for the month ending June 30, 2013, is shown below.
INSTRUCTIONS
1. Record the balances as of June 30 in the ledger accounts.
2. Prepare the worksheet.
3. Journalize (use 3 as the journal page number) and post the adjusting entries. Use account number 121 for Supplies; 131 for Computers; 142 for the Accumulated Depreciation account; 309 for Income Summary; 517 for Supplies Expense; 519 for Travel Expense; and 523 for Depreciation Expense.
4. Journalize (use 4 as the journal page number) and post the closing entries.
5. Prepare a postclosing trial balance.
Analyze: What is the reported net income for the month of June for Scott Wilson, CPA?
Explanation
Verified
Verified
(1)
The ledger accounts are shown after ...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
