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Prepare a post-closing trial balance

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Reference no: EM131778120

Problem - Book Financial Accounting

The adjusted trial balance columns of the worksheet for Porter Company are as follows.

PORTER COMPANY Worksheet

For the Year Ended December 31, 2008

Adjusted

Account Trial Balance

No. Account Titles Dr. Cr.

101 Cash 18,800

112 Accounts Receivable 16,200

126 Supplies 2,300

Prepare worksheet, financial statements, and adjusting and closing entries.

(a) Adjusted trial balance $57,800

(b) Net income $6,680

Total assets $48,730

Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance.

Instructions

(a) Complete the worksheet by extending the balances to the financial statement columns.

(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.

(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 account No. 350.

(e) Prepare a post-closing trial balance.

Reference no: EM131778120

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