The completed financial statement columns of the worksheet

Assignment Help Accounting Basics

Reference no: EM13395441

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.

(d) Prepare a post-closing trial balance.

Reference no: EM13395441

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