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E4.3 (LO 1, 4), AP Worksheet data for Auburn Company are presented in E4.2. The owner did not make any additional investments in the business in April.
Instructions
Prepare an income statement, an owners equity statement, and a classified balance sheet.
Journalize and post closing entries and prepare a post-closing trial balance
Data from E4.2
E4.2 (LO 1), AP The adjusted trial balance columns of the worksheet for Auburn Company are as follows.
Auburn Company Worksheet (partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated DepreciationEquip. 4,900 Notes Payable 5,700 Accounts Payable 4,920 Owners Capital 27,960 Owners Drawings 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 650 Interest Expense 57 Interest Payable 57 Totals 59,127 59,127
Answer & Explanation
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