Question

In: Accounting

The adjusted trial balance of King Cornelius Company follows: KING CORNELIUS COMPANY Adjusted Trial Balance December...

The adjusted trial balance of King Cornelius Company follows:

KING CORNELIUS COMPANY
Adjusted Trial Balance
December 31, 2014
Cash $ 5,600
Accounts receivable 37,100
Inventory 25,800
Supplies 1,300
Prepaid rent 1,000
Furniture 26,500
Accumulated depreciation $ 23,800
Accounts payable 6,300
Salary payable 2,000
Interest payable 600
Unearned sales revenue 2,400
Note payable, long-term 35,000
K. Cornelius, Capital 22,200
K. Cornelius, Drawing 48,000
Sales revenue 244,000
Interest revenue 2,000
Sales discounts 10,000
Sales returns and allowances 8,000
Cost of goods sold 81,000
Salary expense 72,700
Rent expense 7,700
Depreciation expense 2,700
Utilities expense 5,800
Supplies expense 2,200
Interest expense 2,900
Total $338,300 $338,300

Requirements
1. Journalize the closing entries at December 31. Post to the Income summary account as an accuracy check on net income. Recall that the credit balance closed out of Income summary should equal net income as computed on the income statement.
2. Prepare the company’s multi-step income statement, and balance sheet in account form. Draw arrows linking the statements.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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