In: Accounting
Dana Bowen Company is completing its first year of operations on April 30. Reconstruct the entries for the year ended April 30 from the T accounts below. Record them, assigning labels to each transaction, as follows:
Cash | Accounts Receivable | Supplies | Prepaid Insurance | |||||||
---|---|---|---|---|---|---|---|---|---|---|
6,500 | 1,250 | 870 | 1,940 | |||||||
900 | 400 | 385 | 540 | 725 | ||||||
420 | ||||||||||
1,940 | ||||||||||
2,500 | ||||||||||
50 | ||||||||||
350 | ||||||||||
930 |
Equipment | Accumulated Depreciation | Accounts Payable | Wages Payable | |||||||
---|---|---|---|---|---|---|---|---|---|---|
2,500 | 130 | 870 | 225 | |||||||
Unearned Revenue | Dana Bowen, Capital | Dana Bowen, Drawing | |||||
---|---|---|---|---|---|---|---|
930 | 6,500 | 350 | |||||
590 | 2,500 | ||||||
Fees Earned | Wages Expense | Rent Expense | Supplies Expense | |||||||
---|---|---|---|---|---|---|---|---|---|---|
900 | 420 | 400 | 540 | |||||||
1,250 | 225 | |||||||||
2,500 | ||||||||||
385 | ||||||||||
590 |
Insurance Expense | Depreciation Expense | Miscellaneous Expense | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
725 | 130 | 50 | ||||||||
1a. Journal Entries
1b. Adjusting Journal Entries
2a. Balance and prepare the Income Statement from the T-Accounts.
2b. Balance and prepare the Statement of Owner's Equity from the T-Accounts.
2c. Balance and prepare the Balance Sheet from the T-Accounts.
3. Prepare the closing entries. If an amount box does not require an entry, leave it blank.
4. Prepare the Post-Closing Trial Balance. If an amount box does not require an entry, leave it blank.