This paper circulates around the core theme of Following is the adjusted trial balance of Post Company. Based on this information prepare a Balance Sheet, Income Statement and Statement of Retained Earnings.Explain the closing entry process and prepare the closing entries in journal form based on the together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
QUESTION 3
1.
Following is the adjusted trial balance of Post Company.
Based on this information prepare a Balance Sheet, Income Statement and
Statement of Retained Earnings.
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POST COMPANY
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ADJUSTED TRIAL BALANCE
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Debit
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Credit
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Cash
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80,000
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Accounts
Receivable
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11,100
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Prepaid
Insurance
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1,500
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Equipment
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4,000
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Accumulated
Depreciation
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200
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Supplies
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500
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Accounts
Payable
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700
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Wages
Payable
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300
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Unearned
Revenue
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1,500
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Contributed
Capital
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80,000
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Retained
Earnings
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0
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Sales
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17,000
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Gas
Expense
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400
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Supply
Expense
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300
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Insurance
Expense
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200
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Depreciation
Expense
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200
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Wage
Expense
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500
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Dividends
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1,000
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99,700
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99,700
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QUESTION 4
1.
Explain the closing entry process and prepare
the closing entries in journal form based on the information in question 3.
QUESTION 5
1.
POST
INC. BANK RECONCILIATION
Cash
balance per bank
$8,500
Cash
balance per books (general ledger)
$7,320
Outstanding
checks
$2,150
Check
mailed to the bank for deposit had
not
reached the bank by the statement
date.
$600
NSF
check returned by the bank for
accounts
receivable
$200
July
interest earned on the bank statement
$10
Check
no. 700 for misc. expense cleared
the
bank for $200; erroneously recorded
in
the Matrix books for $20
Prepare
a bank reconciliation.
