ACC 280 / XACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 / XACC 280 Solution
Help in ACC 280
Help in XACC 280
Exercise 4-2 (E4-2) The adjusted trial balance columns of the worksheet for Goode Company are as follows.
GOODE COMPANY
Worksheet (partial)
For the Month Ended April 30, 2008
Adjusted Trial Income Balance
Balance Statement Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash $13,752
Accounts Receivable 7,840
Prepaid Rent 2,280
Equipment 23,050
Accumulated Depreciation $ 4,921
Notes Payable 5,700
Accounts Payable 5,672
Common Stock 25,000
Retained Earnings 5,960
Dividends 3,650
Service Revenue 15,590
Salaries Expense 10,840
Rent Expense 760
Depreciation Expense 671
Interest Expense 57
Interest Payable 57
Totals $ 62,900 $ 62,900
Instructions
Complete the worksheet.
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Exercise 4-3 (E4-3) Worksheet data for Goode Company are presented in E4-2. No common stock was issued during April.
Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet.
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Exercise 4-4 (E4-4) Worksheet data for Goode Company are presented in E4-2.
Instructions
(a) Journalize the closing entries at April 30.
(b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
(c) Prepare a post-closing trial balance at April 30.
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