2023 Question 1 Following is the adjusted trial balance of Post Company Based on this information prepare a Balance | Assignments Online
2023 Question 1 Following is the adjusted trial balance of Post Company Based on this information prepare a Balance | Assignments Online
Assignments Online 2023 Business Finance
Question 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 |
Credit |
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Cash |
80,000 |
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Accounts Receivable |
11,100 |
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Prepaid Insurance |
1,500 |
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Equipment |
5,000 |
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Accumulated Depreciation |
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1,000 |
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Supplies |
500 |
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Accounts Payable |
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900 |
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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 |
400 |
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Supply Expense |
200 |
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Insurance Expense |
200 |
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Depreciation Expense |
200 |
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Wage Expense |
600 |
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Dividends |
1,000 |
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99,700 |
99,700 |
Question 2
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MATRIX INC. BANK RECONCILIATION |
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Cash balance per bank |
$8,500 |
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Cash balance per books (general ledger) |
$7,320 |
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Outstanding checks |
$2,000 |
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Check mailed to the bank for deposit had |
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not reached the bank by the statement |
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date. |
$450 |
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NSF check returned by the bank for |
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accounts receivable |
$200 |
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July interest earned on the bank statement |
$10 |
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Check no. 700 for misc. expense cleared |
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the bank for $200; erroneously recorded |
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in the Matrix books for $20 |
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Prepare a bank reconciliation. |
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Shown the accounting entries that must be made by Matrix in journal entry and T-Account format. |
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