Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
COOKE COMPANY Worksheet For The Month Ended September 30, 2017 |
| Trial Balance
| Adjusted Trial Balance
|
Account Titles | Dr. | Cr. | Dr. | Cr. |
Cash | 37,400 | | 37,400 | |
Supplies | 18,600 | | 4,200 | |
Prepaid Insurance | 31,900 | | 3,900 | |
Land | 80,000 | | 80,000 | |
Equipment | 120,000 | | 120,000 | |
Accumulated Depreciation—Equipment | | 36,200 | | 42,000 |
Accounts Payable | | 14,600 | | 14,600 |
Unearned Service Revenue | | 2,700 | | 700 |
Mortgage Payable | | 50,000 | | 50,000 |
Common Stock | | 107,700 | | 107,700 |
Retained Earnings, Sept. 1, 2017 | | 2,000 | | 2,000 |
Dividends | 14,000 | | 14,000 | |
Service Revenue | | 278,500 | | 280,500 |
Salaries and Wages Expense | 109,000 | | 109,000 | |
Maintenance and Repairs Expense | 30,500 | | 30,500 | |
Advertising Expense | 9,400 | | 9,400 | |
Utilities Expenses | 16,900 | | 16,900 | |
Property Tax Expense | 18,000 | | 21,000 | |
Interest Expense | 6,000 | | 12,000 | |
Totals | 491,700 | 491,700 | | |
Insurance Expense | | | 28,000 | |
Supplies Expense | | | 14,400 | |
Interest Payable | | | | 6,000 |
Depreciation Expense | | | 5,800 | |
Property Taxes Payable | | | | 3,000 |
Totals | | | 506,500 | 506,500 |
| | | | |
Instructions
(a) Prepare a complete worksheet.
(b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.)
(c) Journalize the adjusting entries using the worksheet as a basis.
d) Journalize the closing entries using the worksheet as a basis.
(e) Prepare a post-closing trial balance.
