P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows.
For the Year Ended December 31, 2008
Account Trial Balance
No. Account Titles Dr. Cr.
101 Cash 18,800
112 Accounts Receivable 16,200
126 Supplies 2,300
Prepare worksheet, financial
statements, and adjusting and
Total assets $48,730
Complete worksheet; prepare
financial statements, closing
entries, and post-closing trial
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
$10,000 of the notes payable become due in 2009. No additional issuance of common stock
occurred during 2008.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is account
(e) Prepare a post-closing trial balance.
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(a) Fill in the missing amounts. (If answer is zero, please enter 0. Do not leave any fields blank.) Account Titles Trial Balance Adjusted Trial Balance Dr. Cr. Dr. Cr. Accounts Receivable 34,000 Prepaid Insurance 26,000 20,000
What is the relationship between the amounts on the adjusted trial balance for an account and its ledger? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance? I am