The balances in the ledger of Good Landscape Services as of January 31, 2014 before adjustments are as follows:
|
Cash |
$ 6,750 |
Retained Earnings |
$22,925 |
|
|
Supplies |
3,900 |
Dividends |
3,425 |
|
|
Prepaid Insurance |
8,400 |
Service Revenue |
56,300 |
|
|
Equipment |
41,750 |
Salary Expense |
24,300 |
|
|
Accumulated Depreciation |
9,950 |
Rent Expense |
6,000 |
|
|
Capital Stock |
6,850 |
Miscellaneous Expense |
1,500 |
Adjustment data are as follows: supplies on hand, January 31, $900; insurance expired for January, $1,100; depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650.
|
(a) |
Prepare a ten column work sheet for Good Landscape Services for January, 2014. |
|
(b) |
On the basis of the work sheet in (a), present the financial statements in good order note that the balance sheet should be classified. |
|
(c) |
On the basis of the work sheet in (a), journalize the closing entries as of January 31, 2014. |