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Boss Nass Company

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BOSS NASS COMPANY
WORK SHEET
FOR THE YEAR ENDED DECEMBER 31, 2002

Adjusted
Trial Balance
Account
No. ___________Account Titles____________ _Dr.____ _Cr._____
101 Cash 13,600
112 Accounts Receivable 15,400
126 Supplies 1,500
130 Prepaid Insurance 2,800
151 Office Equipment 34,000
152 Accumulated Depreciation- Office Equipment 8,000
200 Notes Payable 16,000
201 Accounts Payable 6,000
212 Salaries Payable 3,000
230 Interest Payable 500
311 Common Stock 20,000
320 Retained Earnings
332 Dividends 10,000
400 Service Revenue 88,000
610 Advertising Expense 12,000
631 Supplies Expense 5,700
711 Depreciation Expense 4,000
722 Insurance Expense 5,000
726 Salaries Expense 42,000
905 Interest Expense 500 ______
Totals 146,500 146,500

( 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
account No. 350.

( e ) Prepare a post-closing trial balance.

Attachments

Solution Summary

The solution explains the closing entries and the preparation of the post closing trial balance.

$2.19