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    Cajon Company Balance Sheet and Closing Entries

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    Work sheet data for Cajon Company is presented. No common stock was issued during April. Prepare an income statement, a retained earnings statement, and a classified balance sheet.

    (a) Journalize the closing entries at April 30.
    (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts.
    (c) Prepare a post-closing trial balance at April 30.

    The adjusted trial balance columns of the work sheet for Cajon Company are as follows.
    CAJON COMPANY
    Work Sheet (partial)
    For the Month Ended April 30, 2006
    Adjusted Trial Income Balance Statement Balance Sheet
    Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
    Cash 14,752
    Accounts Receivable 7,840
    Prepaid Rent 2,280
    Equipment 23,050
    Accumulated Depreciation 4,921
    Notes Payable 5,700
    Accounts Payable 5,672
    Common Stock 25,000
    Retained Earnings 8,960
    Dividends 3,650
    Service Revenue 12,590
    Salaries Expense 9,840
    Rent Expense 760
    Depreciation Expense 671
    Interest Expense 57
    Interest Payable 57
    Totals 62,900 62,900

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    https://brainmass.com/business/financial-statements/cajon-company-balance-sheet-closing-entries-108215

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    CAJON COMPANY
    Work Sheet (Partial)
    For the Month Ended April 30, 2006

    Adjusted Trial Income
    Balance Statement Balance Sheet
    Dr. Cr. Dr. Cr. Dr. Cr.
    Account Titles

    Cash 14,752
    Accounts Receivable 7,840
    Prepaid Rent 2,280
    Equipment 23,050
    Accumulated Depreciation 4,921
    Notes Payable 5,700
    Accounts Payable 5,672
    Common Stock 25,000
    Retained Earnings 8,960
    Dividends 3,650
    Service Revenue 12,590
    Salaries Expense 9,840
    Rent Expense 760
    Depreciation Expense 671
    Interest Expense 57
    Interest Payable 57
    Totals 62,900 62,900

    Instructions
    Complete the work sheet.

    CAJON COMPANY
    Work Sheet (Partial)
    For the Month Ended April 30, 2006

    Adjusted Trial Income
    Balance Statement Balance ...

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