Share
Explore BrainMass

Cajon Company Balance Sheet and Closing Entries

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

Solution Preview

Thanks for using BrainMass.com. Have a great day.

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 ...

Solution Summary

This solution is comprised of a detailed explanation to answer the request of the assignment in excel file.

$2.19