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-   -   How do I prepare a t account for retained earnings and an income summary? (https://www.askmehelpdesk.com/showthread.php?t=728895)

  • Jan 18, 2013, 09:10 PM
    Amy2013
    How do I prepare a t account for retained earnings and an income summary?
    I need to know how to prepare t accounts for retained earnings and income summary. I have done the closing entries, but I am having trouble with the t accounts. This is the assignment...

    E4-4 Worksheet data for Goode Company are presented in E4-2.
    Instructions
    (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.


    DATA for Goode Company

    GOODE COMPANY
    Worksheet (partial)
    For the Month Ended April 30, 2008
    Adjusted Trial Income
    Balance Statement Balance Sheet
    Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
    Cash 13,752
    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 5,960
    Dividends 3,650
    Service Revenue 15,590
    Salaries Expense 10,840
    Rent Expense 760
    Depreciation Expense 671
    Interest Expense 57
    Interest Payable 57
    Totals 62,900 62,900


    Can you help me please.

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