Question : 188. (1)Reconstruct the entries for the month ended February 28, 2008 : 1234051

 

188. 

(1)Reconstruct the entries for the month ended February 28, 2008 from the T-accounts below. Record them as follows:

  A – L   Journal Entries

  M- R   Adjusting Journal Entries

(2)Balance and prepare the Income Statement, Statement of Retained Earnings, and the Balance Sheet from the T-Accounts.

(3)Prepare the four closing entries (S – V).

(4)Prepare the Post-Closing Trial Balance.

Cash

 

Accounts Receivable

 

Supplies

 

Prepaid Insurance

7000

 

 

1000

 

 

670

 

 

2400

 

700

 

 

585

 

 

 

360

 

 

200

 

600

 

 

 

 

 

 

 

 

 

 

350

 

 

 

 

 

 

 

 

 

 

2400

 

 

 

 

 

 

 

 

 

2500

 

 

 

 

 

 

 

 

 

 

 

50

 

 

 

 

 

 

 

 

 

 

400

 

 

 

 

 

 

 

 

 

930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment

 

Accumulated Depreciation

 

Accounts Payable

 

Wages Payable

3000

 

 

 

30

 

 

670

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unearned Revenues

 

Capital Stock

 

Retained Earnings

 

Dividends

 

930

 

 

7000

 

 

 

 

400

 

450

 

 

 

3000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fees Earned

 

Wages Expense

 

Rent Expense

 

Supplies Expense

 

700

 

360

 

 

600

 

 

350

 

 

1000

 

125

 

 

 

 

 

 

 

 

2500

 

 

 

 

 

 

 

 

 

 

585

 

 

 

 

 

 

 

 

 

 

450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

InsuranceExpense

 

Depreciation Expense

 

Miscellaneous Expense

 

 

200

 

 

30

 

 

50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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