Book 2 - Chapter 16

LG	16-2.
	a.

Tallahassee Company
Worksheet
For the Year Ended June 30, 2008
					Adjusted		Income		Balance
	Trial Balance		Adjustments		Trial Balance		Statement		Sheet
Account Titles	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	200				200				200
Accounts Receivable	30		(e) 8		38				38
Office Supplies	15			(a) 3	12				12
Prepaid Insurance	20			(b) 10	10				10
Office Equipment	100				100				100
Accum. Dep'n.—
Office Equipment		20		(c) 2		22				22
Marla Greenberg, Capital		332				332				332
Marla Greenberg, Drawing	10				10				10
Fees Earned		40		(e) 8		48		48
Salaries Expense	5		(d) 5		10		10
Rent Expense	12				12		12
Totals	392	392
Office Supplies Expense			(a) 3		3		3
Depreciation Expense			(c) 2		2		2
Insurance Expense			(b) 10		10		10
Salaries Payable				(d) 5		5				5
Totals			28	28	407	407	37	48	370	359
Net Income							11			11
Totals							48	48	370	370

Note: Notice that only temporary (income statement accounts and withdrawals) are closed.
Permanent (balance sheet) accounts are not closed.

Learning Goal 16, continued

SOLUTIONS

Learning Goal 16: Prepare Closing Entries

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