(Worksheet, Balance Sheet, Adjusting and Closing Entries) Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
Cooke Company Worksheet
For the Month Ended September 30, 2020
Account Titles Trial Balance Adjusted Trial Balance
Dr. Cr. Dr. Cr.
Cash 37,400 37,400
Supplies 18,600 4,200
Prepaid Insurance 31,900 3,900
Land 80,000 80,000
Equipment 120,000 120,000
Accumulated Depreciation-Equipment 36,200 42,000
Accounts Payable 14,600 14,600
Unearned Service Revenue 2,700 700
Mortgage Payable 50,000 50,000
Common Stock 107,700 107,700
Retained Earnings, Sept. 1, 2020 2,000 2,000
Dividends 14,000 14,000
Service Revenue 278,500 280,500
Salaries and Wages Expense 109,000 109,000
Maintenance and Repairs Expense 30,500 30,500
Advertising Expense 9,400 9,400
Utilities Expenses 16,900 16,900
Property Tax Expense 18,000 21,000
Interest Expense 6,000 12,000
Totals 491,700 491,700
Insurance Expense 28,000
Supplies Expense 14,400
Interest Payable 6,000
Depreciation Expense 5,800
Property Taxes Payable 3,000
Totals 506,500 506,500
Instructions:
a. Prepare a complete worksheet.
b. Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.)
c. Journalize the adjusting entries using the worksheet as a basis.
d. Journalize the closing entries using the worksheet as a basis.
e. Prepare a post-closing trial balance.