ACCT 240 004 9 17 Review Journal Entries T Accounts Unadjusted Trial Balance Adjustments Adjusted Trial Balance Financial Statements Income Statement Only from this year both start at zero Balance Sheet and Statement of Stockholder s equity are cumulative Income Statement E4 18 from page 208 a Other data not yet recorded at December 31 2011 include a Insurance expired during 2011 4 b Wages payable 5 c Depreciation expense for 2011 8 d Income tax expense 9 a Insurance Expense Expenses 4 Prepaid Insurance 4 b Wage Expense Expenses 5 Wages Payable 5 c Depreciation Expense Expenses 8 Accumulated Depreciation 8 d Income Tax Expense Expenses 9 Income Taxes Payable 9 Adjusted Debit 35 9 2 80 4 See Below 58 188 Adjusted Balances Account Cash Accounts Receivable Prepaid Insurance Machinery Accumulated depreciation Accounts Payable Wages Payable Income Taxes Payable Contributed Capital Retained Earnings Revenues Not Detailed Expenses Below Total General Expenses Debit 32 Insurance Expense 4 Wage Expense 5 Depreciation Expense 8 Income Tax Expense 9 Total 58 Adjusted Credit 8 9 5 9 73 84 188 For balance sheets including EPS Earnings per share Net Income Avg number of shares outstanding during the period Statement of Stockholder s Equity Contributed Capital Retained Earnings SE Income Statement Revenues 84 Expenses General Expenses Debit 32 Insurance Expense 4 Wage Expense 5 Depreciation Expense 8 Total 49 Operating income 84 49 35 0 for other items 35 income before taxes 9 26 Net Income Retained Earnings Beginning RE 0 Net Income 26 Dividends 4 Ending 22 CC RE SE 73 22 95 Balance Sheet A L SE Assets Account Cash Accounts Receivable Prepaid Insurance Machinery Accumulated depreciation Total 118 Liabilities Adjusted Debit 35 9 2 80 Adjusted Credit 8 9 5 9 Accounts Payable Wages Payable Income Taxes Payable Total 23 Stockholder s Equity CC RE Total SE Total SE L 73 22 95 118
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