This version of the problem uses corporate accounts - common stock, retained earnings and dividends.
P4-2A
The adjusted trial balance columns of the worksheet for Porter Company are as follows.
PORTER COMPANY
Worksheet
For the Year Ended December 31, 2008
(given data)
Instructions
1. Complete the worksheet by extending the balances to the financial statement columns.
2. Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.
3. Prepare the closing entries. Use J14 for the journal page.
4. Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.
5. Prepare a post-closing trial balance.
BUY: P4-2A Porter Company
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