the adjusted trial balance columns of the worksheet for porter company are as follow 581568

The adjusted trial balance columns of the worksheet for Porter Company are as follows.

PORTER COMPANY

Worksheet

For the Year Ended December 31, 2011

Account

No.

Account Titles

Dr.

Cr.

101

Cash

4,400

112

Accounts Receivable

44,000

126

Supplies

130

Prepaid Insurance

151

Office Equipment

152

Accumulated Depreciation—Office Equipment

20,000

200

Notes Payable

20,000

201

Accounts Payable

8,000

212

Salaries Payable

2,600

230

Interest Payable

1,000

311

Common Stock

30,000

320

Retained Earnings

6,000

332

Dividends

12,000

400

Service Revenue

77,800

610

Advertising Expense

12,000

631

Supplies Expense

3,700

711

Depreciation Expense

8,000

722

Insurance Expense

4,000

726

Salaries Expense

39,000

905

Interest Expense

1,000

Totals

165,400

Instructions

(a) Complete the worksheet by extending the balances to the financial statement columns.

(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable become due in 2012.

(c) Prepare the closing entries. Use J14 for the journal page.

(d) Post the closing entries. Use the three column form of account. Income Summary is account No. 350.

(e) Prepare a post closing trial balance.