Concept explainers
Problem 4-5B Preparing trial balances, closing entries, and financial statements C3 P2 P3
Santo Company's adjusted
Required
1. Prepare an income statement and a statement of owner's equity for the year and a classified
Capital account balance was $35.650 on December 31 of the prior year.
Check (1) Ending capital balance, $39,590
2. Enter the adjusted trial balance in the first two columns of a six-column table. Use the middle two columns for closing entry information and the last
two columns for a post-closing trial balance. Insert an Income Summary account (No. 301) as the last item in the trial balance.
(2)P-C trial balance totals, $51,790
3. Enter closing entry information in the sk-column table and prepare
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