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Nicholas Company had the following Adjusted Trial Balance for the month ended May 31, 2016.
| Nicholas Company | ||
| Adjusted Trial Balance | ||
| 31-May-16 | ||
| Account Names | Debit | Credit |
| Cash | $334,513 | |
| Petty Cash Fund | $5,400 | |
| Accounts Receivable | $27,300 | |
| Merchandise Inventory, 5/1/16 | $52,900 | |
| Store Supplies | $11,800 | |
| Office Supplies | $4,000 | |
| Prepaid Insurance | $3,117 | |
| Land | $37,000 | |
| Forklift | $32,300 | |
| Accumulated Depreciation, Forklift | $700 | |
| Delivery Truck | $154,000 | |
| Accumulated Depreciation, Delivery Truck | $1,550 | |
| Accounts Payable | $95,000 | |
| Salaries Payable | $2,100 | |
| Unearned Sales Revenue | $18,400 | |
| Notes Payable (Long-Term) | $121,100 | |
| Nicholas Ram, Capital | $392,850 | |
| Nicholas Ram, Drawings | $4,300 | |
| Sales Revenue | $264,400 | |
| Sales Discounts | $621 | |
| Sales Returns and Allowances | $5,500 | |
| Purchases | $171,000 | |
| Purchases Discounts | $3,754 | |
| Purchases Returns and Allowances | $7,800 | |
| Freight-in | $2,020 | |
| Salaries Expense | $35,700 | |
| Utilities Expense | $8,100 | |
| Repair Supplies Expense | $960 | |
| Postage Expense | $440 | |
| Rent Expense | $14,500 | |
| Depreciation Expense, Delivery Truck | $700 | |
| Depreciation Expense, Forklift | $700 | |
| Office Supplies Expense | $1,200 | |
| Insurance Expense | $283 | |
| Cash Short & Over | $500 | |
| Interest Expense | $3,300 | |
| Interest Revenue | $4,500 | |
| Totals | $912,154 | $912,154 |
Ending Merchandise Inventory = $66,000
- Prepare the Multi-Step Income Statement.
- Prepare the Owner’s Equity Statement.
- Prepare a Classified Balance Sheet.
- Prepare the Closing Entries for Nicholas Company.
- Post the Closing Entries to the General Ledger.
- Prepare a Post-Closing Trial Balance.
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