Constantino Company presented the following general ledger account balances for the month ended December 31, 2005. Assets:
Question:
Constantino Company presented the following general ledger account balances for the month ended December 31, 2005.
Assets:
Cash ...............20,600
Accounts Receivable ........ 2,250
Equipment .............11,000
Total Assets ............33,850
Liabilities:
Wages Payable ........... 250
Payable to Internet Service ..... 35
Notes Payable ..........17,000
Total Liabilities .........17,285
Owners’ Equity:
Contributed Capital ..........13,000
Retained Earnings ......... 1,000
Service Revenue ......... 3,315
Rent Expense ........... (400)
Wages Expense ............. (315)
Internet Service Expense ....... (35)
Total Owners’ Equity ......16,565
a. Close the books for Constantino Company.
b. Prepare a post-closing summary of account balances similar to Exhibit 13.
Step by Step Answer:
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright