The adjusted trial balance for Prias Music Lessons follows: Required 1. Journalize the closing entries of Prias
Question:
The adjusted trial balance for Pria’s Music Lessons follows:
Required1. Journalize the closing entries of Pria’s Music Lessons at December 31, 2023. Include explanations.
2. How much net income or net loss did Pria’s Music Lessons earn for the period ended December 31, 2023? How can you tell?
Cash Supplies Prepaid rent PRIA'S MUSIC LESSONS Adjusted Trial Balance December 31, 2023 Instruments Accumulated amortization-instruments Accounts payable Salaries payable Unearned service revenue P. Chai, capital P. Chai, withdrawals Service revenue Salaries expense Rent expense Amortization expense-instruments Supplies expense Utilities expense $ 27,600 7,500 3,600 168,900 15,000 45,200 15,650 1,200 2,650 3,200 $290,500 $ 26,050 29,300 3,250 17,600 153,300 61,000 $290,500
Step by Step Answer:
ANSWER 1Journalizing the closing entries for Prias Music Lessons at December 31 2023 December 31 20...View the full answer
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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