December 31 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment Debit $...

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December 31 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment Debit $ 6,500 34,200 7,500 45,000 Credit 168 Accumulated depreciation-Equipment $ 22,500 173 Building 162,000 174 Accumulated depreciation-Building 54,000 183 Land 63,570 201 Accounts payable 17,500 203 Interest payable 2,300 208 Rent payable 3,100 210 Wages payable 2,300 213 Property taxes payable 700 236 Unearned revenue 251 Long-term notes payable 15,800 61,500 307 Common stock 6,500 318 Retained earnings 123,200 319 Dividends 10,600 403 Services revenue 101,000 406 Rent revenue 15,500 409 Interest revenue 5,700 606 Depreciation expense-Building 11,880 612 Depreciation expense-Equipment 6,750 623 Wages expense 46,100 633 Interest expense 4,500 637 Insurance expense 9,600 640 Rent expense 13,300 652 Supplies expense 5,200 683 Property taxes expense Totals 4,900 $ 431,600 $ 431,600 The Retained Earnings account balance was $123,200 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2 December 31 Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment Debit $ 6,500 34,200 7,500 45,000 Credit 168 Accumulated depreciation-Equipment $ 22,500 173 Building 162,000 174 Accumulated depreciation-Building 54,000 183 Land 63,570 201 Accounts payable 17,500 203 Interest payable 2,300 208 Rent payable 3,100 210 Wages payable 2,300 213 Property taxes payable 700 236 Unearned revenue 251 Long-term notes payable 15,800 61,500 307 Common stock 6,500 318 Retained earnings 123,200 319 Dividends 10,600 403 Services revenue 101,000 406 Rent revenue 15,500 409 Interest revenue 5,700 606 Depreciation expense-Building 11,880 612 Depreciation expense-Equipment 6,750 623 Wages expense 46,100 633 Interest expense 4,500 637 Insurance expense 9,600 640 Rent expense 13,300 652 Supplies expense 5,200 683 Property taxes expense Totals 4,900 $ 431,600 $ 431,600 The Retained Earnings account balance was $123,200 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1C Required 2

Answer rating: 100% (QA)

1a Income Statement for the current year ended December 31 Revenue Services Revenue 483000 Rent Reve... View the full answer