Assignment 4 (7%) - (CHAPTER 04) closing entries

Dear Student,

Please keep in mind the following while doing the assignment-

1. This assignment is worth 10% of your grades.
2. This is a group work assignment.

3. You need to submit a hard copy of your answer on the BB as a group; the answer must be neat and organized.

4. Dead line is on Sunday, May 21, 2023 at 12:00 noon time.

Group #3 - members:

1. Manar Fahad Alammari - 201800650

2. Aryiam Almasrahy - 202002394

3. Rabab Alsaif - 201902347

4. Ghaida Albaqami - 202101807

1. After the accounts have been adjusted at January 31, 2010, the end of the fiscal year, the following balances a re taken from the ledger of Taylor Pool Service Company:

Hope Taylor, Capital	$349,000
Hope Taylor, Drawing	5,000
Fees Earned	116,400
Wages Expense	29,000
Rent Expense	43,000
Supplies Expense	7,300
Miscellaneous Expense	1,750

Journalize the four entries required to close the accounts.

2. The following is the adjusted trial balance for Sandeep Company.

Sisters Company
Adjusted Trial Balance
December 31, 2020
Cash	8,130
Accounts Receivable	3,300
Prepaid Expenses	2,750
Equipment	10,400
Accumulated Depreciation		2,200
Accounts Payable		2,700
Notes Payable		1,000
Rena Sandeep, Capital		11,200
Rena Sandeep, Drawing	4,870
Fees Earned		36,600
Wages Expense	12,450
Rent Expense	4,900
Utilities Expense	3,475
Depreciation Expense	2,150
Miscellaneous Expense	1,275
Totals	53,700	53,700

Prepare closing entries and the post closing trial balance.