Create closing entries and a post closing trial balance from the following: Statement of Owners Equity Owner's
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Question:
Create closing entries and a post closing trial balance from the following:
Statement of Owners Equity | |
Owner's Equity | $ 20,250.00 |
Add: Additional Investment | $ - |
Add: Net Income | $ 8,915.00 |
Subtotal | $ 29,165.00 |
Less: Owner Withdrawals | $ 4,500.00 |
Owner's Equity | $ 24,665.00 |
Balance Sheet | ||
Assets: | ||
Cash | $ 8,875.00 | |
Accounts Receivable | $ 3,450.00 | |
Prepaid Rent | $ 3,000.00 | |
Prepaid Rent | $ 1,650.00 | |
Supplies | $ 1,020.00 | |
Salaries Payable | $ 120.00 | |
Equipment | $ 9,300.00 | |
TOTAL | $ 27,415.00 | |
Liabilities: | ||
Accounts Payable | $ 1,000.00 | |
Unearned Fees | $ 1,750.00 | |
Total Liabilities | $ 2,750.00 | |
Equity: | ||
Dustin Larkin, Capital | $ 24,665.00 | |
Retained Earning | $ - | |
Total Equity | $ 24,665.00 | |
Total Liabilities & Equity | $ 27,415.00 |
Income Statement | ||
Revenues: | ||
Fees earned | $ 12,675.00 | |
Expenses: | ||
Salary Expense | $ 680.00 | |
Misc. Expense | $ 120.00 | |
Utility Expense | $ 330.00 | |
Rent Expense | $ 1,500.00 | |
Insurance Expense | $ 150.00 | |
Supplies Expense | $ 980.00 | |
Total Expenses | $ 3,760.00 | |
Net Income | $ 8,915.00 |
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