Final Exam

1. Based on the data below, complete an Income Statement, Statement of Owner's Equity, and Balance Sheet for Doe Landscaping

Cash = $91,000

Accounts Receivable = $109,000

Supplies = $20,000

Equipment = $180,000

Accumulated Depreciation - Equipment = $20,000

Doe, Capital = $201,000

Service Fees = $380,000

Doe, Drawing = $1000

Rent Expense = $70,000

Supplies Expense = $10,000

Depreciation Expense - Equipment = $20,000

Wage Expense = $90,000

Accounts Payable = $100,000

Advertising Expense = $50,000

Utilities Expense = $60,000

1. Based on the data below, journalize the four closing entries

Service Fees = $600,000

Rent Expense = $40,000

Advertising Expense = $60,000

Wage Expense = $100,000

Utilities Expense = $40,000

Drawing = $2000