Question: I need help please. I need to close T Accounts to Income Statement and prepare Post Closing Trail Balance Accounts receivable 442,120 Inventory 100.000 bb










Accounts receivable 442,120 Inventory 100.000 bb Cash 759.444 16.000 100.000 875444 442.120 100.000 Allowance for doubtful accounts 75,000 75.000 Building Accumulated depreciation: building 1.150 bb 37.500 Euipment 21.600 37.500 21.600 Land Purchases Prepaid insurance 2250 bb 88.000 bb 247 000 6,750 247.000 88 DOO 4.500 Allowance to Reduce mentory to NRV 17.200 bb Bonds Payable 4,729 700 DOO bb Premium on Bonds Payable 56,774 bb 695.271 56,774 17,200 Counts payable Accumulated depreciation: cument 9.000 bb 900 50.000 5.000 88,851 bb 9.900 45 DOO 88851 Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Closing Entries 12-31 16 T Accounts PIC IN Excess of Par. Common Stock Retained earnings Dividends 28.000 bb 40.000 90.000 28 DOO 130.000 Depreciation expense 10.150 1015 Utilities expense 33571 Treasury stock 20,000 bb 10.000 11.165 33,571 10.000 needed depending on nature of account. You can use the sum fortalas supplied on esisting accounts above Interest Expense Interest Payable Loss on Impairment 300 300 5.000 30.271 35 DOO t of Retained Earnings Balance Sheet Closing Entries 12-31-16 T-Accounts Post-Closing Trial Balance ... 1 - Unearned rent revenue 4,500 13,500 bb Common stock 125,000 bb 10,000 9,000 135,000 bb Wages expense 62,150 5,000 Office expense 28,500 bb 67,150 28,500 Notes payable Income taxes payable 99.000 bb 40,000 bb 40.000 99.000 Sales Revenue 790.000 bb Advertising expense 9,240 bb 790.000 9,240 Insurance expense 20,250 2,250 Income taxes expense 99,000 bb b 22.500 99,000 Cost of Goods Sold 147,000 Loss on Inventory 17,200 NU 147.000 Adjusting Journal Entries 17,200 Income Statement Adjusted Trial Balance Statemer for your say we malong the stages Best Wages Pelle Bad Dog 75 000 needed depending on nature of account. You can use the sum fomulas as supplied on existing T-accounts above Interest Expense Interest Payable 300 300 30,271 35,000 Loss on Impairmen 5,000 30,571 35,300 5,000 PIC from Treasury Stock 6,000 6000 ent of Retained Earnings Balance Sheet Closing Entries 12.31.16 T. Accounts Post-Closing Trial Balance ... X fo 10 =D8-09 D A ABC Corporation Statement of Retained Earnings For the Year Ended December 31, 2016 $0 Retained Eamings January 1, 2016 Net Income Dividends $248,603 $28,000 $220,603 Retained Earmings HOME LL UMS D RIVEWVw Developer Hero Power Pivot ABC Corporation Balance Sheet For the Year Ended December 31, 2016 LIABILITIE Current Assets Current Liabilities $88,851 Cash Account Receivable Tento Pre-Paid Instance Les Allowance for Doubtful Account Total Current Assets $875,444 $442,120 $100,000 14.500 $75,000 $1,422,064 Accounts Payable Notes Payable Income Tax Parable Unnamed Rest Rem Interest Parable Total Current Liabilities $99.000 $9.000 $35 300 $272,151 $272,151 $595,271 P Long Term Liabilities Bonde Perable am on Bonds Payable Total Liabilities $36,774 $72.045 $1,024196 Property Plant and Equipment Land o Building Equipment 1 L. Accumulated Depreciation Building Les Accumulated Depreciation Equipment Net $88,000 $37,500 $21,600 $1,265 $9.900 $147.100 STOCKHOLDERS EQUITY $135,935 Intangible Assets $135,000 $135.000 16.000 345.000 $1,527,999 Common Stock PLC in Ecce of Pat Common Stock PLC from Trey Stock Red Eating Total Stockholders Equity Total Liabilities and Stockholde Equity Total Assets $496,603 $496,603 $1,520,799 income Statement Statement of Re d Adjusting loumartes Earnings Closing Entries Adjusted Trial Balance Balance sheet 1231-16 Accounts Post Closing Type here to search Account Titles Debits Credits Revenue Rent Revenue $790,000 $4,500 Income Summary $794,500 Income Summary $545,897 Cost of Goods Sold Advertising Expense Depreciation Expense Insurance Expense Office Expense Utilities Expense Wage Expense Bad Debt Loss on Inventory Interest Expense Loss on Impairment Income Tax Expense $147,000 $9,240 $11,165 $22,500 $28,500 $33,571 $67,150 $75,000 $17,200 $30,571 $5,000 $99,000 Income Summary $248,603 Retained Earming $220,603 Retained Earnings $28,000 Dividends $28,000
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