1.) Prepare the Income statement, Statement of owners equity, and the balance sheet. 2.) Prepare the Closing...
Fantastic news! We've Found the answer you've been seeking!
Question:
1.) Prepare the Income statement, Statement of owner’s equity, and the balance sheet.
2.) Prepare the Closing journal entries and Post-closing trial balance
Transcribed Image Text:
Tyler's Consulting Services Adjusted Trial Balance Month Ended Dec 31, 20XX ACCOUNT NAME Total 100 Cash 110 Accounts Receivable-Franklin 115 Accounts 120 Supplies Receivable-Washington 130 *Prepaid Insurance 140 *Equipment 141 Accumulated Depreciation - Equipment 200 Accounts Payable-Gusto Inc. 210 Wages Payable 220 *Unearned Revenue 300 Leah Tyler, Capital 302 Leah Tyler, Drawing 400 Revenue earned 500 Wages Expense 501 Utilities Expense 502 Supplies Expense 503 Rent Expense 504 Depreciation Expense 505 Insurance Expense DEBIT CREDIT 19,160 11,140 2,100 300 1,200 5,000 52,350 36,700 10,200 2,200 26,400 1,000 1,200 3,000 1,750 1,500 43,200 119,500 168,950 168,950 Tyler's Consulting Services Adjusted Trial Balance Month Ended Dec 31, 20XX ACCOUNT NAME Total 100 Cash 110 Accounts Receivable-Franklin 115 Accounts 120 Supplies Receivable-Washington 130 *Prepaid Insurance 140 *Equipment 141 Accumulated Depreciation - Equipment 200 Accounts Payable-Gusto Inc. 210 Wages Payable 220 *Unearned Revenue 300 Leah Tyler, Capital 302 Leah Tyler, Drawing 400 Revenue earned 500 Wages Expense 501 Utilities Expense 502 Supplies Expense 503 Rent Expense 504 Depreciation Expense 505 Insurance Expense DEBIT CREDIT 19,160 11,140 2,100 300 1,200 5,000 52,350 36,700 10,200 2,200 26,400 1,000 1,200 3,000 1,750 1,500 43,200 119,500 168,950 168,950
Expert Answer:
Answer rating: 100% (QA)
To prepare the income statement statement of owners equity and balance sheet based on the provided adjusted trial balance for Tylers consulting servic... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Q1. The following transactions occurred during Year 2, the second year of business for Nancy Nanny Child Care. Record each transaction in proper journal entry format below using debits and credits....
-
Q1. The following transactions occurred during Year 1, the first year of business, for Nancy Nanny Child Care. Record each transaction in proper journal entry format below using debits and credits....
-
General Ledger (GL) Assignments expose students to general ledger software similar to that in practice. GL is part of Connect, and GL assignments are auto-gradable and have algorithmic options. For...
-
To determine the focal length of a lens, you place the lens in front of a small lightbulb and then adjust a viewing screen to get a sharply focused image. Varying the lens position produces the...
-
How is the replication cycle of lambda phage different from that of T4?
-
What is a statistical control chart? How can it be applied to determining when a variance should be investigated? (pp. 484-485). :
-
You are ready to finally plan your family summer vacation. After what seems like an eternity of long hours at work, you deserve a week of total relaxation. Now, where do you go? The mountains? The...
-
The comparative statements of Simpson Company are shown below. All sales were on account. Net cash provided by operating activities was $108,000. Capital expenditures were $47,000, and cash dividends...
-
Sheridan Publishing identified the following overhead activities, their respective costs, and their cost drivers to produce the three types of textbooks the company publishes. \ table [ [ Activity (...
-
The Elbow Bend Hotel is located in Calgarys East Village and has 100 Rooms total. The breakdown of room types is as follows: 40 Deluxe Rooms, 50 Executive Rooms and 10 Suites. The Suites are always...
-
1.2. You may need to use the appropriate technology to answer this question. Consider the following hypothesis test. H0: 0 = 100 Ha: ,1: 100 A sample of 65 is used. Identify the p-value and state...
-
What is the discount rate? PV = 7 0 0 ; t = 5 year period; FV = 1 0 0 0
-
How is planning illustrated in this case story? How is strategic management illustrated in this case story? The new CEO stated that the CEO's job is to give employees a point of view. Explain what...
-
Explain the Following Questions: 1. What essential characteristics exist in a proper understanding of "personal mastery," so that as an individual achieves greater progress in this discipline, they...
-
Few people want to eat discolored french fries. Potatoes are kept refrigerated before being cut for french fries to prevent spoiling and preserve flavor. But immediate processing of cold potatoes...
-
Part 3 of 4 Points: 0.49 of 1 Compute P(X) using the binomial probability formula. Then determine whether the normal distribution can be used to estimate this probability. If so, approximate P(X)...
-
Federal Income Tax Withholding Bob Dunn's weekly gross earnings for the present week were $2,260. Dunn has three exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard...
-
The rate at which the temperature of an object changes is proportional to the difference between its own temperature and the temperature of the surrounding medium. Express this rate as a function of...
-
Which of the two methods of estimating uncollectibles provides for the most accurate estimate of the current net realizable value of the receivables?
-
Master Fab Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $115,000 with a $10,000 residual value and a 10-year life. The equipment will...
-
Digital Tunes Inc. is in the business of developing, promoting, and selling musical talent on compact disc (CD). The company signed a new group, called Smashing Britney, on January 1, 2010. For the...
-
3. What is a characteristic of a futures contract? a Gives the holder the right but not the obligation to buy or sell b Negotiated with a counterparty c Covers a stream of future payments d Must be...
-
E 12-3 Denominated purchase transaction entries Sally Inc., a U.S. company, purchased merchandise from Hein AG for $10,000 and from Lemo NV for 15,000 euros on December 20, 2013, when the spot rate...
-
2. What is a characteristic of a swap? a Traded on an exchange b Only interest rates can be the underlying c Covers a stream of future payments d Must be settled daily
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App