On Dec 1, 2018, Prosen company had the following account balances: Account Titles Debit Credit Cash...

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On Dec 1, 2018, Prosen company had the following account balances: Account Titles Debit Credit Cash $10,500 Accounts receivable 8,000 2,450 Supplies Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries and wages payable 4,800 33,750 $2,700 4,500 1,000 Notes payable 12,000 Common Stock 30,000 Retained earnings 9,300 Total 59,500 59,500 The following transactions were completed during December 2018: Dec 6. Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. Dec 8. Billed customers $3,800 for provided services. Customers has paid $2,000 by cash and the remaining are on асcount. Dec 10. Received $3,600 from customers for 3-month service started from Dec 1. Dec 13. Received $2,000 from customers Dec 15. Paid creditors on account $2,500 Dec 24. Paid $500 rent expense, $300 interest expense on notes payable Adjustment data: 1. Supplies on hand on Dec 31 are $1,000 2. On Dec 1, the insurance contract remains valid for 10 months 3. Unearned service revenue amounted to $2,400 at Dec 31 4. Equipment were purchased 2 years ago. When purchased, they had cost of $33,750, residual value of $0 and expected useful life of 25 years. Prosen uses straight line method to calculate depreciation. Instructions (a) Journalize the December transactions and December adjusting entries (b) Journalize closing entries for December. (c) Prepare income statement and balance sheet for Prosen for December. On Dec 1, 2018, Prosen company had the following account balances: Account Titles Debit Credit Cash $10,500 Accounts receivable 8,000 2,450 Supplies Prepaid Insurance Equipment Accumulated depreciation - Equipment Accounts payable Salaries and wages payable 4,800 33,750 $2,700 4,500 1,000 Notes payable 12,000 Common Stock 30,000 Retained earnings 9,300 Total 59,500 59,500 The following transactions were completed during December 2018: Dec 6. Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. Dec 8. Billed customers $3,800 for provided services. Customers has paid $2,000 by cash and the remaining are on асcount. Dec 10. Received $3,600 from customers for 3-month service started from Dec 1. Dec 13. Received $2,000 from customers Dec 15. Paid creditors on account $2,500 Dec 24. Paid $500 rent expense, $300 interest expense on notes payable Adjustment data: 1. Supplies on hand on Dec 31 are $1,000 2. On Dec 1, the insurance contract remains valid for 10 months 3. Unearned service revenue amounted to $2,400 at Dec 31 4. Equipment were purchased 2 years ago. When purchased, they had cost of $33,750, residual value of $0 and expected useful life of 25 years. Prosen uses straight line method to calculate depreciation. Instructions (a) Journalize the December transactions and December adjusting entries (b) Journalize closing entries for December. (c) Prepare income statement and balance sheet for Prosen for December.

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a Journal entries Date Accounts Dec06 Salary and wages exp Sa... View the full answer