Phase 1: Pass Closing Entries

Phase 2: Income Statement

Phase 3: Retained Earnings and Balance Sheet

159 OVERNIGHT AUTO SERVICE *Adjusted Trial Balance December 31, 2002 $ 29,550 7.250 1,200 1,500 52,000 36,000 $ 1,950 15,000 3.200 40,000 690 - Cast. Accounts Receivable Shop Supplies... Unexpired Insurance Land. Building Accumulated Depreciation: Building Tools and Equipment Accumulated Depreciation: Tools and Equipment Notes Payable Accounts Payable Unearned Rent Revenue Wages Payable Interest Payable Michael McBryan, Capital (Note: This account still must be updated for transactions recorded in the accounts listed below. Closing entries serve this purpose.). Michael McBryan, drawing Repair Service Revenue : Rent Revenue Earned. Advertising Expense Wages Expense Supplies Expense Depreciation Expense: Building Depreciation Expense: Tools and Equipment Utilities Expense Insurance Expense Interest Expense. 4,000 1,950 300 82.600 44.800 162.210 2.000 3.900 58.750 7,500 1.800 2.450 19.400 16,500 3.300 $300,900 $300,900