Q.2. The following account balances appeared in the adjusted trial balance of Cortes Painting Constructors at Dec
Question:
Q.2. The following account balances appeared in the adjusted trial balance of Cortes Painting Constructors at Dec 31, 2019. Cortes closes its book annually at December 31.
Rs
Edward Cortes Capital (Dec 31, 2018) 27,200
Edward Cortes Drawing 18,000
Painting Fees earned163,300
Painting & Supplies Expense 27,500
Accumulated Depreciation: Painting Equipment 3,000
Salaries expense 66,800
Rent expense 9,600
Advertising expense 3,200
Depreciation expense: Painting equipment 1,200
Insurance expense 12,000
Painting equipment 7,200
Prepare the year-end closing entries for Cortes Painting Contractors, using the data given above.
How do we determine the balance in the Owner’s Capital account that should appear in the balance sheet dated December 31, 2019?
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina