Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial
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Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. Below is the adjusted trial balance at December 31.
Account No. | Debit Balances | Credit Balances | |
Cash | 11 | 1,500 | |
Accounts Receivable | 12 | 2,000 | |
Interest Receivable | 13 | 100 | |
Prepaid Insurance | 14 | 1,600 | |
Notes Receivable (long-term) | 16 | 2,800 | |
Equipment | 18 | 15,000 | |
Accumulated Depreciation | 19 | 3,000 | |
Accounts Payable | 21 | 2,400 | |
Accrued Expenses Payable | 22 | 3,920 | |
Income Taxes Payable | 23 | 2,700 | |
Unearned Rent Fees | 24 | 500 | |
Robert Evans, Capital | 31 | 13,700 | |
Robert Evans, Drawing | 32 | 2,000 | |
Rent Fees Earned | 41 | 31,000 | |
Furniture Rental Revenue | 42 | 1,200 | |
Interest Revenue | 43 | 100 | |
Wages Expense | 51 | 19,000 | |
Depreciation Expense | 52 | 1,800 | |
Utilities Expense | 53 | 320 | |
Insurance Expense | 54 | 700 | |
Maintenance Expense | 55 | 9,000 | |
Income Tax Expense | 56 | 2,700 | |
58,520 | 58,520 |
Prepare the closing entry required to transfer the income or loss at the end of the period. If an amount box does not require an entry, leave it blank.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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