The adjusted Trial Balance of ABCLtd. at Dec 31, 2021 contains the following accounts: Debit...

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The adjusted Trial Balance of ABCLtd. at Dec 31, 2021 contains the following accounts: 图 Debit Credit Building $128,800 Owner's Capital $115,000 Accounts Receivable 14,520 Accumulated Depreciation- Building 42,600 Prepaid Insurance 4,680 Accounts Payable 12,300 Cash 18,040 Notes Payable 96,400 62,400 Accumulated Depreciation- Equipment Equipment 18,720 Land 67,000 Interest Payable 3,800 Insurance Expense 400 Service Revenue 17,180 6,360 Depreciation Expense Interest Expense 3,800 $306,00p $306,000 a. Prepare Closing Entries (Close Revenue and Expenses and income Summary Accounts) .3 marks b. Prepare Income Summary and Owner's Capital Account.. 1+2 marks c. Prepare Classified Balance Sheet ..4 marks TOTAL -10 marks The adjusted Trial Balance of ABCLtd. at Dec 31, 2021 contains the following accounts: 图 Debit Credit Building $128,800 Owner's Capital $115,000 Accounts Receivable 14,520 Accumulated Depreciation- Building 42,600 Prepaid Insurance 4,680 Accounts Payable 12,300 Cash 18,040 Notes Payable 96,400 62,400 Accumulated Depreciation- Equipment Equipment 18,720 Land 67,000 Interest Payable 3,800 Insurance Expense 400 Service Revenue 17,180 6,360 Depreciation Expense Interest Expense 3,800 $306,00p $306,000 a. Prepare Closing Entries (Close Revenue and Expenses and income Summary Accounts) .3 marks b. Prepare Income Summary and Owner's Capital Account.. 1+2 marks c. Prepare Classified Balance Sheet ..4 marks TOTAL -10 marks

Answer rating: 100% (QA)

a Closing Entriee Accounts THlel txplanation Debit Cre... View the full answer