The completed financial statement columns of the worksheet

a. Prepare the closing entries. Ramadan Enterprise did not make any additional investments during the year.

 b. Post the closing entries (Ledger) and underline and balance the accounts.  - Income summary and Owner’s Capital

 c. Prepare a post-closing trial balance.

 d. Prepare an income statement, an owner’s equity statement, and a  classified statement of financial position.

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Worksheet For the Year Ended December 31, 2020 Account Titles Income Statement Statement of Financial Position Dr. Cr. Dr. Cr. Cash 8,800 Accounts Receivable 10,800 Prepaid Insurance 2,800 Equipment 24,000 Accumulated Depreciation-Equip. 4,200 Accounts Payable 9,000 Salaries and Wages Payable 2,400 Owner's Capital 19,500 Owner's Drawings 11,000 Service Revenue 60,000 Maintenance and Repairs Expense 1,700 Depreciation Expense 2,800 Insurance Expense 1,800 Salaries and Wages Expense 30,000 Utilities Expense 1,400 Totals 37,700 60,000 57,400 35,100 Net Income 22,300 22,300 60,000 60,000 57,400 57,400 Worksheet For the Year Ended December 31, 2020 Account Titles Income Statement Statement of Financial Position Dr. Cr. Dr. Cr. Cash 8,800 Accounts Receivable 10,800 Prepaid Insurance 2,800 Equipment 24,000 Accumulated Depreciation-Equip. 4,200 Accounts Payable 9,000 Salaries and Wages Payable 2,400 Owner's Capital 19,500 Owner's Drawings 11,000 Service Revenue 60,000 Maintenance and Repairs Expense 1,700 Depreciation Expense 2,800 Insurance Expense 1,800 Salaries and Wages Expense 30,000 Utilities Expense 1,400 Totals 37,700 60,000 57,400 35,100 Net Income 22,300 22,300 60,000 60,000 57,400 57,400

Answer rating: 100% (QA)

Requirement a Closing Entries Date Account Titles Debit Credit Dec31 Service Revenue 60000 Income ... View the full answer