The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through...
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The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title Debit Credit 101 Cash $ 50,385 106 Accounts receivable 6,168 590 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 1,530 800 8,400 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 22,400 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 S. Rey, Capital 302 S. Rey, Withdrawals 7,300 403 Computer services revenue 612 Depreciation expense-Office equipment 420 613 1,400 Depreciation expense-Computer equipment Wages expense 623 3,225 637 Insurance expense 510 640 Rent expense 2,400 652 Computer supplies expense 3,555 2,638 655 Advertising expense 676 Mileage expense 878 677 Miscellaneous expenses 160 684 Repairs expense-Computer 1,135 901 Income summary Totals $ 113,894 $ 420 1,400 1,500 420 2,100 65,000 43,054 0 $ 113,894 Required: 1. Prepare an income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. Hint: The S. Rey, Capital account balance was $0 on October 1, and owner investments were $65,000 this period. 3. Prepare a classified balance sheet as of December 31, 2021. 4. Record the closing entries as of December 31, 2021. 5. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an income statement for the three months ended December 31, 2021. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 Revenue Expenses Revenue Expenses Total expenses BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 < Required 1 Required 2 > The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title Debit Credit 101 Cash $ 50,385 106 Accounts receivable 6,168 590 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 1,530 800 8,400 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 22,400 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 S. Rey, Capital 302 S. Rey, Withdrawals 7,300 403 Computer services revenue 612 Depreciation expense-Office equipment 420 613 1,400 Depreciation expense-Computer equipment Wages expense 623 3,225 637 Insurance expense 510 640 Rent expense 2,400 652 Computer supplies expense 3,555 2,638 655 Advertising expense 676 Mileage expense 878 677 Miscellaneous expenses 160 684 Repairs expense-Computer 1,135 901 Income summary Totals $ 113,894 $ 420 1,400 1,500 420 2,100 65,000 43,054 0 $ 113,894 Required: 1. Prepare an income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. Hint: The S. Rey, Capital account balance was $0 on October 1, and owner investments were $65,000 this period. 3. Prepare a classified balance sheet as of December 31, 2021. 4. Record the closing entries as of December 31, 2021. 5. Prepare a post-closing trial balance as of December 31, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an income statement for the three months ended December 31, 2021. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 Revenue Expenses Revenue Expenses Total expenses BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 < Required 1 Required 2 >
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Related Book For
Principles of Financial Accounting chapters 1-17
ISBN: 978-1259687747
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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