Using the information from Q #1, prepare the Statement of Changes in Equity. Assume Kelly contributed...

 

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Using the information from Q #1, prepare the Statement of Changes in Equity. Assume Kelly contributed no cash during the fiscal year. Kelly Croft operates a small sole proprietorship (Kelly's Store). Their adjusted trial balance is shown below (Year Ended December 31, 2020): Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Interest Expense Interest Income Interest Receivable Kelly Croft, Capital Kelly Croft, Withdrawal Lease Expense Prepaid Expenses Revenue Depreciation Expense Salaries Expense Salaries Payable Supplies Supplies Expense Unearned Revenue Utilities Expense TOTAL DR $7,000 $6,000 $150,000 $1,500 $200 $5,800 $5,600 $1,000 $2,000 $13,000 $2,900 $900 $3,600 $199,500 Using the above, prepare all closing journal entries for year-end. CR $5,000 $22,000 $500 $110,000 $35,000 $1,000 $26,000 $199,500 Using the information from Q #1, prepare the Statement of Changes in Equity. Assume Kelly contributed no cash during the fiscal year. Kelly Croft operates a small sole proprietorship (Kelly's Store). Their adjusted trial balance is shown below (Year Ended December 31, 2020): Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Cash Equipment Interest Expense Interest Income Interest Receivable Kelly Croft, Capital Kelly Croft, Withdrawal Lease Expense Prepaid Expenses Revenue Depreciation Expense Salaries Expense Salaries Payable Supplies Supplies Expense Unearned Revenue Utilities Expense TOTAL DR $7,000 $6,000 $150,000 $1,500 $200 $5,800 $5,600 $1,000 $2,000 $13,000 $2,900 $900 $3,600 $199,500 Using the above, prepare all closing journal entries for year-end. CR $5,000 $22,000 $500 $110,000 $35,000 $1,000 $26,000 $199,500

Answer rating: 100% (QA)

To set up the end diary sections for Kellys Store at yearend we want to close the imperma... View the full answer