The accountant of the marketing firm, S. Preston, has posted adjusting entries (1) to (5) to the
Question:
The accountant of the marketing firm, S. Preston, has posted adjusting entries (1) to (5) to the ledger accounts at 30 June 2016. All the income, expense and equity accounts of the entity are listed here in T-account form.
Required
A. Prepare the closing entries of the marketing firm at 30 June 2016.
B. Prepare the income statement and the statement of changes in equity for the year ended 30 June 2016.
Transcribed Image Text:
Salaries Payable Accounts Receivable Supplies 31 500 33 500 (1) 26 000 (4) 4 400 (5) 20 000 S. Preston, Drawings S. Preston, Capital Service Revenue 67 500 36 000 166 500 (5) 20 000 Depr. Expense – Salaries Expense Buildings Supplies Expense 78 000 (1) 26 000 (3) 24 000 (4) 4 400 Accum. Depr. - Accum. Depr. – Depr. Expense – Buildings Furniture Furniture 6 500 (2) 5 600 96 000 (3) 24 000 (2) 5 600
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A B S PRESTON MARKETING Income Statement for the year ended 30 June 2016 INCOME Service revenue 18...View the full answer
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Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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