The following accounts of Ants Company shows the following accounts and amounts as of December 31,...
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The following accounts of Ants Company shows the following accounts and amounts as of December 31, 2030, Gas and Oil expenses Jan, capital Jan, drawing Land Long term investment Miscellaneous expenses Utilities expense Supplies expense Service revenue Salaries expense Rent expense Allowance for doubtful accounts Cash Depreciation expense Doubtful account expense Accounts payable Notes payable Furniture and fixtures Equipment Accumulated depreciation Accounts receivable December 31, 20x1 Assets Liabilities December 31, 20x2 Assets Liabilities 150,000 25,000 2,400 532,200 16,000 600,000 200,000 2,800 4,600 800 Required: Prepare the following & Closing entries b. Post-closing trial balance Problem 22: The information are available for different business entities: Paula Anton 520,000 50,000 15,000 12,000 350,000 2,000 600 ? 84,000 32,000 15,000 240,000 30,000 40,000 20,000 25,000 Louie Louisa 65,000 320,000 100,000 32,000 125,000 47,000 325,000 150,000 360,000 100,000 100,000 10,000 300,000 ? Additional information for year 20x2 Owner's drawing Net income (loss) Additional investment 10,000 Required: Using the information given, prepare the statement of changes in Owner's equity. 15,000 5,000 ? 2,500 10,000 15,000 5,000 The following accounts of Ants Company shows the following accounts and amounts as of December 31, 2030, Gas and Oil expenses Jan, capital Jan, drawing Land Long term investment Miscellaneous expenses Utilities expense Supplies expense Service revenue Salaries expense Rent expense Allowance for doubtful accounts Cash Depreciation expense Doubtful account expense Accounts payable Notes payable Furniture and fixtures Equipment Accumulated depreciation Accounts receivable December 31, 20x1 Assets Liabilities December 31, 20x2 Assets Liabilities 150,000 25,000 2,400 532,200 16,000 600,000 200,000 2,800 4,600 800 Required: Prepare the following & Closing entries b. Post-closing trial balance Problem 22: The information are available for different business entities: Paula Anton 520,000 50,000 15,000 12,000 350,000 2,000 600 ? 84,000 32,000 15,000 240,000 30,000 40,000 20,000 25,000 Louie Louisa 65,000 320,000 100,000 32,000 125,000 47,000 325,000 150,000 360,000 100,000 100,000 10,000 300,000 ? Additional information for year 20x2 Owner's drawing Net income (loss) Additional investment 10,000 Required: Using the information given, prepare the statement of changes in Owner's equity. 15,000 5,000 ? 2,500 10,000 15,000 5,000
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Problem 1 Ants Company a Closing Entries Here are the closing entries for Ants Company as of December 31 2030 1 Close the revenue account Debit Service Revenue 520000Credit Income Summary 520000 2 Clo... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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