Question
1. The adjusted account balances of Fitness Centre at July 31 are as follows: Accounts Account Balances Accounts Account Bal Cash $ 11,000 Service Revenue
1. The adjusted account balances of Fitness Centre at July 31 are as follows: Accounts Account Balances Accounts Account Bal Cash $ 11,000 Service Revenue $105,000 Accounts Receivable 25,000 Interest Revenue 8,000 Supplies 4,000 Depreciation Expense 27,000 Prepaid Insurance 8,000 Insurance Expense 6,000 Buildings 300,000 Salary Expense 30,000 Accumulated Depreciation Supplies Expense 9,000 Buildings 120,000 Utilities Expense 12,000 Accounts Payable 19,000 P. Jorgenson, Capital 195,000 P. Jorgenson, Drawings 15,000 Instructions Prepare the end of the period closing entries for the Fitness Centre.
2. The following are the adjusted account balances of Sally's Salon and Spa as at June 30, 2017, the business year end. The accounts are listed in alphabetical order, and all are in their normal balance. Accounts payable $ 2,340 Note receivable $ 5,000 Accounts receivable 500 Prepaid insurance 620 Accumulated depreciation - computers 2,000 Rent expense 24,000 Accumulated depreciation - shop equipment 6,320 S. Juul-Hansen, capital 11,760 Cash 3,250 S. Juul-Hansen, drawings 12,000 Computers 6,000 Service revenue 125,600 Depreciation expense 4,160 Shop equipment 15,800 Insurance expense 2,000 Supplies 1,190 Interest expense 100 Supplies expense 4,560 Note payable 14,000 Wages expense 82,840 Additional information: The note payable is due January 31, 2018. During the year, Sally Juul-Hansen invested $10,000. Instructions Prepare the income statement, statement of owner equity, and classified balance sheet for Sally's June 30, 2017 year end in good format.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started