111 Problem 5-5B Objective: To complete a work sheet and the work of the accounting cycle Account balances of Shields Enterprises appear as follows on December 31, 20X0: Number Account Title Cash Balance $30,350 112 Accounts Receivable 4,000 113 Office Supplies 17,640 114 Store Supplies 15,110 115 Delivery Supplies 26,500 116 Prepaid Insurance 24,000 117 Office Equipment 45,000 117.1 Accumulated Depreciation-Office Equipment 22,500 118 118.1 Store Equipment 65,000 Accumulated Depreciation-Store Equipment 26,000 119 Truck 30,000 119.1 Accumulated Depreciation-Truck 15,000 211 Accounts Payable 37,500 212 311 ..p2 Salaries Payable Pam Shiel g Pam Shields, Capital 38,200 21,100 Fees Earned 351,500 511 512 513 RentExpense Salaries Expense Office Supplies Expense O'Y(5u 12,000 /h 200,000 Store Supplies Expense 511 512 RentExpense Salaries Expense TOY(5u /h 12,000 200,000 513 Office Supplies Expense 514 515 Delivery Supplies Expense 516 517 518 519 Insurance Expense Depreciation Expense-Office Equipment Depreciation Expense-Store Equipment Depreciation Expense-Truck Adjustment data: (a) Office supplies on hand, $2,510. (b) Store supplies on hand, $10,140. (c) Delivery supplies on hand, $20,900. (d) Depreciation of office equipment, $4,500. (e) Depreciation of store equipment, $6,500. (f) Depreciation of truck, $7,500. (g) Insurance expired, $4,000. (h) Salaries unpaid, $5,000. Chapter 5 Completing the Accounting Cycle for a Service Business Depreciation of truck, $7,00 (g) Insurance expired, $4,000. (h) Salaries unpaid, $5,000. Chapter 5 Completing the Accounting Cycle for a Service Business VIEW, PRACTICE, AND APPLY Directions: 1. Prepare a work sheet for the year ended December 31, 20X0. 2. Prepare an income statement for the year ended December 31, 20X0. 3. Prepare a statement of owner's equity for the year ended December 31, 20X0. 4. Prepare a December 31, 20X0 balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries.