17.shawan company dec 31,2016

18.howard company ..

17. Presented below is an adjusted trial balance for Shawn Company, at December 31, 2016. 2 O Cash $ 7.700 Accounts payable $10,000 Accounts receivable 20,000 Notes payable 9,000 Prepaid insurance 15,000 Accumulated depreciation- Equipment 35,000 Equipment 14,000 Depreciation expense 7.000 Service revenue 29,000 Owner's Drawings 1,500 Owner's capital 24,000 Advertising expense 1,400 Unearned service revenue 16,000 Rent expense 800 Salaries and wages expense 12.000 Insurance expense 1.600 $102,000 $102,000 Instructions (a) Prepare closing entries for December 31, 2016. (b) Determine the balance in the Owner's Capital account after the entries have been posted 18. Prepare a corrected trial balance for Howard Company. All accounts should have a normal balance. HOWARD COMPANY Trial Balance For the Quarter Ended 3/31/16 Debit Credit Cash $ 13,000 Accounts Receivable $ 25,000 Prepaid Insurance 2,500 Equipment 62,000 Accounts Payable 16,000 Unearned Service Revenue 12,000 Notes Payable 25,000 Owner's Capital 40,000 Owner's Drawings 1,500 Service Revenue 40,000 Salaries and Wages Expense 14,000 Utilities Expense 5,000 Rent Expense 10,000 $118,500 $147,500