Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 / 2 111% I Busi 2221 Handout Assigment Due: October 15, 2019 Question 2 The adjusted account balances of Yogi Company at December 31,

image text in transcribed
2 / 2 111% I Busi 2221 Handout Assigment Due: October 15, 2019 Question 2 The adjusted account balances of Yogi Company at December 31, 2021 are as follows: $ 14,000 6,000 10,000 Accounts receivable. Notes receivable. Prepaid insurance Machinery. Depreciation expense G. Yogi, drawings Promotion expense Rent expense Salary expense Insurance expense $16,000 13,000 6,000 50,000 7,000 4,500 600 3,000 10,200 700 $111.000 Bank overdraft. Accounts payable... Notes payable... Accumulated depreciation- machinery..... Service revenue. Interest revenue. G. Yogi, capital... Uneared revenue 16,000 29,000 2,000 18,000 16,000 $111.000 Instructions a) Prepare closing entries for December 31, 2021. b) Determine the balance in G. Yogi's capital account after the entries have been posted. c) Prepare a post-closing trial balance at December 31, 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

How does managerial accounting differ from financial accounting?

Answered: 1 week ago

Question

What are the different types of short sales?

Answered: 1 week ago

Question

b. LAS curve if the quantity of capital increases

Answered: 1 week ago

Question

What will you do or say to Anthony about this issue?

Answered: 1 week ago