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4 questions please answer and show work thank you. 2) Cookies and More sells cookies and baked products in a mall. Cookies and More is
4 questions please answer and show work thank you.
2) Cookies and More sells cookies and baked products in a mall. Cookies and More is organized as a sole proprietorship. The transactions for December 2000 for Cookies and More have been recorded in the accounting system. This assignment requires you to close the accounts for this period. The trial balance for December 31, 2000, is given below: Cookies and More Adjusted Trial Balance December 31, 2000 Account name Debit Credit Cash $12,230 Accounts Receivable 4,750 Prepaid Insurance 2.000 Supplies 270 Building 5,000 Accumulated Depreciation-Building 1,000 Accounts Payable 1,650 Unearned Revenue 5,000 Note Payable 12,000 Kelly, Capital 5,000 Kelly, Drawings 2.000 Sales Revenue 10,000 Salary Expense 5,400 Supplies Expense 2.000 Utilities Expense 1,000 $34.650 $34,650 Note: No owner's contribution investment for December 1) Prepare Income Statement 2) Prepare Statement of Owner's Equity 3) Prepare balance Sheet 4) Prepare Closing entriesStep by Step Solution
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