ACC211 FALL 2021 CHAPTERS STUDENT SELF ASSESSMENT ASSIGNMENT 26 October, 2021 The nocountant for Sheldrake Consulting prepared the following "Adjusted" Trial Balance at December 31, of the current year, after one year of operations Debit Credit Cash $ 7,590 Accounts Receivable 5,910 Unexpired Insurance 2,550 Office Equipment 25,230 Accumulated Depreciation: Office Equipment S 450 Uneamed Consulting Feet 4,230 Capital Stock 21,030 Retained Earnings, January 1, 2017 3,390 Dividends 1,150 Consulting Fees Eamed. 28,150 Salaries Expense 8,850 ties Expense 2,130 3,390 Depreciation Expense 450 S57250 557250 Rent Expense Prepare closing entries for Sheldrake Consulting SUNDIAL Inc. Trial Balance December 31. Current Year Debit Credit Cash $ 16 Accounts Receivable 26 Equipment 191 Accounts Payable $21 Capital Stock 106 Retained Earnings 56 Dividends 11 Service Revenue 189 Salaries Expense 86 Depreciation 26 Supplies Expense. 16 5372 5372 1 What is the balance in Income Summary before it is closed to Retained Earnings? $61 b $50. c $73. d $145. 2 What is the balance in Retained Earnings after posting closing entries at December 312 21 $117. b $106. e $61. d $45. 21 3 What is the total of the debit column on the after-closing trial balance? a $222 b $372 $233 d S161 4 Which accounts are closed to Income Summary? All accounts. b Revenue and expenses. e Revenue, expenses, and dividends. d All accounts that are not nominal 5 Which accounts will appear on the balance sheet? 1 Retained earnings of $56. b Dividends of $11. c Net income of $60 d None of the above. The accountant for Successful Consulting prepared the following "Adjusted" Trial Balance at December 31, of the current year, after one year of operations: Credit Debit $ 5.700 4,500 2,100 18,300 Cash Accounts Receivable Unexpired Insurance Office Equipment Accumulated Depreciation: Office Equipment Unearned Consulting Fees.... Capital Stock Retained Earnings, January 1, 20 Dividends Consulting Fees Eamed. Salaries Expense. Utilities Expense Rent Expense Depreciation Expense. $ 600 3,600 15,300 2,700 1,100 21,200 6,600 1,800 2,700 600 S43.400 S43.400 Prepare an After-Closing Trial Balance DAVID'S, INC. Trial Balance December 31, Current Year Credit Debit $ 21 39 175 Cash Accounts Receivable Equipment Accounts Payable Capital Stock Retained Earnings Dividends Service Revenue Salaries Expense. Depreciation Advertising Expense. $ 27 117 39 13 203 95 27 16