Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ACG2021 Case Study 4 You are to use the Adjusted Trial Balance for Thomas Signs and prepare an income statement, statement of retained earnings and

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
ACG2021 Case Study 4 You are to use the Adjusted Trial Balance for Thomas Signs and prepare an income statement, statement of retained earnings and a balance sheet. Once the financial statements have been completed, journalize the closing entries. Accounts and Explanation Debit Credit Start by closing revenues. Date Dec. 31 Clos. (1) Debit Credit To close revenue. Close expenses for the period. Date Accounts and Explanation Dec. 31 Clos. (2) Debit Credit Close expenses for the period. Date Accounts and Explanation Dec. 31 Clos. (2) To close expenses. Close Income Summary. Date Accounts and Explanation Debit Credit Dec. 31 Clos. (3) Debit Credit To close Income Summary. Close Dividends Date Accounts and Explanation Dec. 31 Page 1 V of 2 Debit Credit To close Income Summary. Close Dividends. Date Accounts and Explanation Dec. 31 Clos. (4) To close Dividends. a To close Dividends. Adjusted Trial Balance for Case study 4.docx Thomas Signs Adjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $15.800 Accounts Receivable 47,500 Office Supplies 400 Prepaid Insurance 4,500 Building 56,100 Accumulated Depreciation Building $24.600 Equipment 30.000 Accumulated Depreciation- Equipment 7.800 Accounts Payable 24.400 Interest Payable 1.800 Salaries Payable 3.300 Unearned Revenue 1.500 Notes Payable long term) 7.100 Type here to search O a C 7,800 24,400 1,800 3,300 1,500 7.100 14,000 22,000 Equipment Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Retained Earnings Dividends Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense --Building Total 2,600 75,200 1,500 17,000 900 1.800 2,200 1.400 $181,700 $181,700 o

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

Retirement Income Recipes In R From Ruin Probabilities To Intelligent Drawdowns

Authors: Moshe Arye Milevsky

1st Edition

3030514331, 9783030514334

More Books

Students also viewed these Accounting questions

Question

Where do the authors work?

Answered: 1 week ago

Question

* What is the importance of soil testing in civil engineering?

Answered: 1 week ago

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago

Question

Define human resource management.

Answered: 1 week ago