Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Aris Castro, CPA Income Statement For the Month Ended March 31, 2017 19,100 Professional Fees Income Less: Expenses Salary 3,800 1,400 Rent Utilities 800 Depreciation
Aris Castro, CPA Income Statement For the Month Ended March 31, 2017 19,100 Professional Fees Income Less: Expenses Salary 3,800 1,400 Rent Utilities 800 Depreciation 300 Supplies 400 6,700 12,400 Net Profit Arls Castro, CPA Balance Sheet March 31, 2017 Assets Current Assets Cash S,200 supplies 2,000 Prepald Rent Total current ,100 Non-current Assets office Equlpment S1,100 Less: Accumulated Depreclation 6,SOO 44,600 Total Assets S2,700 Liablliti es and Capital Liabllities Curre nt llabllitie s Accounts Payable 4,600 Salary Payable S00 100 Unearned Professional Fees Income Total current S,SOO Long-term llabllities Long-term Notes Payable 10,000 Total Llabllities 1s,SOO Capital Capital, March 1 25,2oo Add: Net Profit 12,400 Total 38, 200 1,000 Less: Drawing Capital, March 21 E7,200 Total Llabilities and Capital S2,700 1. Closing Entries Closing Entries Page N Date Accounts Debit Credit 2017 Mar 31 To close revenue to Income Summary Income Summary To close expenses to Income Summary Income Summary To close the balance of Income Summary to capital To close drawing to capital 2. Post-Closing Trial Balance Aris Castro, CPA Post-Closing Trial Balance March 31, 2017 Debit Credit Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started