Based on the data in the above worksheet attachment, complete a formal Income Statement, Statement of Owners Equity, and a formal Balance Sheet

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Topic 5 - Assignment 2

Based on the data in the worksheet attachment, journalize the four closing entries - close out Revenue, Expenses, Income Summary, and Drawing

A B F G Balance Sheet DR CR 640 200 5400 1150 250 4600 C DE 1 Account Ttile Income Statement 2 DR CR 3 Cash 4 Prepaid Insurance 5 Equipment 6 Accum. Deprec. - Equipment 7 Wages Payable 8 Capital 9 Service Fees 2620 10 Wage Expense 950 11 Advertising Expense 150 12 Supplies Expense 430 13 Insurance Expense 550 14 Depreciation Exp. - Equipment 300 15 2380 2620 16 Net Income 240 17 2620 2620 6240 6000 240 6240 6240