Can someone help me enter this data into to compute all together. I am having trouble on where do I enter entries for depreciation, accrued salary, and accrued property taxes. Accounting Cycle
Incognito INC Incognito INC Income Statement Balance Sheet Revenue Assets Salary Revenue 400 Current Assets Rent Revenue 44 Cash 262 Investment Income 28 Accounts Receivable 22 Miscellaneous Income 200 Total Current Assets 284 Total Revenue 672 Property Plant and Equipment Cost of goods sold Building - House 1370 Gross Profit 672 Investments - Railroads 200 Less -Operating expenses: Total Property Plant and Equipment 1570 Rent Expense 78 Total Assets 1854 Utilities Expense 140 Liabilities and Shareholders' equity Total Operating expenses 218 Current Liabilities Profit before tax 454 Dividend Payable 200 Income tax expense 100 Total Liabilities 20 Net Income 354 Shareholders' equity Incognito, Inc Capital 1500 Incognito INC Retained Earnings 154 Statement of Retained Earnings Total Shareholders' equity 1654 Opening balance of Retained Earnings 200 Total Liabilities and Shareholders' equity 1854 Add: Net Income 354 Closing balance of Retained Earnings 154 Closing Entries Incognito INC Account Title Debit | Credit Post Closing Trial Balance Salary Revenue 400 Accounts Debit Credit Rent Revenue 44 Cash 262 Investment Income 28 Accounts Receivable 22 Miscellaneous Income 200 Building - Houses 1370 Profit and Loss 672 Investments - Railroads 200 (To record closing of revenue accounts) Dividend Payable 200 Incognito, Inc Capital 1500 Profit and Loss 318 Retained Earnings 154 Rent Expense 78 Total 1854 1854 Utilities Expense 140 Income tax expense 100 (To record closing of expense accounts Profit and Loss 354 Retained Earnings 354 (To record transfer of profit to retained earnings)\fAccount: CASH Date Debit Credit Turn 0 1500 Tum 1 120 Turn 3 200 Turn 4 260 Turn 5 200 Turn 6 200 60 Turn 7 6 Turn 9 220 Tum 11 22 Turn 12 350 Turn 13 200 Turn 14 200 200 Turn 15 20 Turn 16 8 Turn 1? 220 Turn 18 26 Turn 20 140 Turn 21 140 Turn 22 20 Turn 24 26 Turn 26 100 Account: SALARY REVENUE Date Debit Credit Tum 6 200 Turn 13 200 Tum 14 200 Turn 19 200 Account: RENT REVENUE Date Debit Credit Turn 11 22 Turn 23 8 Turn 25 14 Account: MISCELLANEOUS INCOME Date Debit Credit Turn 11 200 Account: UTILITIES EXPENSE Date Debit Oedit Turn 11 140 Account: DIVIDENDS PAYABLE Date Debit Credit Turn 11 200 No: 100 Balance 1500 1380 1180 920 720 920 860 854 634 656 306 506 706 906 926 934 7 14 688 548 408 383 362 262 No: 600 Balance 200 5% No: 601 Balance 80 No: 603 Balance No: 701 Balance 140 No: 302 Balance Account: INCOGNITO INC, CAPITAL Date Debit audit Turn 0 1500 Account: BUILDINGS-HOUSES Date Debit Delllt Turn 1 120 Turn 4 260 Turn 6 60 Turn 9 220 Turn 12 350 Turn 1? 220 Turn 21 140 Account: INVESTM ENTS-RAILROADS Date Debit Credit Turn 3 200 Turn 5 200 Turn 14 200 Account: RENT EXPENSE Date Debit Credit Turn 7 6 Turn 18 26 Turn 22 20 Turn 24 26 Account: INVESTMENT INCOME Date Debit Credit Turn 15 20 Turn 16 3 Account: ACCOUNTS RECEIVABLE Date Debit Credit Turn 23 3 Turn 25 14 Account: RETAINED EARNINGS Date Debit Credit Turn 11 200 Account: INCOME TAX expense Date Debit Oedlt Turn 11 100 No: 600 Balance 4500 No: 210 Balance 120 330 660 1010 1230 1370 No: 221 Balance 200 No: 700 Balance 32 52 78 No: 602 Balance No: 110 Balance 3 22 No: 510 Balance zoo No: 703 Balance zoo INCOGNITO INC. Trial Balance Accounts Debit Credit Cash 262 Accounts Receivable 22 Buildings-Houses 1370 Investments-Railroads 200 Dividends Payable 200 Incognito, Inc Capital 1500 Retained Earnings 200 Salary Revenue 400 Rent Revenue 44 Miscellaneous Income 200 Investment Income 28 Income Tax Expense 100 Rent Expense 78 Utilities Expense 140 TOTAL 2372 2372
