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Can you help me with the closing entries and post-closing balance please? Thank you *Problem 4-02A a-e The adjusted trial balance columns of the worksheet
Can you help me with the closing entries and post-closing balance please?
Thank you
*Problem 4-02A a-e The adjusted trial balance columns of the worksheet for Pharoah Company, owned by C. Pharoah, are as follows. Pharoah Company Worksheet For the Year Ended December 31, 2020 Adjusted Trial Balance Account No. Account Titles Dr. Cr. 101 Cash 5,000 112 Accounts Receivable 10,800 126 Supplies 1,200 130 Prepaid Insurance 2,200 157 Equipment 27,300 158 Accumulated Depreciation-Equipment 6,000 200 Notes Payable 12,800 201 Accounts Payable 6,200 212 Salaries and Wages Payable 2,100 230 Interest Payable 600 301 Owner's Capital 13,000 306 Owner's Drawings 6,600 400 Service Revenue 63,200 610 Advertising Expense 8,500 631 Supplies Expense 4,300 711 Depreciation Expense 6,000 722 Insurance Expense 3,900 726 Salaries and Wages Expense 27,500 905 Interest Expense 600 Totals 103,900 103,900 Balance Income sa Account No. Account Titles Dr. Cr. Dr. Cr. Dr. Cr. 101 Cash 5,000 5000 112 Accounts Receivable 10,800 10800 126 Supplies 1,200 1200 130 Prepaid Insurance 2,200 2200 157 Equipment 27,300 27300 158 Accumulated Depreciation - Equipment 6,000 6000 200 Notes Payable 12,800 12800 201 Accounts Payable 6,200 6200 212 Salaries and Wages Payable 2,100 2100 230 Interest Payable 600 600 301 Owner's Capital 13,000 13000 306 Owner's Drawings 6,600 6600 400 Service Revenue 63,200 63200 610 Advertising Expense 8,500 8500 631 Supplies Expense 4,300 4300 711 Depreciation Expense 6,000 6000 722 Insurance Expense 3,900 3900 726 Salaries and Wages Expense 27,500 27500 905 Interest Expense 600 600 Totals 103,900 103,900 50800 63200 53100 40700 Net Income 12400 12400 Totals 63200 63200 53100 53100 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) PHAROAH COMPANY Income Statement For the Month Ended De Revenues Service Revenue 63200 Expenses Salaries and Wages Expense 27500 Advertising Expense 8500 Supplies Expense 4300 Depreciation Expense 6000 Insurance Expense 3900 Interest Expense 600 Total Expenses 50800 Net Income / (Loss) 12400 Prepare an owner's equity statement. C. Pharoah did not make any additional investments in the business during 2021. (List items that increase owner's equity first.) PHAROAH COMPANY Owner's Equity Statement For the Month Ended De Owners Capital 13000 Add Net Income / (Loss) 12400 25400 Less Drawings 6600 Owners Capital 18800 Post the closing entries. (Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Date Explanation Ref. Debit Credit Balance Jan. 31 Balance 13000 Dec. 31 Closing entry J14 Dec. 31 Closing entry J14 Owner's Drawings Date Explanation Ref. Debit No. 306 Balance Credit Dec. 31 Balance Dec. 31 Closing entry J14 Income Summary Date Explanation Ref. Debit Dec. 31 Closing entry J14 No. 350 Balance Credit Dec. 31 Closing entry J14 Dec. 31 Closing entry J14 Service Revenue Date Explanation Ref. Debit Dec. 31 Balance No. 400 Balance Credit Dec. 31 Closing entry J14 No. 610 Advertising Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Balance Dec. 31 Closing entry J14 No. 631 Supplies Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Balance Dec. 31 Closing entry J14 No. 711 Depreciation Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Balance Dec. 31 Closing entry J14 No. 722 Insurance Expense Date Explanation Ref. Debit Dec. 31 Balance Credit Balance Dec. 31 Closing entry J14 No. 726 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Balance Dec. 31 Closing entry J14 Interest Expense Date Explanation Ref. Debit No. 905 Balance Credit Dec. 31 Balance Dec. 31 Closing entry J14 Prepare a post-closing trial balance. PHAROAH COMPANY Post-Closing Trial Balance Debit Credit SA TotalsStep by Step Solution
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