Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cathy Eagle, CPA, had the following partial worksheet: (Click the icon to view the partial worksheet) Read the requirements Requirement 1. Complete the worksheet. Complete

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Cathy Eagle, CPA, had the following partial worksheet: (Click the icon to view the partial worksheet) Read the requirements Requirement 1. Complete the worksheet. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step Cathy Eagle, CPA Worksheet December 31, 2018 Income Balance Adjusted Trial Balance Sheet Account Names Debit Credit Debil Credit Debit Credit Cash 46,500 13,100 Accounts Receivable Office Supplies Prepaid Rent 500 Land 10,800 20,000 130,000 950 20,000 1.500 Building Accumulated Depreciation Building Furniture Accumulated Depreciation Furniture Accounts Payable Utilities Payable Salaries Payable Interest Payable Uneared Revenue Notes Payable Common Stock 700 3,300 26.000 114 non Choose from any list or enter any number in the input fields and then continue to the next question Cathy Eagle, CPA had the following partial worksheet: (Click the icon to view the partial worksheet) Read the requirements 114.000 116,250 34,000 101, 100 Common Stock Retained Earnings Dividends Service Revenue Rent Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Building Depreciation Expense-Furniture Interest Expense 29,200 40,600 800 24,000 950 1,500 700 372,650 $ $ 372,650 Total Net Income or loss Requirement 2. Prepare the closing entries for Cathy Eagle, CPA (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues Date Accounts and Explanation Debit Credit Dec. 31 Clos. (1) Cing nende for the perind Choose from any list or enter any number in the input fields and then continue to the next question Save for later (Click the icon to view the partial worksheet.) Read the requirements Close expenses for the period Date Accounts and Explanation Debat Credit Dec. 31 Clos (2) Close Income Summary Accounts and Explanation Crede Date Dec 31 Clos (3) Close Dividends Accounts and Explanation Debit Date Credit Dec 31 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Cathy we had the o n e 20.000 20.00 Furniture Accumulated Depreciation Furniture (d 1.500 1,500 4.500 Accounts Payable Utilities Payable 3.600 700 (a) 700 Salates Payable Interest Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends 4.000(e) 26000 114000 116.250 116.250 34,000 34000 97000 ma) NI. 26.000 3200 3.600 24000 Service Revenue Rent Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense Building Depreciation Expense- Furniture Interest Expense TOC $ 148505 372.650 $ 372.550 $ 3.500 362,500 Total Print Done

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

Fraud examination

Authors: Steve Albrecht, Chad Albrecht, Conan Albrecht, Mark zimbelma

4th edition

538470844, 978-0538470841

More Books

Students also viewed these Accounting questions

Question

How do cultures and social communities shape communication?

Answered: 1 week ago