Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Could you please help me with these question? 1-h. Will Nick Stilz's capital account of $111409 appear on the balance sheet as at December 31,

image text in transcribedimage text in transcribed

Could you please help me with these question?

image text in transcribedimage text in transcribedimage text in transcribed
1-h. Will Nick Stilz's capital account of $111409 appear on the balance sheet as at December 31, 2020? D Yes D No '2. Prepare the closing entries for the company. View transaction list Journal entryr worksheet Record to close the revenue account to the income summary. Note: Enter debits before credits. December 31, 2020 Record entry Clear entry View general journal 3. What is the ending balance of Nick Stilz's capital account as at December 31, 2020? Nick Stilz's capital accountImprov Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The following year-end accounts as of December 31, 2020 are listed in alphabetical order and have normal balances. Accumulated depreciation, equipment $ 15, 450 Cash 58, 750 Depreciation expense, equipment 4, 980 Equipment 55, 800 Insurance expense 4, 140 Nick Stilz, capital 1 17, 400 Nick Stilz, withdrawals 33, 500 Prepaid in 8, 780 Rent expense 64, 750 Salaries expense 44, 250 Supplies 3, 400 Supplies expense 7, 400 Ticket revenue 147, 400 Unearned revenue 5, 500 Required: 1-a. Prepare an adjusted trial balance as at December 31, 2020. IMPROV CLUB Adjusted Trial Balance December 31, 2020 Account Debit Credit Totals

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

Accounting Chapters 1-13

Authors: Carl Warren

27th Edition

1337272108, 978-1337272100

More Books

Students also viewed these Accounting questions