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hello can you help me do the following instructions from 2 to 5 please. and please instert the infromation in table thank you! Exercise 1
hello can you help me do the following instructions from 2 to 5 please. and please instert the infromation in table thank you!
Exercise 1 John Black's Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. John Black's Company prepared the end-of-period spreadsheet shown below at July 31-2020, the end of the current fiscal year 8 Account Title 19 Cash 10 Accounts Receivable 11 Prepaid Insurance 12 Supplies 13 Land 14 Building 15 Accum. Depr-Building 16 Equipment 17 Accum. Depr. Equipment 18 Salaries & Wages Payable 19 Uneamed Rent 20 Mortgage Payable 21 John Black Capital 22 John Black Drawing 23 Fees Earned 24 Rent Revenue 25 Salaries & Wages Expense 26 Selling Expense 27 Utilities Expense 28 Repairs Expense 29 Depr. Exp. Equipment 30 Insurance Expense 31 Supplies Expense 32 Depreciation Exp. Building 33 Miscellaneous Expense 34 End-of-Period Spreadsheet for the year ended Unadjusted Trial Adjusted Trial Balance Adjustments Balance Dr. Cr. Dr. Cr. Dr. Cr. 25.000 25.000 38.900 3.130 42,050 4,200 2 500 1.700 2.700 1,830 870 98,000 98,000 222.000 222.000 205 300 1,600 206.900 101.000 101,000 78.000 7,800 85,800 5.600 5,600 2.100 1,000 1.100 1.900 1.900 203,170 203,170 10 000 10.000 113.630 3,150 116,780 1,000 1,000 56.000 5,600 61,600 21,700 21 700 11,450 11.450 8,870 8870 7,800 7.800 2.500 2.500 1,830 1,830 1.600 1,600 4.280 4.280 604,100 604.100 23.480 23 480 622 230 622,250 Instructions: 35 1. Prepare an income statement for the year ended July 31. 36 2. Prepare statement of owner's equity for the year ended July 31. Additional arvestments were made 37 during the year 56,570 3a 3. Prepare a balance sheet as of July 31. 4. Based upon the end-of-period spreadsheet, journalize the closing entries. 5. Prepare a post-closing trial balance, 19 P.S. Please use financial statements from the following tabs. 1 John Black Company Income Statement For the year ended July 31,2020 2 3 4 Revenues: 116,780 5 Fees Earned 1,000 Rent Revenue 6 117,780 Total revenues 7 61,600 21,700 11,450 8,870 7.800 2,500 1.830 8 Expenses: 9 Salaries and wages expense 10 Selling expense 11 Utilities expense 12 Repairs Expense 13 Depreciation Expense, Equipment 14 Insurance Expense 15 Supplies Expense 16 Depreciation Expense, Building 17 Miscellaneous Expense 18 Total expenses 19 Net (loss) 20 21 22 23 Statement of Owner's Equity 24 for the year ended 25 capital 26. Investment 27 Net income 28 Less withdrawals 29 Increase in owner's equity 30 capital 31 1,600 4.280 121.630 -3.850 2 Balance Sheet at 3 Assets Liabilities 4 Current liabilities: 5 Current assets: 6 7 B 9 Long-term liabilities: Total liabilities Owner's Equity 10 11 12 Total current assets 13 Property, plant and equipment: 14 15 16 17 18 19 20 21 Total property, plant and equipment 22 Total assets 23 Total liabilities and owner's equity Date 2020 Debit 1 2 3 Credit Description Closing Entries 4 5 6 7 8 po 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Post-Closing Trial Balance 29 Debit Credit Balances Balances 30 31 32 33 34 35 36 37 38 119 40 41 44 45 47 Step by Step Solution
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