Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ITK, Inc. has the following adjusted trial balance as of Deoember 31, 2018, the company's year end EEB (Click the icon to view the adjusted
ITK, Inc. has the following adjusted trial balance as of Deoember 31, 2018, the company's year end EEB (Click the icon to view the adjusted trial balance.) Adjusted trial balance a. Prepare the necessary dlosing entries for ITK, Inc. at December 31, 2018. Omit explanations b. Prepare the post-closing trial balance for ITK, Inc. at December 31, 2018 ITK, Ine. Adjusted Trial Balance At December 31,2018 Requirement a. Prepare the necessary closing entries for ITK, Inc. at December 31, 2018. Omit explanations. ( (1) Start by closing revenues Debit Credit Cash Accounts Receivable Prepaid Rent 400,000 7,000 9,900 37,500 December 3 Accumulated DepreoiationEquipment Accounts Payable Wages Payable Common Stock Sales Revenue Rent Expense Wage Expense Usities Expense 2,500 40,000 28,000 18,000 02,200 19,800 288,000 9,000 2,500 17.000 Insurance Expense s790,700 s 790,700 Total Print Done any list or enter any number in the input fields and then click Check Answer input fields and then click Check
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started