Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ITUIU 2020-10-13-20-17-15.jpg A Searc Question Completion Status (Amount 5) (Amount 5) Cash 3,000 Supplies 5,000 Prepaid rent 6,000 Furniture 4,000 Equipment 16,000 Accumulated depreciation Equipment

image text in transcribed
ITUIU 2020-10-13-20-17-15.jpg A Searc Question Completion Status (Amount 5) (Amount 5) Cash 3,000 Supplies 5,000 Prepaid rent 6,000 Furniture 4,000 Equipment 16,000 Accumulated depreciation Equipment Unearned service revenue Ahmed, Capital Ahmed, Withdrawals 3,100 Services revenue Interest revenue Depreciation expense-Equipment 2,300 Wages expense 4,500 Utility expense 1,200 Rent expense 2,400 TOTAL 47,500 2,000 4,400 20,000 19,600 1,500 47,500 REQUIRED:- A) Prepare th. closing entries for Ahmed Company as on December 31, 2019. (3 marks) b. B) Calculate the amount of closing capital to be reported in the closing trial balance as on December 31st, 2019. (1 mark) Note: Closing T- Balance is not required. C) Why the permanent necounts (asset, liabilities, and capital) accounts of a company are not closed at the end of an accounting period? (I MacBook Air

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

Produktivitat Von Dienstleistungen

Authors: Klaus Moller, Wolfgang Schultze

3rd Edition

3658040858, 9783658040857

More Books

Students also viewed these Accounting questions

Question

=+Is it possible that there is an ace in the hand?

Answered: 1 week ago

Question

Debate the overexpansion of mental disorders attributed to the DSM.

Answered: 1 week ago

Question

What is the background of the situation?

Answered: 1 week ago