MASTERY PROBLEM 1 Cash 2 Styling Supplies 3 Prepaid Insurance 4 Salon Equipment 5 Accum. Depr.-Salon Equipment 6 Accounts Payable 7 Wages Payable 8 Elizabeth Soltis, Capital 9 Elizabeth Soltis, Drawing 10 Styling Fees 11 ACCOUNT TITLE Wages Expense 12 Rent Expense 13 Styling Supplies Expense 14 Phone Expense 15 Utilities Expense 16 Insurance Expense 17 Depr. Expense-Salon Equipment 18 19 Net Income 20 21 22 23 TRIAL BALANCE DEBIT 94000 150000 80000 4 500 00 12 000 00 800000 6 000 00 45000 80000 CREDIT Total assets: $4,740 E. Soltis, capital, Dec. 31: $4,475 225 00 276 500 32 000 00 34 9 9 0 00 34 9 9 0 00 Aunt Ibby's Styling Salon Work Sheet For Year Ended December 31, 20-- ADJUSTMENTS (c) DEBIT 40 00 (a) 1 450 00 CREDIT (a) 1 450 00 (b) 650 00 (d) 90000 (c) 4000 ADJUSTED TRIAL BALANCE CREDIT DEBIT 940 00 50 00 15000 4 500 00 12 000 00 90000 225 00 4000 276500 32 000 00 INCOME STATEMENT DEBIT CREDIT BALANCE SHEET 32 000 00 DEBIT 940 00 5000 15000 450000 12 000 00 CREDIT 1 2 3 45 804000 600000 145000 804000 600000 145000 13 14 450 00 45000 80000 15 80000 16 (b) 650 00 650 00 90000 650 00 90000 17 (d) 90000 304000 30 40 00 35 9 3 0 00 35 9 3 0 00 18 290 00 32 000 00 17 6 4 000 393000 18 13 7 1000 19 13 7 10 00 32 000 00 32 000 00 17 6 4 0 00 17 6 4 0 00 20 21 22 90000 5 225 00 6 40 00 7 2765 00 8 9 10 11 MASTERY PROBLEM Elizabeth Soltis owns and operates Aunt Ibby's Styling Salon. A year-end work sheet is provided on the next page. Using this information, prepare adjusting entries, financial statements, and closing entries. Soltis made no additional investments during the year. 12 214 PART

lizabeth Soltis owns and operates Aunt Bby's Styling Salon. A year-end work sheet is covited on the next page. Using this information, prepare adiusting entries, financial tatements, and closing cotries. Soltis made no additional investments during the year