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Mount Olive Corporation Trial Balance For The Year Ending December 31, 2023 Account Account # Debit Credit Cash 101 $ 558,000.00 Accounts Receivable 102 $
Mount Olive Corporation | |||||
Trial Balance | |||||
For The Year Ending December 31, 2023 | |||||
Account | Account # | Debit | Credit | ||
Cash | 101 | $ 558,000.00 | |||
Accounts Receivable | 102 | $ 55,000.00 | |||
Allowance for Doubtful Accounts | 103 | $ 10,000.00 | |||
Prepaid Expenses | 104 | $ 12,000.00 | |||
Inventory | 105 | $ 19,000.00 | |||
Supplies | 106 | $ 6,000.00 | |||
Equipment | 107 | $ 40,000.00 | |||
Accumulated Depreciation | 108 | $ 15,000.00 | |||
Accounts Payable | 201 | $ 90,000.00 | |||
Notes Payable | 202 | $ 50,000.00 | |||
Unearned Revenue | 203 | $ 40,000.00 | |||
Common Stock | 301 | $ 250,000.00 | |||
Income Summary | 302 | $ - | $ - | ||
Dividends | 303 | $ 14,500.00 | |||
Retained Earnings | 304 | $ 110,000.00 | |||
Sales Revenue - Landscapping | 401 | $ 93,000.00 | |||
Sales Revenue - Landscapping | 402 | $ 86,000.00 | |||
Expense - Fuel | 403 | $ 9,000.00 | |||
Expense - Payroll | 404 | $ 8,000.00 | |||
Expense - Insurance | 405 | $ 6,000.00 | |||
Expense - Taxes | 406 | $ 7,000.00 | |||
Expenses - Supplies | 407 | $ 5,000.00 | |||
Expense - Depreciation | 408 | $ 4,500.00 | |||
Totals | $ 744,000.00 | $ 744,000.00 | |||
Instructions: | |||||
Please use the trial balance data to complete (1) Closing journal entries for December 31, 2023 | |||||
and (2) complete the Income Statement, Statement of Retained Earnings, and Balance Sheet. | |||||
Date | Account | Account # | Debit | Credit | |
Mount Olive Corporation | Mount Olive Corporation | ||||||||||
Income Statement | Balance Sheet | ||||||||||
For The Year Ending December 31, 2023 | For The Year Ending December 31, 2023 | ||||||||||
Mount Olive Corporation | |||||||||||
Statement of Retained Earnings | |||||||||||
For The Year Ending December 31, 2023 | |||||||||||
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