Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

must be answered in full, to be considered complete. please show full answers no cut off Cash 106 The December 31, 2021, adjusted trial balance

must be answered in full, to be considered complete. please show full answers no cut off
image text in transcribed
image text in transcribed
Cash 106 The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows Number Account Title Debit Credit 102 $ 51,179 Accounts receivable 5,368 126 Computer supplies 670 128 Prepaid Insurance 1,485 131 Prepaid rent 770 163 office equipment 8,200 164 Accumulated depreciation office equipment $ 410 162 Computer equipment 20,000 168 Accumulated depreciation-Computer equipment 1,250 201 Accounts payablo 2,000 210 Wages payable 420 236 Unearned computer services revenue 2,000 302 S. Roy, Capital 67,000 302 8. Rey. Withdrawals 7,500 403 Computer services revenue 38,694 612 Depreciation oxpense-office equipment 410 613 Depreciation expense-Computer equipment 1,250 623 Wages expense 3,375 Insurance expenso 495 640 Rent expense 2,310 652 Computer supplies expensa 3,975 655 Advertising expense 2,618 676 Mileage expense 784 677 Miscellaneous expenses 170 684 Repaire expenne-computer 1,215 901 Income Summary Totale 3 111,774 $ 111,774 637 301 106 Accounts receivable 126 5,368 Computer supplies 670 128 Prepaid insurance 1,485 131 Prepaid rent 770 163 office equipment 8,200 164 Accumulated depreciation-office equipment 167 $ 410 Computer equipment 20,000 168 Accumulated depreciation Computer equipment 1,250 201 Accounts payable 210 2,000 Wages payable 420 236 Unearned computer services revenue 2,000 S. Roy, Capital 302 S. Rey, Withdrawals 67,000 7,500 403 Computer services revenue 612 Depreciation expense-office equipment 38,694 410 613 Depreciation expense-Computer equipment 1,250 623 Hages expense 3,375 637 Insurance expense 495 640 Rent expense 2,310 652 Computer supplies expense 3,975 655 Advertising expenso 676 2,618 Mileage expense 784 677 Miscellaneous expenses 170 684 Repair expenso-Computer 1,215 901 Income summary 0 Totalo $ 111,774 $ 111,774 Required: 1. Prepare an income statement for the three months ended December 31, 2021. 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. Hint: The S. Rey, Capital account balance was $0 on October 1, and owner investments were $67,000 this period. 3. Prepare a classified balance sheet as of December 31, 2021. 4. Record the closing entries as of December 31, 2021 5. Prepare a post-closing trial balance as of December 31, 2021

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

Financial Institutions Management

Authors: Anthony Saunders, Marcia Cornett

8th Edition

0078034809, 978-0078034800

More Books

Students also viewed these Finance questions