p4.4

part b only

Uiities Expense 1,400 Totals Net Income 37,700 60,000 5740035,100 22,300 22,300 60,000 60,000 57,400 57,400 Instructions a. Prepare an income statement, an owner's equity statement, and a classified balance sheet. b. Prepare the closing entries. L. Bray did not make any additional investments during the year . Post the closing entries and underline and balance the accounts. (Use Taccounts) Income Sum- mary is account No. 350 a. Ending capital $30,800 Total current assets $22,400 d. Prepare a post-closing trial d. Post-closing trial balance 546,400 P44A 201,2,4) Financial Statement with a capital investment of $120,000. The company manages condominiums for owners (Service clasified balance sheet, entries Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial and post-closing trial balance Rusthe Management Services began business on January l balance columns of the worksheet at the end of the first year are as follows. Rusthe Management Services Worksheet For the Year Ended December 31, 2020 Adjusted Trial Balance Trial Balance Dr.Cr.Dr.Cr. Account Titles 13,800 28,300 13,800 Cash s 28,300 Accounts Receivable Prepaid Insurance Land Buildings 2,100 3,600 67,000 127,000 67,000 127,000 4-50 CHAPTER 4 Completing the Accounting Cycle Adjusted Trial Balance Trial Balance Dr Cr Cr. Dr Account Titles 59,000 59,000 Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue 12,500 12,500 6,000 120,000 1,000 120,000 144,000 144,000 22,000 90,700 42,00029,000 20,500 42,00034,000 20,500 Salaries and Wages Expense Advertising Expense Utilities Expense 19,000 19,000 Totals 402,200 402,200 Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable 1,500 6,600 3,000 3,600 10,000 10,000 Totals 418,800 418,800 Instructions a. Net income $25,100 a. Prepare a complete worksheet. b. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment b. Total current assets $44,200 next year.) c. Journalize the adjusting entries. d. Journalize the closing entries. e. Prepare a post-closing trial balance. e. Post-closing trial balance $297,200 Complere all seps in accounting cycle P4.5A (LO 1,2, 4) Anya Clark opened Anya's Cleaning Service on July 1, 2020. During July, the fol- lowing transactions were completed GLS July 1 Anya invested $20,000 cash in the business. 1 Purchased used truck for $12,000, paying $ 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,800 cash on a l-year insurance policy effective July 1 $4,000 cash and the balance on account