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please awnser tge following question in the EXACT ANSWER AND EXACT FORMAT please thank you the ans should be in terms if the format ive
please awnser tge following question in the EXACT ANSWER AND EXACT FORMAT please thank you the ans should be in terms if the format ive sent thank you just directly give me ANSWER please in the following format in the pictuee !!!! thank you very much AFTER CLOSING TRIAL BALANCE
Required information [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts. Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation: Rental Equipment Notes Payable Accounts Payable Interest Payable. Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Share Capital Retained Earnings Dividends Incone Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense. Rent Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December of its first year of operations, the corporation entered into the following transactions. Dec. 1 Issued to John and Patty Driver 24,000 new shares in exchange for a total of $240,000 cash. Dec. 1 Purchased for $259,200 all of the equipment formerly owned by Rent-It. Paid $140,000 cash and issued a 1-year note payable for $119,200. The note, plus all 12 months of accrued interest, are due November 30, Year 2.1 Dec. 1 Paid $10,800 to Shapiro Realty as three months' advance rent on the rental yard and office formerly occupied by Q Search
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