Please Complete Step 8 Closing Entries, Let me know if you need any additional info
Please complete Step 8 Closing Entries (last 3 photos)
Call Styles Farm -7 X fx 55,000 A Assets Current Assets Cach Accounts Receivable Inventory Prepaid Insurance Supplies Total Current Assets Property Plant, and Equipment, net Total Assets 1,004,000 62.000 30,000 3,300 1,500 1,100,800 296,800 1,397,600 D Cash Nows rom operating activities Net Income Adjustments to Net Income Increase in Accounts receivable Increase in inventory Increase in Prepaid expenses Increase in supplies Depreciation Increase in Accounts Payable Increase in Salaries and Wages payable Increase in deferred revenue Net cash flow provided by used in operating activities ( 62.000) 20,000) 0.300) (1.500) 3,2000 71,100 3.5000 24,000 64,000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and wages payable Dividends Payable Deferred Revenue Total Current Liabilities Long-term Liabilities Mortgages Payable Total Liabilities 71 100 3,500 1,000 24,000 99,600 Cash flows from investing activities Purchase of Building & Land with cash Net cash flow provided by used injinvesting activities 150,000 160,000) Cash flows from financing activities Issuance of Common Stock for Cash Net cash flow provided by used in investing activities 240.000 339,600 1,000,000 1,000,000 1,004,000 Net increase (decrease) in cash Beginning lalance of Cash Ending Balance of cash 1,004,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,000,000 58,000 1,058,000 1,397,600 Step 5 AJE Analye A Step 5 AJE journal Stop 5 AJE post Step 6 Ad), TB Step 8 Closing Step 7 Prepare FS 1/31/20X1 Credit Feedback Unadjusted Trial Balance Debit 1,004,000 62,000 30,000 3,300 1,500 200,000 100,000 Account Title. Cash Accounts Receivable Inventory Prepaid Insurance Supplies Building Land Accumulated Depreciation Accounts Payable Salaries and wages payable Dividends Payable Deferred Revenue Mortgage Payable Common Stock Dividends Sales Revenue Service Revenue Cost of goods sold Salaries and wages expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense 3,200 50,000 3,500 1,000 20,000 1 240,000 1,000,000 OOOOOOOOOOOOOOOO 1,000 60,000 48,000 ttt 20,000 3,500 3,200 900 1,100 300 20,000 1,450,800 + @lolololo 1,450,800 Step 5 AJE Analzye Step 5 AJE journal A Step 5 AJE post Step 6 Adj. TB Ready Eda View insert Format 100 window Steps of the Accounting cycle project corrected Review View Tell me Home Insert Draw Page Layout Formulas Data WAA B 1 Candong Formats Dale he E40 Xfx GENERAL LEDGER - . DIVIDENDS METAINED EARNING Month Decode Day Data 20 1.000 M By Date 3 81 SALES REVENUE INCOME SUMMARY Month C Bay 17 M De DO de Ben De 11 se 1 31 SERVICE REVENUE M. De 31 Dy 26 31 31 31 Crede 11.00 16.000 17. DC 15.00 11 48.000D 11 COST OF GODOS SOLD De Creo Ben DC 30 DOO SALARIES AND WAGES EXPENSE Month Cr Day 31 11 Bee 3.So SO Step Pasta Stop 6 Adj. TE Step 8 Closing entries Step 5 AJE post Stop 7 Prepare FS Stan 5. Final GENERAL LEDGER DIVIDED TANID BARNENOS M bey De De SALES REVENUE INCOME SUNUARY Ne C 17 EL 100 SERVICE EVENE 11 11 14 1 11.40 COST OF BODO SOLD LP 1000 SALARIES AND WAGES DE M TL 31 Step 7 Prepare FS Se Post Step 5 AJE Analye AJE post Step 8 Closing entries Stop SALE Stop AB DEPRECATION DOENSE 11 Month DEY 33 Debt 3,200 COR Detal 0,200 SUPPLIES EXPENSE ce De be CH 11 100 INTEREST CONSE Date Ged De 31 1.100 DO 1100 INSURANCE EXPENSE De Cred Ostalo 300 11 INCOME TAX EXPENSE CH De 10000 31 Stop 5 AJE Anatry Step 5 AJE Journal Stop 5 AJE pool Step 6A, TB Step 7 Prepare S Step 8 Closing entries R Home Insert Draw Page Layout Formulas Data Review X v ITH Pasto 47 x fe A B C R. 48,000 60,000 108,000 1 1 TLKT Company Income Statement For the month of January 20X1 Revenues: Service Revenue 5 Sales Revenue Total Revenue Expenses: Cost of goods sold o Salaries and wages expense 1 Depreciation expense 2 Supplies expense 3 Interest expense 4 Insurance expense 5 Income tax expense 6 Total Expenses 7 Net Income B 9 TLKT Company 1 Balance Sheet 1/31/20x1 3 Assets 20,000 3,500 3,200 900 1,100 300 20,000 49,000 59,000 NO N Adjustm 4. Current Assets es Cash 26 Accounts Receivable 27 Inventory 28 Prepaid Insurance 29 Subs 1,004,000 62,000 30,000 3,300 1 500 D E TLKT Company Statement of Retained Earnings For the month of January 20X1 Retained Earnings January 1, 20X1 Add: Net Income Less: Dividends Retained Earnings January 31, 20X1 59,000 1,000 58,000 TLKT Company Statement of Cash Flows For the month of January 20X1 59,000 Cash flows from operating activities Net income stments to Net income Increase in Accounts receivable Increase in Inventory Increase in Prepaid expenses (62,000) (30,000) (3,300) (1.500) Step 8 Closing ent AJE post A Step 6 Adj. TB Step 7 Prepare FS Assets 24 Current Assets 25 Cash 26 Accounts Receivable 27 Inventory 28 Prepaid Insurance 29 Supplies 30 Total Current Assets 31 Property Plant, and Equipment, net 32 Total Assets 1,004,000 62,000 30,000 3,300 1,500 1,100,800 296,800 1,397,600 Net ir Adjustments Incre Incre Incre Incred ele Depre Incred Increa Increa Netc 71,100 3,500 1,000 24,000 99,600 Cash Purch Net ca 33 34 Liabilities and Stockholders' Equity 35 Current Liabilities 36 Accounts Payable 37 Salaries and wages payable 38 Dividends Payable 39 Deferred Revenue 40 Total Current Liabilities 41 Long-term Liabilities 42 Mortgages Payable Total Liabilities 44 45 Stockholders' Equity 46 Common Stock 47 Retained Earnings AS Total Stockholders' Equity 49. Total Liabilities and Stockholders' Equity Cash fi Issuan Netca 240,000 339,600 3 43 Net in Beginn Ending 1,000,000 58,000 1,058,000 1,397,600 Step 5 AE Analzve Step 5 AJE journal Step 5 AJE po RETAINED EARNINGS Balance Credit Month Debit Credit Balance Debat Day 31 an 1,000 1,000 berth chasing 31 1,000 1000 so ar the che hanno INCOME SUMMARY Balance Credit Month Day Debit Credit Balance Debit ain under the counter Jan. 31 31 31 enter the changer Jan the claimer Jain 31 unterhacer Jan to the car Wan on the chain Van the ci 31 31 31 31 31 31 Van them Jan 620 has Jain the income a D 25 Month Debt Credit Balance Debit Credit 27 an Dwy 31 31 3.500 3,500 28 Jan 30 DEPRECIATION EXPENSIE Balance Balance Debit Credit 31 Month Debit Credit Day 31 32 War 3,200 3200 33 Van 31 34 35 SUPPLIES EXPENSE Balance Balance Debit Credit 36 Date Debit Credit 3 Dan 31 900 900 Jan 31 39 O INTERESTEXPENSE Balance Balance Debit Credit 41 Date Credit Debit 1,100 31 1100 43 Vane 4 4 INSURANCE EXPENSE Date Debit Credit Balance Balance Debit Credit 300 Jan 31 300 31 SO INCOME TAX EXPENSE Date Credit Balance Balance Debit Credit 20,000 Debit 20,000 352 Van 31 53 Jan 31 Call Styles Farm -7 X fx 55,000 A Assets Current Assets Cach Accounts Receivable Inventory Prepaid Insurance Supplies Total Current Assets Property Plant, and Equipment, net Total Assets 1,004,000 62.000 30,000 3,300 1,500 1,100,800 296,800 1,397,600 D Cash Nows rom operating activities Net Income Adjustments to Net Income Increase in Accounts receivable Increase in inventory Increase in Prepaid expenses Increase in supplies Depreciation Increase in Accounts Payable Increase in Salaries and Wages payable Increase in deferred revenue Net cash flow provided by used in operating activities ( 62.000) 20,000) 0.300) (1.500) 3,2000 71,100 3.5000 24,000 64,000 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and wages payable Dividends Payable Deferred Revenue Total Current Liabilities Long-term Liabilities Mortgages Payable Total Liabilities 71 100 3,500 1,000 24,000 99,600 Cash flows from investing activities Purchase of Building & Land with cash Net cash flow provided by used injinvesting activities 150,000 160,000) Cash flows from financing activities Issuance of Common Stock for Cash Net cash flow provided by used in investing activities 240.000 339,600 1,000,000 1,000,000 1,004,000 Net increase (decrease) in cash Beginning lalance of Cash Ending Balance of cash 1,004,000 Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 1,000,000 58,000 1,058,000 1,397,600 Step 5 AJE Analye A Step 5 AJE journal Stop 5 AJE post Step 6 Ad), TB Step 8 Closing Step 7 Prepare FS 1/31/20X1 Credit Feedback Unadjusted Trial Balance Debit 1,004,000 62,000 30,000 3,300 1,500 200,000 100,000 Account Title. Cash Accounts Receivable Inventory Prepaid Insurance Supplies Building Land Accumulated Depreciation Accounts Payable Salaries and wages payable Dividends Payable Deferred Revenue Mortgage Payable Common Stock Dividends Sales Revenue Service Revenue Cost of goods sold Salaries and wages expense Depreciation expense Supplies expense Interest expense Insurance expense Income tax expense 3,200 50,000 3,500 1,000 20,000 1 240,000 1,000,000 OOOOOOOOOOOOOOOO 1,000 60,000 48,000 ttt 20,000 3,500 3,200 900 1,100 300 20,000 1,450,800 + @lolololo 1,450,800 Step 5 AJE Analzye Step 5 AJE journal A Step 5 AJE post Step 6 Adj. TB Ready Eda View insert Format 100 window Steps of the Accounting cycle project corrected Review View Tell me Home Insert Draw Page Layout Formulas Data WAA B 1 Candong Formats Dale he E40 Xfx GENERAL LEDGER - . DIVIDENDS METAINED EARNING Month Decode Day Data 20 1.000 M By Date 3 81 SALES REVENUE INCOME SUMMARY Month C Bay 17 M De DO de Ben De 11 se 1 31 SERVICE REVENUE M. De 31 Dy 26 31 31 31 Crede 11.00 16.000 17. DC 15.00 11 48.000D 11 COST OF GODOS SOLD De Creo Ben DC 30 DOO SALARIES AND WAGES EXPENSE Month Cr Day 31 11 Bee 3.So SO Step Pasta Stop 6 Adj. TE Step 8 Closing entries Step 5 AJE post Stop 7 Prepare FS Stan 5. Final GENERAL LEDGER DIVIDED TANID BARNENOS M bey De De SALES REVENUE INCOME SUNUARY Ne C 17 EL 100 SERVICE EVENE 11 11 14 1 11.40 COST OF BODO SOLD LP 1000 SALARIES AND WAGES DE M TL 31 Step 7 Prepare FS Se Post Step 5 AJE Analye AJE post Step 8 Closing entries Stop SALE Stop AB DEPRECATION DOENSE 11 Month DEY 33 Debt 3,200 COR Detal 0,200 SUPPLIES EXPENSE ce De be CH 11 100 INTEREST CONSE Date Ged De 31 1.100 DO 1100 INSURANCE EXPENSE De Cred Ostalo 300 11 INCOME TAX EXPENSE CH De 10000 31 Stop 5 AJE Anatry Step 5 AJE Journal Stop 5 AJE pool Step 6A, TB Step 7 Prepare S Step 8 Closing entries R Home Insert Draw Page Layout Formulas Data Review X v ITH Pasto 47 x fe A B C R. 48,000 60,000 108,000 1 1 TLKT Company Income Statement For the month of January 20X1 Revenues: Service Revenue 5 Sales Revenue Total Revenue Expenses: Cost of goods sold o Salaries and wages expense 1 Depreciation expense 2 Supplies expense 3 Interest expense 4 Insurance expense 5 Income tax expense 6 Total Expenses 7 Net Income B 9 TLKT Company 1 Balance Sheet 1/31/20x1 3 Assets 20,000 3,500 3,200 900 1,100 300 20,000 49,000 59,000 NO N Adjustm 4. Current Assets es Cash 26 Accounts Receivable 27 Inventory 28 Prepaid Insurance 29 Subs 1,004,000 62,000 30,000 3,300 1 500 D E TLKT Company Statement of Retained Earnings For the month of January 20X1 Retained Earnings January 1, 20X1 Add: Net Income Less: Dividends Retained Earnings January 31, 20X1 59,000 1,000 58,000 TLKT Company Statement of Cash Flows For the month of January 20X1 59,000 Cash flows from operating activities Net income stments to Net income Increase in Accounts receivable Increase in Inventory Increase in Prepaid expenses (62,000) (30,000) (3,300) (1.500) Step 8 Closing ent AJE post A Step 6 Adj. TB Step 7 Prepare FS Assets 24 Current Assets 25 Cash 26 Accounts Receivable 27 Inventory 28 Prepaid Insurance 29 Supplies 30 Total Current Assets 31 Property Plant, and Equipment, net 32 Total Assets 1,004,000 62,000 30,000 3,300 1,500 1,100,800 296,800 1,397,600 Net ir Adjustments Incre Incre Incre Incred ele Depre Incred Increa Increa Netc 71,100 3,500 1,000 24,000 99,600 Cash Purch Net ca 33 34 Liabilities and Stockholders' Equity 35 Current Liabilities 36 Accounts Payable 37 Salaries and wages payable 38 Dividends Payable 39 Deferred Revenue 40 Total Current Liabilities 41 Long-term Liabilities 42 Mortgages Payable Total Liabilities 44 45 Stockholders' Equity 46 Common Stock 47 Retained Earnings AS Total Stockholders' Equity 49. Total Liabilities and Stockholders' Equity Cash fi Issuan Netca 240,000 339,600 3 43 Net in Beginn Ending 1,000,000 58,000 1,058,000 1,397,600 Step 5 AE Analzve Step 5 AJE journal Step 5 AJE po RETAINED EARNINGS Balance Credit Month Debit Credit Balance Debat Day 31 an 1,000 1,000 berth chasing 31 1,000 1000 so ar the che hanno INCOME SUMMARY Balance Credit Month Day Debit Credit Balance Debit ain under the counter Jan. 31 31 31 enter the changer Jan the claimer Jain 31 unterhacer Jan to the car Wan on the chain Van the ci 31 31 31 31 31 31 Van them Jan 620 has Jain the income a D 25 Month Debt Credit Balance Debit Credit 27 an Dwy 31 31 3.500 3,500 28 Jan 30 DEPRECIATION EXPENSIE Balance Balance Debit Credit 31 Month Debit Credit Day 31 32 War 3,200 3200 33 Van 31 34 35 SUPPLIES EXPENSE Balance Balance Debit Credit 36 Date Debit Credit 3 Dan 31 900 900 Jan 31 39 O INTERESTEXPENSE Balance Balance Debit Credit 41 Date Credit Debit 1,100 31 1100 43 Vane 4 4 INSURANCE EXPENSE Date Debit Credit Balance Balance Debit Credit 300 Jan 31 300 31 SO INCOME TAX EXPENSE Date Credit Balance Balance Debit Credit 20,000 Debit 20,000 352 Van 31 53 Jan 31
