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(15 points) Use the account data below to prepare a classified balance sheet for June 30, 2020 for The Company (hint, the correct MM, Capital amount will balance the balance sheet): Accounts Payable $2,300 Accounts Receivable $9.700 Accumulated Depreciation Equipment $64,400 Cash $12,400 Equipment $ 76,300 MM, Capital ? Prepaid Rent $8,600 Supplies $1,850 Unearned Fees $13,310 Wages Payable $14,570 Use your classified balance sheet to answer the following questions: . 1. What are Total Current Assets $ 2. What is Total Property. Plant, & Equipment $ 3. What are Total Assets $ 4. What are Total Current Liabilities $ 5. What is the balance of MM, Capital $ 6. What are Total Liabilities & Owner's Equity $ (16 points) Use the following account balances taken from the Adjusted Trial Balance columns for the year ended December 31 for The Company, journalize the closing two entries. (Important: For Closing Entry 1: 1) list Credit Accounts by account number in ascending order, lowest to highest). 2) Net Income or Net Loss will be the last account.) Account Name Acct# Debit Credit Cash 11 42,500 12 35,200 13 3,500 Accounts Receivable Supplies Accounts Payable JB, Capital JB, Drawing 21 21,500 31 136,200 32 60,000 Fees Earned 41 345,000 Wage Expense 51 294,000 Rent Expense 52 36.000 53 19,500 Supplies Expense Miscellaneous Expense 54 12.000 Enter the 2 Closing Journal Entries (it is ok to copy/paste the correct account name from Adjusted Trial Balance) Entry # Accounts Debit Credit 1 (10 points) A business pays weekly wages of $30,000 every Friday for a five-day period ending on that Friday. The last pay day of December is Friday, December 26. Assuming the next pay period begins on Monday, December 29, journalize (a) the adjusting entry necessary at the end of the fiscal period (Wednesday, December 31), (b) the entry for the payment of the payroll on Friday, January 2 Entry Account Name Debit Credit (a) (b) (3 points) On March 1 the unearned fees account has a balance of $65,000. If $24,000 of the $65,000 is unearned at the end of the accounting period on March 31, the amount of the adjusting entry is $24,000 O $79.000 $41,000 O $48.000 If the beginning balance is zero, after posting the first closing entry to the Owner's Capital account, the balance will be equal to O zero O owner's equity O revenues for the period O the net income or loss) for the period. Which of the accounting steps in the accounting process below would be completed last? O preparing the adjusted trial balance O posting O preparing the financial statements O journalizing
