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PLEASE HELP ME FILL IN THE BALANCE SHEET AND THE CLOSING ENTRIES THANK YOU VERY MUCH!!!! Account Title Cash Accounts Receivable Prepaid Rent Supplies Land
PLEASE HELP ME FILL IN THE BALANCE SHEET AND THE CLOSING ENTRIES
THANK YOU VERY MUCH!!!!
Account Title Cash Accounts Receivable Prepaid Rent Supplies Land Equipment Accumulated Amortization - Equipment Unearned Revenue Accounts Payable Note Payable (due in 5 years) Salaries Payable Lee, Capital Lee, Withdrawals Service Revenue Amortization Expense-Equipment Salaries Expense Rent Expense Utilities Expense Supplies Expense GRAND TOTALS Unadjusted Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit $3,655.34 $3,655.34 $3,049.54 a) $5,500.00 $8,549.54 $616.07 d) $1,200.00 $583.93 [Used is more than available and so it became credit balance] $1,740.39 e) $3,200.00 $1,459.61 [Used is more than available and so it became credit balance] $12,834.75 $12,834.75 $18,661.72 $18,661.72 $1,458.03 b) $2,000.00 $3,458.03 $1,283.47 $1,283.47 $2,649.09 $2,649.09 $641.74 $641.74 c) $2,500.00 $2,500.00 $31,332.18 $31,332.18 $1,540.17 $1,540.17 $6,058.00 a) $5,500.00 $11,558.00 b) $2,000.00 $2,000.00 $924.10 c) $2,500.00 $3,424.10 d) $1,200.00 $1,200.00 $400.44 $400.44 e) $3,200.00 $3,200.00 $43,422.51 $43,422.51 $14,400.00 $14,400.00 $55,466.05 $55,466.05 YUMMY CHIP COMPANY Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Rent Supplies 3655.34 8549.54 583.93 1459.61 $ Property, Plant and Equipment Equipment Less: Total Property, Plant and Equipment 12,835 2,000 Total Assets Liabilities and Owner's Equity Current Liabilities Total Current Liabilities 1 Owner's Equity m 1 5 Total Liabilities and Owner's Equity in PART A: Prepare the closing entries for YUMMY CHIPS COMPANY - make sure to cell reference your account titles and amounts from the Adjusted Trial Balance (do not retype anything in your cells!!!) Account Name Debit Credit Revenues: 1 mark Expenses: Account Name Debit Credit 4 marks Income Summary: Account Name Debit Credit 2 marks Withdrawals: Account Name Debit Credit 2marksStep by Step Solution
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