Question
PLZ PLZ HELP ASAP Question 4 The name of Janet's business is Cleaning Made Easy Below is the Adjusted Trial Balance after Janet's first month
PLZ PLZ HELP ASAP
Question 4 | ||
The name of Janet's business is "Cleaning Made Easy" | ||
Below is the Adjusted Trial Balance after Janet's first month of operations | ||
for the month ended January 31, 2023. | ||
Cleaning Made Easy | ||
Adjusted Trial Balance | ||
January 31, 2023 | ||
Account Name | Debit | Credit |
Cash | 16,952.00 | |
Accounts Receivable | 4,520.00 | |
HST Payable | 7,254.00 | |
Prepaid Expenses | 3,300.00 | |
Vehicles | 60,000.00 | |
Accum. Depr. - Vehicles | 1,000.00 | |
Accounts Payable | 1,582.00 | |
Unearned Revenue | 2,600.00 | |
Loan Payable | 67,800.00 | |
Janet, Capital | 25,000.00 | |
Janet, Withdrawals | 6,000.00 | |
Service Revenue | 4,000.00 | |
Bank Charges Expense | 30.00 | |
Cleaning Supplies Expense | 1,000.00 | |
Depreciation Expense | 1,000.00 | |
Fuel Expense | 800.00 | |
Insurance Expense | 300.00 | |
Interest Expense | 226.00 | |
Legal Expense | 600.00 | |
Total | 101,982.00 | 101,982.00 |
Prepare the Post Closing Trial Balance after the closing entries | ||
- 9 marks | ||
Cleaning Made Easy | ||
Post Closing Trial Balance | ||
January 31, 2023 | ||
Account Name | Debit | Credit |
Cash | ||
Accounts Receivable | ||
HST Payable | ||
Prepaid Expenses | ||
Vehicles | ||
Accum. Depr. - Vehicles | ||
Accounts Payable | ||
Unearned Revenue | ||
Loan Payable | ||
Janet, Capital | ||
Janet, Withdrawals | ||
Service Revenue | ||
Bank Charges Expense | ||
Cleaning Supplies Expense | ||
Depreciation Expense | ||
Fuel Expense | ||
Insurance Expense | ||
Interest Expense | ||
Legal Expense | ||
Total | - | - |
Prepare the closing entries for the month ended January 31, 2023 | |||||
Date | Account Titles and Description | PR | Dr. | Cr. | |
Step 1: Close out the Revenue accounts to the Income Summary | |||||
Step 2: Close out the Expense accounts to the Income Summary | |||||
Step 3: Close out the Income Summary to the Capital account | |||||
Step 4: Close out the Withdrawals account to the Capital account | |||||
What it the net income (net loss) for the month ended January 31, 2023? |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started