Problem 4-03A a-d (Part Level Submission) (Video)

Problem 4-03A a-d (Part Level Submission) (Video) The completed financial statement columns of the worksheet for Ivanhoe Company are shown as follows: Ivanhoe Company Worksheet For the Year Ended December 31, 2020 Income Statement Balance Sheet Account Titles Dr. Cr Dr. Cr. Account No. 101 112 130 157 8,900 10,700 2,800 24,500 158 201 212 301 4,600 8,900 2,300 19,700 306 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense Totals Net Income 11,000 60,500 622 711 722 1,600 3,300 2,000 30,000 1,200 38,100 22,400 732 60,500 57,900 35,500 22,400 60,500 57,900 57,900 60,500 Prepare the closing entries. L. Ivanhoe did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue .500 | Income Summary 60,500 (To close revenue account) Dec. 31 Income Summary Maintenance and Repairs Expense 1,600 Depreciation Expense 3,300 Insurance Expense 2,000 | Salaries and Wages Expense 30,000 | Utilities Expense 1,200 (To close expense accounts) Dec. 31 Income Summary 1 22,400 T 22,400 Owner's Capital (To close net income / (loss)) Dec. 31 Owner's Capital Owner's Drawings 11,000 (To close drawings) Post the closing entries and balance the accounts. (Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 12/31 12/31 Owner's Drawings No. 306 Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 Depreciation Expense No. 711 Insurance Expense No. 722 Salaries and Wages Expense No. 726 Utilities Expense No. 732