Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 4-4A Closing entries LO2, 3, 4 Help Me SOLVE IT CHECK FIGURE: 2. Post-closing trial balance = $122,000 MY Autobody's adjusted trial balance
Problem 4-4A Closing entries LO2, 3, 4 Help Me SOLVE IT CHECK FIGURE: 2. Post-closing trial balance = $122,000 MY Autobody's adjusted trial balance on December 31, 2020, appears in the work sheet as follows: Debit Account Credit No. $ 28,000 101 Cash 1,800 124 Shop supplies. 4,200 128 Prepaid insurance........ 88,000 167 Equipment............ 168 Accumulated depreciation, equipment... $ 7,500 201 Accounts payable........ 19,000 210 Wages payable..... 8,860 301 Mike Yang, capita 140,000 302 Mike Yang, withdrawals.......... 36,000 401 Repair revenue. 157,630 612 Depreciation expense, equipment..... 8,500 623 Wages expense............ 104,500 637 Insurance expense. 1,900 640 Rent expense.. 52,350 650 Office supplies expense 4,800 690 Utilities expense............ Totals......... 2,940 $332,990 $332,990 Required 1. Prepare closing entries. bed 2. Prepare the post-closing trial balance at December 31, 2020. 290 A CamScanner
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