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Question 3 (30 points) The following adjusted TRIAL Balance is given for ACAR Photography. ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018 Accounts Debit Credit

Question 3 (30 points)

The following adjusted TRIAL Balance is given for ACAR Photography.

ACAR Photography

Adjusted TRIAL BALANCE

Dec., 31, 2018

Accounts

Debit

Credit

Cash

30.000

Accounts receivable

60.000

Supplies

15.000

Notes Receivable

6.400

Land

80.000

Building

320.000

Accumulated Depreciation- Building

42.000

Equipment

150.000

Accumulated Depreciation- Equipment

17.000

Accounts Payable

24.000

Salaries Payable

4.000

Unearned Service Revenue

50.000

Notes Payable

200.000

Capital, ACAR

24.580

Withdrawals

46.000

Service Revenue

578.000

Salaries Expense

122.000

Depreciation Expense

12.300

Supplies Expense

28.080

Rent Expense

28.000

Utilities Expense

41.800

939.580

939.580

Requirement:

Make closing entries (10 points) and prepare the following Financial Statements;

  1. Income Statement for the period (10 points)
  2. Balance Sheet at Dec.31, 2016 (10 points)

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