Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 4 The adjusted trial balance for Settles Tennis Club, Inc. at the end of the company's fiscal year appears below: Settles Tennis Club, Inc.

image text in transcribed

Question 4 The adjusted trial balance for Settles Tennis Club, Inc. at the end of the company's fiscal year appears below: Settles Tennis Club, Inc. Adjusted Trial Balance June 30, 2020 Credit Cash Prepaid Insurance Supplies Land Debit 26,200 9,600 1,200 100,000 645,200 260,000 156,000 50,400 73,000 9,000 22,500 20,000 3,000 471,150 54,000 Building Accumulated depreciation building Equipment Accumulated depreciation: equipment Accounts payable Wages payable Notes payable Income tax payable Unearned rent Settles, Capital Settles, Drawings Fees earned from court Fees earned from locker Wages expense Maintenance expense Advertising expense Utilities expense Supplies expense Depreciation expense: building Depreciation expense: equipment Insurance expense Miscellaneous expense Income tax expense 678,100 9,600 351,000 51,600 39,750 64,800 6,000 30,000 12,000 22,500 6,900 20,000 1,596,750 1,596,750 Required: a. Prepare the income statement, statement of owner's equity and balance sheet at June 30, 2020 b. Prepare the closing entries on June 30, 2020 Post the closing entries using T accounts d. Prepare a post-closing trial balance C

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra With Modeling And Visualization

Authors: Gary Rockswold

6th Edition

0134418042, 978-0134418049

Students also viewed these Accounting questions

Question

If so, what would you do?

Answered: 1 week ago