Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION: With the above information I need help with the FINAL BALANCE SHEET thank you. 8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2

image text in transcribedimage text in transcribed

QUESTION: With the above information I need help with the FINAL BALANCE SHEET

thank you.

8:08 Done COMPREHNSIVE PROBLEM PART... The Part 1 Part 2 - T-accounts 3. Adiusted Trial Balance Cash SI 067.000 $206,700 Accounts Receivable S10.000 Prepaid Insurance $24,000 Inventory $10,000 ABC, Inc. Adjusted Trial Balance As of June 30 20XX S25.6081 $320,100 $24,000 S10,000 $22.000 $20,000 1.500 $2.000 Building $320,100 Equipment S106,700 Debit 914,692 10,000 22.000 R500 320.100 106.700 25. MIR S500 SI.RO 54.000 $120,100 S106,700 889.1 Accum Depr-Buildine Accum Depr-Equip S8891 8891 116,7 5914,6921 1.72 $889 $889 $8,500 Cash Accounts Receivable Land Prepaid Insurance $25,608 Inventory Building Equipment $25,608 Land Accumulated Depreciation - Building Accounts Payable Accumulated Depreciation - Equipment $106,700 Accounts Payable $10,000 Advanice Deposits Accrued Interest $116,700 Accrued Wages Note Payable Accrued Wages Common Stock $400 Dividends Service Revenue Consulting Revenue $400 Advertising Expense Utilities Expense Consulting Revenue R&M Expense $10.000 Wages Expense Interest Expense Insurance Expense S10,000 Cost of Goods Sold Depreciation Expense Wages Expense Total $4,000 $400 206,7 1,067,0 Advance Deposits Accrued Interest Note Payable $206,700 $500 $1,7231 500 20,0 10.0 S500 $206,700 S1.7231 Common Stock S1.007.000 Dividends 5500 Service Revenue $20,000 1,500 2.000 1.800 4.400 1.723 2.000 1.500 1.778 1.424.00 R331 $1,067,000 5500 $20,000 1 494 Advertising Expense $1,500 Utilities Expense $2,000 R&M Expense $1,800 $1,500 S2 (100) $1.00 $4,400 Interest Expense $1.723 Depreciation Expense S889 S889 Insurance Expense $2,000 COGS S1.500 $1,723 $1.778 $2,000 $1,500 Credit Date Account Titles and Explanation 31-Dec Service Revenue Consulting Revenue Income Summary (To close revenue account) $ $ Debit 20,000 10,000 $ 30,000 $ 16,701 $ $ 31-Dec Income Summary Cost of goods sold Advertising Expense Utilities Expense R&M Expense Wages Expense Interest Expense Insurance Expense Depreciation Expense (To close expense accounts) $ $ $ $ $ 1,500 1,500 2,000 1,800 4,400 1,723 2,000 1,778 $ 13,299 31-Dec Income Summary Retained Earnings (To close income summary) $ 13,299 500 31-Dec Retained Earnings Dividends (To close Dividends) $ 500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Accounting For Decision Making And Control

Authors: Jerold Zimmerman

10th International Edition

1260565475, 9781260565478

More Books

Students also viewed these Accounting questions

Question

Graph y = -x + 4 by plotting points.

Answered: 1 week ago