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Re Sales Revenue 193,000 Interest Revenue 6,000 Cost of Goods Sold 78,000 Depreciation Expense 18,000 Wages Expense 42,000 Supplies Expense 3,000 Interest Expense Dividends 1,000
Re Sales Revenue 193,000 Interest Revenue 6,000 Cost of Goods Sold 78,000 Depreciation Expense 18,000 Wages Expense 42,000 Supplies Expense 3,000 Interest Expense Dividends 1,000 7,000 Total 329.000 329.000 Use the information in Baker's Trial balance above to answer questions A through G below. A. Record the journal entry that should be made to close the Revenue account(s). B. Record the journal entry that should be made to close the Expense account(s). C. Record the journal entry that should be made to close the Dividends account(s). D. Based on Baker's account balances, the amount of Net Income that would be shown on Baker's Income Statement for December 2020 would be: E. Based on Baker's account balances, the amount of Total Assets that would be shown on Baker's Balance Sheet as of December 31, 2020 would be: F. Based on Baker's account balances, the amount of Total Equity that would be shown on Baker's Balance Sheet as of December 31, 2020 would be: G. Prepare Baker Co's post-closing trial balance as of December 31, 2020. The following is Baker Co.'s Pre-Closing Trial Balance as of December 31, 2020. Baker's account period is a month, thus the balances in the temporary accounts are for the month of December 2020. Account Debit Credit Cash 10,000 Accounts Receivable 25,000 Inventory 40,000 Supplies 5,000 Equipment 100,000 Accumulated Depreciation 40,000 Accounts Payable 12,000 Note Payable 13,000 Interest Payable 3,000 Unearned Revenue Dividends Payable Common Stock Retained Earnings 8,000 7,000 10,000 37,000 Sales Revenue 193,000 Interest Revenue. 6,000 Cost of Goods Sold 78,000 Depreciation Expense 18,000 Wages Expense 42.000 Supplies Expense 3.000 Interest Expense 1,000 Dividends 7,000 Total 329.000 329.000
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