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Requirement 1. Complete the worksheet for San MarcosSan Marcos Veterinary Hospital. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure

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Requirement 1. Complete the worksheet for

San MarcosSan Marcos

Veterinary Hospital.

Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step.

San Marcos Veterinary Hospital

Worksheet

December 31, 2018

Adjusted

Income

Trial Balance

Statement

Account Names

Debit

Credit

Debit

Credit

Cash

$29,300

Accounts Receivable

11,100

Office Supplies

1,150

Prepaid Rent

4,100

Equipment

26,000

Accumulated DepreciationEquipment

$1,600

Accounts Payable

3,600

Utilities Payable

280

Salaries Payable

1,475

Unearned Revenue

10,400

Common Stock

34,000

Retained Earnings

39,620

Dividends

18,000

Service Revenue

47,900

Rent Expense

22,900

Salaries Expense

12,475

Supplies Expense

250

Utilities Expense

12,000

Depreciation ExpenseEquipment

1,600

Total

$138,875

$138,875

Net income or loss

Balance

Sheet

Debit

Credit

Requirement 2. Prepare the closing entries. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)

Start by closing revenues.

Date

Accounts and Explanation

Debit

Credit

Dec. 31

Clos. (1)

Close expenses for the period.

Date

Accounts and Explanation

Debit

Credit

Dec. 31

Clos. (2)

Close Income Summary.

Date

Accounts and Explanation

Debit

Credit

Dec. 31

Clos. (3)

Close Dividends.

Date

Accounts and Explanation

Debit

Credit

Dec. 31

Clos. (4)

Requirement 3. Prepare a? post-closing trial balance.

Review the closing entries you prepared in Requirement 2.

LOADING...

San Marcos Veterinary Hospital

Post-Closing Trial Balance

December 31, 2018

Balance

Account Title

Debit

Credit

Total

San Marcos Veterinary Hospital Worksheet December 31, 2018 Adjustments Unadjusted Trial Balance Adjusted Trial Balance Income StatementBalance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 29,300 9,800 1,400 5,000 26,000 $ 29,300 11,100 1,150 4,100 26,000 Accounts Receivable ( S 1,300 Office Supplies Prepaid Rent Equipment Accumulated Depreciation- Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock (b) $ 250 (a) 90 (c) 1,600 1,600 3,600 3,600 (e) 1,475 12,000 (d) 1,600 34,000 39.620 1,475 10.400 34,000 39,620 Retained Earnings 18,000 18,000 Service Revenue Rent Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment Total 45,000 (d, f 2,900 47,900 22,000 11,000 22,900 12,475 250 12,000 1,600 (e) 1,475 12,000 (c) 1,600 $ 134,500 S 134,500 S 7,125 $ 7,125 $ 138,875 $ 138,875

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