Question
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
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 |
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Accounts Receivable | 11,100 |
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Office Supplies | 1,150 |
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Prepaid Rent | 4,100 |
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Equipment | 26,000 |
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Accumulated DepreciationEquipment |
| $1,600 |
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Accounts Payable |
| 3,600 |
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Utilities Payable |
| 280 |
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Salaries Payable |
| 1,475 |
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Unearned Revenue |
| 10,400 |
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Common Stock |
| 34,000 |
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Retained Earnings |
| 39,620 |
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Dividends | 18,000 |
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Service Revenue |
| 47,900 |
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Rent Expense | 22,900 |
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Salaries Expense | 12,475 |
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Supplies Expense | 250 |
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Utilities Expense | 12,000 |
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Depreciation ExpenseEquipment | 1,600 |
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Total | $138,875 | $138,875 |
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| Net income or loss |
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Balance |
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Debit | Credit |
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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 |
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Clos. (1) |
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Close expenses for the period.
Date | Accounts and Explanation | Debit | Credit | ||
Dec. 31 |
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Clos. (2) |
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Close Income Summary.
Date | Accounts and Explanation | Debit | Credit | ||
Dec. 31 |
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Clos. (3) |
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Close Dividends.
Date | Accounts and Explanation | Debit | Credit | ||
Dec. 31 |
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Clos. (4) |
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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 | |
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Total |
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