Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sara Copy Shop ended its fisical year on September 30, 2014. The account balances appearing on the trial balance (below) were taken from the

image text in transcribedimage text in transcribedimage text in transcribed

Sara Copy Shop ended its fisical year on September 30, 2014. The account balances appearing on the trial balance (below) were taken from the general ledger of sara Copy Shop at September 30, 2014. Account Titles Cash Supplies Prepaid Insurance Stock investments Goodwill sara COPY SHOP Trail Balance 30-Sep-14 Equipment Accumulated Depreciation Equipment Accounts payable Long-term debt Owner's Capital Owner's Drawings Service Revenue Utilities Expense Debit Credit 3,740 1,100 2,200 7,000 10,000 24000 240 2,400 6,000 35,300 2,400 6,900 400 50,840 50,840 Additional information for the month of September which has not yet been recorded in the accounts is as follows: 1. Supplies used were $600. 2. The amount of insurance that expired was $200. 3. Depreciation on equipment was $240. Instructions: A. Using the above information, complete the worksheet on the following page for sara Copy Shop for the month of September. B. Journalize closing entries (don't write explainations). C. Prepare classified balance sheet at September 30, 2014 (after closing temporary accounts).

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

Financial Accounting in an Economic Context

Authors: Jamie Pratt

9th edition

9781118803035, 1118582551, 1118803035, 978-1118582558

More Books

Students also viewed these Accounting questions

Question

What steps can you take to thwart identity thieves?

Answered: 1 week ago