Solution to problem E3-41

u g Journal Entries Refer to the information in E3-39. Prepare journal entries for transactions in parts a through E3-41. 21 Preparing Financial Statements and Closing Process Beneish Company has the following account balances at December 31. the end of its fiscal year. LO2 Costco Corpor L04, Debit Credit .. $ 8,000 6,500 78,000 Cash... Accounts receivable.... Equipment ...... Accumulated depreciation ...... Notes payable .. Common stock. ..... Retained earnings .......... Dividends ............ Service fees earned .......... Rent expense.... Salaries expense ........... Depreciation expense..... Totals ..... $ 14,000 10,000 43,000 20,600 8,000 75,000 18,000 37,100 7,000 $162,600 $162,600 a. Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31 and its balance sheet as of December 31. The company paid cash dividends of $8,000, and there were no stock issuances or repurchases during the year. b. Prepare journal entries to close Beneish's temporary accounts. C. Set up T-accounts for each account and post the closing entries. E3-42. Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month). Carter executed the following transactions. Enter the transactions, a through g, into the financial statement effects template shown in the module