Question
The adjusted trial balance for Carla Vista Fishing Centre is as follows: CARLA VISTA FISHING CENTRE Adjusted Trial Balance March 31, 2017 Debit Credit Cash
The adjusted trial balance for Carla Vista Fishing Centre is as follows:
CARLA VISTA FISHING CENTRE
Adjusted Trial Balance
March 31, 2017
Debit
Credit
Cash
$7,600
Interest receivable
850
Supplies
1,300
Debt investments
29,000
Land
47,000
Building
175,000
Accumulated depreciationbuilding
$32,000
Equipment
37,000
Accumulated depreciationequipment
18,500
Accounts payable
6,500
Interest payable
930
Unearned revenue
2,240
Notes payable ($6,000 must be paid in 2018)
65,100
R. Falkner, capital
151,730
R. Falkner, drawings
46,000
Service revenue
122,900
Interest revenue
1,500
Depreciation expense
9,850
Interest expense
3,900
Insurance expense
4,700
Salaries expense
28,500
Supplies expense
5,400
Utilities expense
5,300
$401,400
$401,400
Prepare an income statement for the year ended March 31, 2017.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
CARLA VISTA FISHING CENTRE
Income Statement
Year Ended March 31, 2017March 31, 2017Month Ended March 31, 2017
R. Falkner, Capital, March 31, 2017InvestmentsRevenuesR. Falkner, Capital, April 1, 2016Total RevenuesTotal ExpensesExpensesDrawingsProfit / (Loss)
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
R. Falkner, Capital, March 31, 2017DrawingsRevenuesR. Falkner, Capital, April 1, 2016InvestmentsProfit / (Loss)Total RevenuesExpensesTotal Expenses
$
R. Falkner, Capital, March 31, 2017Profit / (Loss)DrawingsR. Falkner, Capital, April 1, 2016Total RevenuesRevenuesInvestmentsExpensesTotal Expenses
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Profit / (Loss)DrawingsTotal RevenuesR. Falkner, Capital, March 31, 2017ExpensesRevenuesInvestmentsTotal ExpensesR. Falkner, Capital, April 1, 2016
Total ExpensesInvestmentsProfit / (Loss)Total RevenuesDrawingsRevenuesR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017Expenses
$
Prepare a statement of owner's equity. The owner, Rachael Falkner, invested $2,500 cash in the business during the year. (Note:The investment has been recorded and it is included in the capital account.)(List items that increase owner's equity first.)
CARLA VISTA FISHING CENTRE
Statement of Owner's Equity
Year Ended March 31, 2017March 31, 2017Month Ended March 31, 2017
Total RevenuesProfit / (Loss)InvestmentExpensesDrawingsTotal ExpensesR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017Revenues
$
LessAdd
:DrawingsTotal RevenuesRevenuesProfit / (Loss)InvestmentR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017ExpensesTotal Expenses
$
Total RevenuesProfit / (Loss)InvestmentExpensesDrawingsR. Falkner, Capital, April 1, 2016R. Falkner, Capital, March 31, 2017RevenuesTotal Expenses
AddLess
:ExpensesR. Falkner, Capital, April 1, 2016Total ExpensesR. Falkner, Capital, March 31, 2017RevenuesProfit / (Loss)DrawingsInvestmentTotal Revenues
Total RevenuesDrawingsInvestmentRevenuesTotal ExpensesProfit / (Loss)R. Falkner, Capital, March 31, 2017R. Falkner, Capital, April 1, 2016Expenses
$
Prepare a classified balance sheet.(List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
CARLA VISTA FISHING CENTRE
Balance Sheet
March 31, 2017Year Ended March 31, 2017Month Ended March 31, 2017
Assets
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
AddLess
:Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
AddLess
:Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
$
Liabilities and Owner's Equity
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashCurrent Portion of Notes PayableDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term Debt InvestmentLong-term LiabilitiesProperty, Plant, and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
$
Prepare closing entries.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Mar.31
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
(To close revenue accounts)Mar.31
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
(To close expense accounts)Mar.31
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
(To close profit to capital)Mar.31
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
(To close drawings account)
Use T accounts to post the closing entries and calculate the balance in each account. (Ignore the accounts not affected by the closing entries.)
Income Summary
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Clos.Bal.
Bal.Clos.
R. Falkner, Capital
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Clos.Bal.
R. Falkner, Drawings
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Service Revenue
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Interest Revenue
Bal.Clos.
Bal.Clos.
Bal.Clos.
Clos.Bal.
Depreciation Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Insurance Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Interest Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Salaries Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Supplies Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Utilities Expense
Bal.Clos.
Bal.Clos.
Bal.Clos.
Bal.Clos.
Prepare a post-closing trial balance and compare the balance in the R. Falkner, Capital account with the information in the statement of owner's equity.(List only those accounts that have an ending balance.)
CARLA VISTA FISHING CENTRE
Post-Closing Trial Balance
March 31, 2017Month Ended March 31, 2017Year Ended March 31, 2017
Debit
Credit
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
$
$
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Accumulated DepreciationBuildingAccumulated DepreciationEquipmentAccounts PayableBuildingCashDepreciation ExpenseDebt InvestmentsEquipmentInsurance ExpenseInterest ExpenseInterest ReceivableInterest RevenueInterest PayableIncome SummaryLandNotes PayableR. Falkner, CapitalR. Falkner, DrawingsService RevenueSupplies ExpenseSalaries ExpenseSuppliesUtilities ExpenseUnearned Revenue
Totals$
$
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