Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title 101
The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Number Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 301 ces 5. Rey, Capital 382 S. Rey, Withdrawals 483 Computer services revenue 612 613 623 Wages expense 637 640 Rent expense 652 655 Depreciation expense-Office equipment Depreciation expense-Computer equipment Insurance expense Computer supplies expense Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer 901 Income summary Totals Debit $50,414 Credit 5,668 670 1,440 765 8,700 $ 435 22,800 1,425 1,600 440 2,000 73,000 7,100 35,124 435 1,425 3,425 480 2,295 3,575 2,643 784 210 1,195 $ 114,024 $ 114,024 Required: 1. Prepare an income statement for the three months ended December 31, 2021, 2. Prepare a statement of owner's equity for the three months ended December 31, 2021. Hint: The S. Rey, Capital account balance was $0 on October 1, and owner investments were $73,000 this period. 3. Prepare a classified balance sheet as of December 31, 2021 4. Record the closing entries as of December 31, 2021 5. Prepare a post-closing trial balance as of December 31, 2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started