Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Credit Debit $ 48, 372

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021) follows. Credit Debit $ 48, 372 5, 668 580 1,665 825 8,000 $ 400 20,000 Number 101 106 126 128 131 163 164 167 168 201 210 236 301 302 403 612 613 623 637 640 652 655 676 677 684 901 1,250 1,100 500 1,500 73,000 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation Computer equipment Accounts payable Wages payable Unearned computer services revenue s. Rey, Capital S. Rey, Withdrawals Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expenses Repairs expense-Computer Income summary Totals 7,100 31,284 400 1,250 3,875 555 2,475 3,065 2,753 896 250 1,305 $ 109,034 $ 109,034 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare an income statement for the three months ended December 31, 2021. BUSINESS SOLUTIONS Income Statement For Three Months Ended December 31, 2021 Revenue Expenses Total expenses Required 1 Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 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. BUSINESS SOLUTIONS Statement of Owner's Equity For Three Months Ended December 31, 2021 S. Rey, Capital, October 1, 2021 S. Rey, Capital, December 31, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a classified balance sheet as of December 31, 2021. BUSINESS SOLUTIONS Balance Sheet December 31, 2021 Assets Current assets Plant assets Liabilities Current liabilities Equity Total liabilities and equity Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Record the closing entries as of December 31, 2021. View transaction list Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 Record the entry to close the expense account(s). Note: Enter debits before credits. Date General Journal Dec 31 Debit Credit Record entry Clear entry View general journal Journal entry worksheet 4 > Record the entry to close the Income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet Record the entry to close the withdrawals account. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a post-closing trial balance as of December 31, 2021. (The accounts should be listed in account number order.) BUSINESS SOLUTIONS Post-Closing Trial Balance December 31, 2021 Debit Credit Totals

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

Auditing That Matters

Authors: Norman D Marks

1st Edition

1537662023, 978-1537662022

More Books

Students also viewed these Accounting questions

Question

In Exercises 1 through 6, find if it exists. lim f(x) a

Answered: 1 week ago