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The following is an adjusted trial balance for Tinker Hotel: Tinker's Motel Adjusted Trial Balance December 31, 2020 Cash $ 15,900 Supplies 3,400 Accounts Receivable
The following is an adjusted trial balance for Tinker Hotel:
Tinker's Motel | ||||||||
Adjusted Trial Balance | ||||||||
December 31, 2020 | ||||||||
Cash | $ | 15,900 | ||||||
Supplies | 3,400 | |||||||
Accounts Receivable | 8,000 | |||||||
Furniture | 100,000 | |||||||
Accumulated Depreciation, Furniture | 20,000 | |||||||
Building | 250,000 | |||||||
Accumulated Depreciation, Building | 140,000 | |||||||
Accounts Payable | 6,090 | |||||||
Mortgage Payable | 57,900 | |||||||
Tinker Bell, Capital | 81,000 | |||||||
Room Revenue | 219,000 | |||||||
Wages | 43,800 | |||||||
Utilities Expense | 19,710 | |||||||
Insurance Expense | 15,330 | |||||||
Supplies Expense | 32,850 | |||||||
Depreciation Expense | 35,000 | |||||||
$ | 523,990 | 523,990 |
REQUIRED
- Prepare journal entries to close the revenue and expenses accounts to the Income Summary Statement
- Prepare the journal entry to close the Income Summary account to the Owner Equity account.
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