Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following shows the last 6 columns of the Goody Two - Shoes Dance Studio Spreadsheet for the month ending April 3 0 , 2

The following shows the last 6 columns of the Goody Two-Shoes Dance Studio Spreadsheet for the month ending April 30,201.
a. Complete the spreadsheet calculating Net Income (Net Loss) and finishing the Balance Sheet columns.
GOODIE TWO-SHOES DANCE STUDIO
SPREADSHEET
FOR THE MONTH ENDING APRIL 30,20X1
\table[[Name of Account,Adjusted Trial Balance,Income Statement,Balance Sheet],[Debit,Credit,Debit,Credit,Debit,Credit],[Cash,13,752,,,,,],[Accounts Receivable,7,840,,,,,],[Prepaid Rent,2,280,,,,,],[Equipment,23,050,,,,,],[Acc. Depreciation - Equipt.,,4,921,,,,],[Accounts Payable,,5,700,,,,],[Interest Payable,,57,,,,],[Notes Payable,,5,672,,,,],[T. Goodie, Capital,,30,960,,,,],[1. Goodie, Drawing,3,650,,,,,],[Lessons Revenue,,15,590,,,,],[Salaries Expense,10,840,,,,,],[Rent Expense,760,,,,,],[Depreciation Expense - Equipt.,671,,,,,],[Interest Expense,57,,,,,],[,,,,,,],[Totals,62,900,62,900,,,,],[Net Income (Net Loss),,,,,,],[Totals,,,,,,]]
No additional Investments were made this period.
b. From the completed spreadsheet prepare the Income Statement, Statement of Owner's Equity, and the "Classified" Balance Sheet for the month ending April 30,201.
c. From the Spreadsheet, journalize the 2 closing entries (no explanations, skip lines between).
GENERAL JOURNAL
Page 6
Date
Name of Account
Debit Amount
Credit Amount
image text in transcribed

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

Advanced Financial Accounting

Authors: Theodore Christensen, David Cottrell, Cassy Budd

12th Edition

1260165116, 9781260165111

More Books

Students also viewed these Accounting questions