Answered step by step
Verified Expert Solution
Question
1 Approved Answer
trial balance, balance sheet, owner equity and liablity prepare also Below is an alphabetical list of the adjusted accounts of Sandhill Tour Company at its
trial balance, balance sheet, owner equity and liablity prepare also
Below is an alphabetical list of the adjusted accounts of Sandhill Tour Company at its year end, December 31, 2021. All accounts have normal balances $7,364 $100 Accounts payable Accounts receivable Accumulated depreciation equipment 3,560 1.100 Interest receivable Interest revenue Notes payable Notes receivable 15.000 40.000 Cash 4,500 18.450 10,000 Patents 15,070 Depreciation expense Equipment 50.000 2.900 F.Sandhill, capital 17,370 65,050 Prepaid insurance Service revenue Short-term investments Supplies 33,000 2,700 F. Sandhill, drawings Insurance expense 1.500 3.100 Interest expense 2.820 Supplies expense 2.400 720 Interest payable Unearned revenue 3.500 Additional information: 1. In 2022, $4,000 of the notes payable becomes due. 2. The note receivable is due in 2023, 3. On July 18, 2021, Fred Sandhill invested $3,700 cash in the business. Prepare closing journal entries and calculate the post-closing balance in F. Sandhill Capital on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31 To close revenue accounts) Dec 31 F. Sandhill, Capital 3 e Textbook and Media 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