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Use the following partial worksheet to prepare the closing entries for this company INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT CASH 30,000 ACCOUNTS RECEIVALBE
Use the following partial worksheet to prepare the closing entries for this company
INCOME STATEMENT | BALANCE SHEET | ||||||
DEBIT | CREDIT | DEBIT | CREDIT | ||||
CASH |
|
|
|
| 30,000 |
| |
ACCOUNTS RECEIVALBE |
|
|
|
| 10,000 |
| |
STORE EQUIPMENT |
|
|
|
| 40,000 |
| |
ACCUM. DEPR |
|
|
|
|
| 5000 | |
ACCOUNTS PAYABLE |
|
|
|
|
| 6,500 | |
NOTES PAYABLE |
|
|
|
|
| 15,000 | |
SALARIES PAYABLE |
|
|
|
|
| 500 | |
DRAWING |
|
|
|
| 5000 |
| |
CAPITAL |
|
|
|
|
| 30,000 | |
REVENUE |
|
| 48,100 |
|
|
| |
SALARIES EXPENS |
| 5,000 |
|
|
|
| |
INSURANCE EXPENSE |
| 2,500 |
|
|
|
| |
RENT EXPENSE |
| 9,000 |
|
|
|
| |
DEPRECIATION EXPENSE |
| 3,600 |
|
|
|
| |
Totals |
| 20,100 | 48,100 |
| 85,000 | 57000 | |
Net Income |
|
| 28,000 |
|
|
| 28,000 |
|
|
| 48,100 | 48,100 |
| 85,000 | 85000 |
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