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Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement
Use this end-of-period spreadsheet to answer the questions that follow.
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 | ||||||
Adjusted Trial Balance | Income Statement | Balance Sheet | ||||
Account Title | Debit | Credit | Debit | Credit | Debit | Credit |
Cash | 48,000 | 48,000 | ||||
Accounts Receivable | 18,000 | 18,000 | ||||
Supplies | 6,000 | 6,000 | ||||
Equipment | 57,000 | 57,000 | ||||
Accumulated Depr. | 18,000 | 18,000 | ||||
Accounts Payable | 25,000 | 25,000 | ||||
Wages Payable | 6,000 | 6,000 | ||||
Common Stock | 30,000 | 30,000 | ||||
Retained Earnings | 3,000 | 3,000 | ||||
Dividends | 3,000 | 3,000 | ||||
Fees Earned | 155,000 | 155,000 | ||||
Wages Expense | 63,000 | 63,000 | ||||
Rent Expense | 27,000 | 27,000 | ||||
Depreciation Expense | 15,000 | 15,000 | ||||
Totals | 237,000 | 237,000 | 105,000 | 155,000 | 132,000 | 82,000 |
Net Income (Loss) | 50,000 | 50,000 | ||||
155,000 | 155,000 | 132,000 | 132,000 |
The entry to close expenses would be:
a.
Wages Expense63,000
Rent Expense27,000
Depreciation Expense15,000
Dividends105,000
b.
Expenses105,000
Income Summary105,000
c.
Wages Expense63,000
Rent Expense27,000
Depreciation Expense15,000
Income Summary105,000
d.
Income Summary105,000
Wages Expense63,000
Rent Expense27,000
Depreciation Expense15,000
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