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ACC 290T Wk 5 - Apply: Homework

ACC 290T Wk 5 - Apply: Homework PLDZ-13552 Free
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ACC 290T Wk 5 - Apply: Homework 

QS 4-6 Preparing closing entries from the ledger LO P2

The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $10,800; D. Mai, Withdrawals $1,700; Services Revenue $31,000; Wages Expense $17,400; and Rent Expense $5,200. Prepare its December 31 closing entries.

 

Required information

Use the following information for Quick Studies below.

[The following information applies to the questions displayed below.]

The following is the adjusted trial balance of Sierra Company. 

Account Title

Debit

Credit

Cash

$

29,000

 

 

 

 

Prepaid insurance

 

1,700

 

 

 

 

Notes receivable (due in 5 years)

 

6,400

 

 

 

 

Buildings

 

80,000

 

 

 

 

Accumulated depreciation–Buildings

 

 

 

$

24,000

 

Accounts payable

 

 

 

 

8,500

 

Notes payable (due in 3 years)

 

 

 

 

9,000

 

 

 

 

 

 

28,500

 

 

 

7,000

 

 

 

 

Consulting revenue

 

 

 

 

69,500

 

Wages expense

 

4,700

 

 

 

 

Depreciation expense–Buildings

 

8,000

 

 

 

 

Insurance expense

 

2,700

 

 

 

 

Totals

$

139,500

 

$

139,500

 

 

QS 4-10 Preparing financial statements LO C2

Required(1) Prepare an income statement for the year ended December 31.(2) Prepare a statement of owner’s equity for the year ended December 31.

 

Exercise 4-2 Extending accounts in a work sheet LO P1

The Adjusted Trial Balance for Planta Company follows. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period.

 

Exercise 4-6 Completing the income statement columns and preparing closing entries LO P1, P2

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