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T-accounts for owner’s equity
T-accounts for owner’s equityBelow is an alphabetical list of accounts of Master Cleaners as of December 31, after all adjusting entries have been posted.
| Accounts Payable | $ 2,700 |
| Accumulated Depreciation, Equipment | 2,800 |
| Cash | 2,600 |
| Depreciation Expense, Equipment | 700 |
| E. Hess, Capital | 7,000 |
| E. Hess, Drawing | 16,800 |
| Equipment | 12,300 |
| Income from Services | 29,800 |
| Income Summary | |
| Insurance Expense | 1,600 |
| Miscellaneous Expense | 300 |
| Prepaid Insurance | 200 |
| Rent Expense | 2,400 |
| Supplies Expense | 900 |
| Utilities Expense | 800 |
| Wages Expense | 3,700 |
Instructions:
1.Journalize the four closing entries in the proper order.
- Record the account balances in t-accounts for owner’s equity, revenue, and expense accounts. Post the closing entries in these t-accounts using number 1 through 4.
- Prepare a post-closing trial balance.
- Below is an alphabetical list of accounts of Master Cleaners as of December 31, after all adjusting entries have been posted.
Accounts Payable $ 2,700 Accumulated Depreciation, Equipment 2,800 Cash 2,600 Depreciation Expense, Equipment 700 E. Hess, Capital 7,000 E. Hess, Drawing 16,800 Equipment 12,300 Income from Services 29,800 Income Summary Insurance Expense 1,600 Miscellaneous Expense 300 Prepaid Insurance 200 Rent Expense 2,400 Supplies Expense 900 Utilities Expense 800 Wages Expense 3,700 Instructions:
1.Journalize the four closing entries in the proper order.
- Record the account balances in t-accounts for owner’s equity, revenue, and expense accounts. Post the closing entries in these t-accounts using number 1 through 4.
- Prepare a post-closing trial balance.
- Below is an alphabetical list of accounts of Master Cleaners as of December 31, after all adjusting entries have been posted.
Accounts Payable $ 2,700 Accumulated Depreciation, Equipment 2,800 Cash 2,600 Depreciation Expense, Equipment 700 E. Hess, Capital 7,000 E. Hess, Drawing 16,800 Equipment 12,300 Income from Services 29,800 Income Summary Insurance Expense 1,600 Miscellaneous Expense 300 Prepaid Insurance 200 Rent Expense 2,400 Supplies Expense 900 Utilities Expense 800 Wages Expense 3,700 Instructions:
1.Journalize the four closing entries in the proper order.
- Record the account balances in t-accounts for owner’s equity, revenue, and expense accounts. Post the closing entries in these t-accounts using number 1 through 4.
- Prepare a post-closing trial balance.
- ournalize the four closing entries in the proper order.
- Record the account balances in t-accounts for owner’s equity, revenue, and expense accounts. Post the closing entries in these t-accounts using number 1 through 4.
- Prepare a post-closing trial balance.