1.PREPARE THE closing entries and post closing trial balance. ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward General Expenses 1,400 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866

1.PREPARE THE closing entries and post closing trial balance. ACCOUNTT TITLE DEBIT CREDIT account payable 60,000 Account receivable 65,000 Bank 38,000 Capital 170,000 Cash 3,000 Comission paid 4,300 Comission received 1,500 Discount Allowed 2,300 Discount Received 3,500 Donations 500 Drawings 500 Fixture and Fittings 35,000 Freight inwards 1000 Freight outward General Expenses 1,400 2300 Insurance premium 3,600 Interest received on investment 5,000 Land and building 80,000 Loan from Mbb 67,500 opening inventory 1 JAN 2019 26,000 Patent 50,000 Printing and stationery 700 Purchases 65,000 Rates and taxes 3,200 Rental paid 4,000 Rental revenue 3,000 Return inwards 1,500 Returns Outwars 1,800 Sales 88,000 Wages and salaries 12,000 Electricity bills 1,566 Accrued Electricity 1,566 Utility bills 500 Depreciation 7,000 Accumulated Depreciation 7,000 unearned Rental Revenue 1,000 Prepaid rental 1,500 Total 409866 409866

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A Pre-Closing Trial Balance for Shady Lane Senior Living Center is listed below. From the list of accounts provided, prepare an activity statement. In this instance, there are no assets released from restrictions. Download the excel file provided. Prepare the activity statement, save it on your computer, and upload your response in the drop box below. Cash $121,000 Pledges Receivable 50,240 Interest Income Receivable 500 Inventory 1,000 Investments – long term 492,600 Land 42,000 Building 162,800 Vintage Car Collection 60,000 Allowance for Uncollectible Pledges 1,000 Accumulated Depreciation 22,600 Accounts Payable 600 Notes Payable 1,000 Deferred Revenue 400 Long Term Loans Payable 100,000 Mortgage Payable 14,000 Net Assets: UR Undesignated 100,000 Net Assets: UR Designated 60,000 Net Assets: TR 100,000 Net Assets: PR 200,000 Program Expenses 42,300 SS: Mgt & Genl Exp 9,600 SS: Fundraising Exp 3,600 Reclassifications OUT-TR 44,200 Loss on Disposal of equipment 600 Revenue:…
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