23. Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Balance Sheet Income Statement Credit Account Title Cash Debit Credit Debit Debit Credit 26,500 7,000 1,000 18,500 26,500 7,000 1,000| 18,500 Accounts Receivable| Supplies Equipment Accumulated Depr.- Equip. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 5,000 5,000 11,000| 1,000 6,000 2,000 11,000 1,000 6,000 2.000 2,000 2,000 59,500 59,500 19,000 7,000 3,500 19,000 7,000 3,500 84,500 29,500 30,000 59,500 59,500 25,000 30.000 55,000 84,500 55,000 59,500 55.000
23. Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Balance Sheet Income Statement Credit Account Title Cash Debit Credit Debit Debit Credit 26,500 7,000 1,000 18,500 26,500 7,000 1,000| 18,500 Accounts Receivable| Supplies Equipment Accumulated Depr.- Equip. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 5,000 5,000 11,000| 1,000 6,000 2,000 11,000 1,000 6,000 2.000 2,000 2,000 59,500 59,500 19,000 7,000 3,500 19,000 7,000 3,500 84,500 29,500 30,000 59,500 59,500 25,000 30.000 55,000 84,500 55,000 59,500 55.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:23. Prepare closing entries from the following end-of-period spreadsheet.
Austin Enterprises
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance
Balance Sheet
Income Statement
Credit
Account Title
Cash
Debit
Credit
Debit
Debit
Credit
26,500
7,000
1,000
18,500
26,500
7,000
1,000|
18,500
Accounts Receivable|
Supplies
Equipment
Accumulated Depr.-
Equip.
Accounts Payable
Wages Payable
Common Stock
Retained Earnings
Dividends
Fees Earned
Wages Expense
Rent Expense
Depreciation
Expense
Totals
Net Income (Loss)
5,000
5,000
11,000|
1,000
6,000
2,000
11,000
1,000
6,000
2.000
2,000
2,000
59,500
59,500
19,000
7,000
3,500
19,000
7,000
3,500
84,500
29,500
30,000
59,500
59,500
25,000
30.000
55,000
84,500
55,000
59,500
55.000
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