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Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Debit 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950

Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Debit 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950

FINANCIAL ACCOUNTING
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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Ch. 4 Classwork - Financial Statements and Closing Entries Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
Transcribed Image Text:Ch. 4 Classwork - Financial Statements and Closing Entries Account Name Cash M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
Cash Dr. Dr 15,000 15,000 ASSETS Accounts Receivable Dr. Cr. 10,000 10,000 Supplies Dr. 750 750 110,300 Building Dr. 100,000 100,000 Cr. Cr. Accum. Depreciation Dr. Cr. 15,450 15,450 110,300 LIABILITIES Accounts Dr. Payable Cr. 5,000 5,000 Notes Payable Dr. Cr. 12,000 12,000 Account Name Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Con Common Stock Dr. Cr. 25,000 Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Dividends Dr. 3,000 3,000 25,000 Ch. 4 Classwork - Financial Statements and Closing Entries M4 Engineering, Inc. Post-Closing Trial Balance For the Year Ended December 31, 2020 Debit Cr. Retained Earnings Cr. Dr. 17,500 EQUITY Fees Earned Dr. 17,500 Cr. 80,000 80,000 Credit Depreciation Exp. Cr. Dr. 2,000 2,000 Rent Expense Dr. Cr. 18,000 18,000 Utility Utility Expense Dr. Cr. 6,200 6,200
Transcribed Image Text:Cash Dr. Dr 15,000 15,000 ASSETS Accounts Receivable Dr. Cr. 10,000 10,000 Supplies Dr. 750 750 110,300 Building Dr. 100,000 100,000 Cr. Cr. Accum. Depreciation Dr. Cr. 15,450 15,450 110,300 LIABILITIES Accounts Dr. Payable Cr. 5,000 5,000 Notes Payable Dr. Cr. 12,000 12,000 Account Name Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Con Common Stock Dr. Cr. 25,000 Fees Earned Depreciation Expense Rent Expense Utility Expense Totals Dividends Dr. 3,000 3,000 25,000 Ch. 4 Classwork - Financial Statements and Closing Entries M4 Engineering, Inc. Post-Closing Trial Balance For the Year Ended December 31, 2020 Debit Cr. Retained Earnings Cr. Dr. 17,500 EQUITY Fees Earned Dr. 17,500 Cr. 80,000 80,000 Credit Depreciation Exp. Cr. Dr. 2,000 2,000 Rent Expense Dr. Cr. 18,000 18,000 Utility Utility Expense Dr. Cr. 6,200 6,200
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