The following is Baker Co.'s Pre-Closing Trial Balance as of December 31, 2017. Baker's accounting period is a month, thus the balances in the temporary accounts are for the month of December 2017.   Use the information in Baker’s Trial balance to answer  D through H. (D.) In the General Journal below record the journal entry that should be made to close the Revenue account(s).   (E.) In the General Journal below record the journal entry that should be made to close the Expense accounts.     (F.) Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following is Baker Co.'s Pre-Closing Trial Balance as of December 31, 2017. Baker's accounting period is a month, thus the balances in the temporary accounts are for the month of December 2017.

 

Use the information in Baker’s Trial balance to answer  D through H.

(D.) In the General Journal below record the journal entry that should be made to close the Revenue account(s).

 

(E.) In the General Journal below record the journal entry that should be made to close the Expense accounts.

 

 

(F.) Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:

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(G.) Based on Baker’s account balances, the amount of Total Assets that would be shown on Baker’s Balance Sheet as of December 31, 2017 would be:

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(H.) Based on Baker’s account balances, the amount of Total Equity that would be shown on Baker’s Balance Sheet as of December 31, 2017 would be:

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Аccount
Debit
Credit
Cash
10,000
Accounts Receivable
25,000
Inventory
40,000
Supplies
5,000
Equipment
100,000
Accumulated Depreciation
30,000
Accounts Payable
12,000
Note Payable
13,000
Interest Payable
3,000
Uneamed Revenue
8,000
Dividends Payable
7,000
Common Stock
10,000
Retained Earnings
46,000
Sales Revenue
193,000
Cost of Goods Sold
78,000
Depreciation Expense
18,000
Wages Expense
42,000
Supplies Expense
3,000
Interest Expense
1,000
Total 322,000
322,000
Transcribed Image Text:Аccount Debit Credit Cash 10,000 Accounts Receivable 25,000 Inventory 40,000 Supplies 5,000 Equipment 100,000 Accumulated Depreciation 30,000 Accounts Payable 12,000 Note Payable 13,000 Interest Payable 3,000 Uneamed Revenue 8,000 Dividends Payable 7,000 Common Stock 10,000 Retained Earnings 46,000 Sales Revenue 193,000 Cost of Goods Sold 78,000 Depreciation Expense 18,000 Wages Expense 42,000 Supplies Expense 3,000 Interest Expense 1,000 Total 322,000 322,000
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F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:

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