*Skip Step 1 if using CengageNow PROBLEM 5-4B The account balances of Miss Beverly's Tutoring Service as of June 30, 1,2,3 the end of the current fiscal year, are as follows: TRIAL BALANCE CREDIT LGL DEBIT 6. ACCOUNT NAME 6,491.00 Cash 624.00 Accounts Receivable 527.00 9. Supplies 1,280.00 10 Prepaid Insurance 5,497.00 11 Equipment 2,472.00 12 Accumulated Depreciation, Equipment 13,674.00 13 Van Accumulated Depreciation, Van Accounts Payable 4,168.00 1,436.00 14,848.00 14 15 B. Morrow, Capital B. Morrow, Drawing 18 16 17 18,000.00 Fees Earned 43,680.00 19 Salaries Expense Advertising Expense 21 16,000.00 2,200.00 20 Van Operating Expense 22 705.00 Utilities Expense Miscellaneous Expense 1,248.00 23 358.00 24 25 66,604.00 66,604.00 Sheet1 Sheet2 Sheet3 igure ,567 Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, $470. b. Depreciation expense on equipment, $948. CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE c. Depreciation expense on the van, $1,490. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, $407. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owner's equity. Assume that there was an additional investment of $3,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the proper sequence. w.gnunu "If you are using CLGL, use the year 2020 when recording transactions and preparing reports. LO oheet for the
*Skip Step 1 if using CengageNow PROBLEM 5-4B The account balances of Miss Beverly's Tutoring Service as of June 30, 1,2,3 the end of the current fiscal year, are as follows: TRIAL BALANCE CREDIT LGL DEBIT 6. ACCOUNT NAME 6,491.00 Cash 624.00 Accounts Receivable 527.00 9. Supplies 1,280.00 10 Prepaid Insurance 5,497.00 11 Equipment 2,472.00 12 Accumulated Depreciation, Equipment 13,674.00 13 Van Accumulated Depreciation, Van Accounts Payable 4,168.00 1,436.00 14,848.00 14 15 B. Morrow, Capital B. Morrow, Drawing 18 16 17 18,000.00 Fees Earned 43,680.00 19 Salaries Expense Advertising Expense 21 16,000.00 2,200.00 20 Van Operating Expense 22 705.00 Utilities Expense Miscellaneous Expense 1,248.00 23 358.00 24 25 66,604.00 66,604.00 Sheet1 Sheet2 Sheet3 igure ,567 Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, $470. b. Depreciation expense on equipment, $948. CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE c. Depreciation expense on the van, $1,490. d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, $407. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owner's equity. Assume that there was an additional investment of $3,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the proper sequence. w.gnunu "If you are using CLGL, use the year 2020 when recording transactions and preparing reports. LO oheet for the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:*Skip Step 1 if using CengageNow
PROBLEM 5-4B The account balances of Miss Beverly's Tutoring Service as of June 30,
1,2,3
the end of the current fiscal year, are as follows:
TRIAL BALANCE
CREDIT
LGL
DEBIT
6.
ACCOUNT NAME
6,491.00
Cash
624.00
Accounts Receivable
527.00
9.
Supplies
1,280.00
10
Prepaid Insurance
5,497.00
11
Equipment
2,472.00
12
Accumulated Depreciation, Equipment
13,674.00
13
Van
Accumulated Depreciation, Van
Accounts Payable
4,168.00
1,436.00
14,848.00
14
15
B. Morrow, Capital
B. Morrow, Drawing
18
16
17
18,000.00
Fees Earned
43,680.00
19
Salaries Expense
Advertising Expense
21
16,000.00
2,200.00
20
Van Operating Expense
22
705.00
Utilities Expense
Miscellaneous Expense
1,248.00
23
358.00
24
25
66,604.00
66,604.00
Sheet1
Sheet2
Sheet3
igure
,567
Required
1. Data for the adjustments are as follows:
a. Expired or used up insurance, $470.
b. Depreciation expense on equipment, $948.
Transcribed Image Text:CHAPTER 5: CLOSING ENTRIES AND THE POST-CLOSING TRIAL BALANCE
c. Depreciation expense on the van, $1,490.
d. Salary accrued (earned) since the last payday, $574 (owed and to be paid on the
next payday).
e. Supplies remaining as of June 30, $407.
Your instructor may want you to use a work sheet for these adjustments.
2. Journalize the adjusting entries.
3. Prepare an income statement.
4. Prepare a statement of owner's equity. Assume that there was an additional
investment of $3,000 on June 10.
5. Prepare a balance sheet.
6. Journalize the closing entries using the four steps in the proper sequence.
w.gnunu
"If you are using CLGL, use the year 2020 when recording transactions and preparing reports.
LO
oheet for the
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4. Prepare a statement of owner's equity. Assume that there was an additional investment of $3,000 on June 10
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