Finley CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31   Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000       16,000   Accounts Receivable 6,000       6,000   Supplies 2,000       2,000   Equipment 19,000       19,000   Accumulated Depr.   6,000       6,000 Accounts Payable   10,000       10,000 Wages Payable   2,000       2,000 Common Stock   5,000       5,000 Retained Earnings   6,760       6,760 Dividends 1,000       1,000   Fees Earned   45,533   45,533     Wages Expense 19,687   19,687       Rent Expense 6,500   6,500       Depreciation Expense 5,106   5,106       Totals 75,293 75,293 31,293 45,533 44,000 29,760 Net Income (Loss)     14,240     14,240       45,533 45,533 44,000 44,000 The entry to close Income Summary would be debit Income Summary, $14,240, credit Retained Earnings, $14,240 debit Common Stock, $11,760; credit Income Summary, $11,760 debit Income Summary, $13,240; credit Common Stock, $13,240 debit Common Stock, $31,293; credit Income Summary, $31,293

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
  Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 16,000       16,000  
Accounts Receivable 6,000       6,000  
Supplies 2,000       2,000  
Equipment 19,000       19,000  
Accumulated Depr.   6,000       6,000
Accounts Payable   10,000       10,000
Wages Payable   2,000       2,000
Common Stock   5,000       5,000
Retained Earnings   6,760       6,760
Dividends 1,000       1,000  
Fees Earned   45,533   45,533    
Wages Expense 19,687   19,687      
Rent Expense 6,500   6,500      
Depreciation Expense 5,106   5,106      
Totals 75,293 75,293 31,293 45,533 44,000 29,760
Net Income (Loss)     14,240     14,240
      45,533 45,533 44,000 44,000

The entry to close Income Summary would be

debit Income Summary, $14,240, credit Retained Earnings, $14,240
debit Common Stock, $11,760; credit Income Summary, $11,760
debit Income Summary, $13,240; credit Common Stock, $13,240
debit Common Stock, $31,293; credit Income Summary, $31,293
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