From the partial worksheets of Mr. Quickie Repair Shop for the quarter ended June 30, 2020, prepare the closing entries and the post-closing trial balance. Mr. QUICKIE REPAIR SHOP Worksheet For the quarter ended June 30, 2020 Balance Sheet Adjusted Trial Balance Debit Income Statement Credit Credit Debit Debit Credit 25,000 62,500 Cash on Hand Accounts Receivable Estimated Uncollectible Account Notes Receivable Shop Equipment Accumulated Depreciation - Shop Equipment Furniture and Fixture 25,000 62,500 3,125 3,125 17,500 75,000 17,500 75,000 12,500 12,500 20,000 20,000 14,500 14,500 Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable Rosas, Capital Rosas, Drawings Repair Income Salaries Expense Rent Expense Supplies Expense Taxes and Licenses 27,500 30,000 111,875 27,500 30,000 111,875 2,500 2,500 75,000 75,000 27,500 20,000 7,500 5,250 27,500 20,000 7,500 5,250

From the partial worksheets of Mr. Quickie Repair Shop for the quarter ended June 30, 2020, prepare the closing entries and the post-closing trial balance. Mr. QUICKIE REPAIR SHOP Worksheet For the quarter ended June 30, 2020 Balance Sheet Adjusted Trial Balance Debit Income Statement Credit Credit Debit Debit Credit 25,000 62,500 Cash on Hand Accounts Receivable Estimated Uncollectible Account Notes Receivable Shop Equipment Accumulated Depreciation - Shop Equipment Furniture and Fixture 25,000 62,500 3,125 3,125 17,500 75,000 17,500 75,000 12,500 12,500 20,000 20,000 14,500 14,500 Accumulated Depreciation - Furniture and Fixture Accounts Payable Notes Payable Rosas, Capital Rosas, Drawings Repair Income Salaries Expense Rent Expense Supplies Expense Taxes and Licenses 27,500 30,000 111,875 27,500 30,000 111,875 2,500 2,500 75,000 75,000 27,500 20,000 7,500 5,250 27,500 20,000 7,500 5,250

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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Question

From the partial worksheets of Mr. Quickie Repair Shop for the quarter ended June 30, 2020, prepare
the closing entries and the post-closing trial balance.
Mr. QUICKIE REPAIR SHOP
Worksheet
For the quarter ended June 30, 2020
Balance Sheet
Adjusted
Trial Balance
Debit
Income
Statement
Debit
Credit
Credit
Debit
Credit
Cash on Hand
Accounts Receivable
25,000
62,500
25,000
62,500
Estimated Uncollectible Account
Notes Receivable
3,125
3,125
17,500
75,000
17,500
75,000
Shop Equipment
Accumulated Depreciation - Shop Equipment
Furniture and Fixture
12,500
12,500
20,000
20,000
14,500
14,500
Accumulated Depreciation - Furniture and
Fixture
Accounts Payable
Notes Payable
Rosas, Capital
Rosas, Drawings
Repair Income
Salaries Expense
Rent Expense
Supplies Expense
Taxes and Licenses
Light and Water Expense
Таx Payable
Salaries Payable
Interest Expense
Interest Payable
Light and Water Payable
Supplies on Hand
Bad Debt Expense
Depreciation Expense
Interest Receivable
27,500
30,000
111,875
27,500
30,000
111,875
2,500
2,500
75,000
75,000
27,500
20,000
7,500
5,250
8,750
27,500
20,000
7,500
5,250
8,750
1,500
7,500
1,500
7,500
500
500
500
500
1,250
1,250
2,500
1,250
9,500
300
2,500
1,250
9,500
300
Interest Income
300
300
285,550 285,550 80,250 75,300 205,300 210,250
Net Loss
Total
4,950
4,950
80,250 80,250 210,250 210,250

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