Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and jewelry. The following is a list of accounts from HAI's general ledger as at December 31, 2020: Account Cash Accounts receivable Inventory Building Furniture and equipment Accumulated depreciation Accounts payable Unearned revenue Salaries payable Balance $3,000 2,800 15,900 30,000 10,000 8,000 6,450 3,500 1,700 Account Common shares Retained earnings Dividends Revenue Cost of goods sold Depreciation expense Supplies expense Utilities expense Salaries expense Balance $3,000 36,250 2,000 39,400 20,500 1,100 550 2,600 9,850 Karl Holding, HAI's owner, has hired you to prepare the closing entries (in good form). Karl has advised that all accounts have normal balances. Please ensure you provide detailed supporting calculations.

Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and jewelry. The following is a list of accounts from HAI's general ledger as at December 31, 2020: Account Cash Accounts receivable Inventory Building Furniture and equipment Accumulated depreciation Accounts payable Unearned revenue Salaries payable Balance $3,000 2,800 15,900 30,000 10,000 8,000 6,450 3,500 1,700 Account Common shares Retained earnings Dividends Revenue Cost of goods sold Depreciation expense Supplies expense Utilities expense Salaries expense Balance $3,000 36,250 2,000 39,400 20,500 1,100 550 2,600 9,850 Karl Holding, HAI's owner, has hired you to prepare the closing entries (in good form). Karl has advised that all accounts have normal balances. Please ensure you provide detailed supporting calculations.

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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