I need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post the results of the closing entries into the T accountDraw off balances for the T accounts.Create the post-closing trial balance Eat GTP Inc.Adjusted Trial BalanceDecember 31, 2024Account TitleCashAccounts ReceivablePrepaid RentSuppliesInventoryNotes ReceivableInterest ReceivableOffice EquipmentAccumulated Depreciation -- Office EquipmentAccounts PayableSalaries PayableNotes PayableInterest PayableDeferred Rent RevenueCommon StockRetained EarningsDividendsSales Revenue✔Rent RevenueInterest RevenueCost of Goods SoldSalaries and Wages ExpenseRent ExpenseDepreciation ExpenseSupplies ExpenseInterest ExpenseAdvertising ExpenseDr$ 46,50035,0001,20080060,00030,0001,50045,0003,500$126,00051,20011,8006,5001,8007,9003,000Cr21,50032,2006,20050,0002,5001,80046,00020,000244,0006,0001,500Totals $431,700 $ 431,700The note receivable is due to be paid back in the next six months.$12,000 of Eat GTP's Notes Payable are due in the next year; the balanceare long-term.

Name: I need help with this practice problem. Put the balances from the adju
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Description: I need help with this practice problem. Put the balances from the adjusted trial balance into the T accountsCreate properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.Create the closing entries.Post th

Closing Journal Entry A form of accounting entry called a closing journal entry is produced at the…

Answered: I need help with this practice problem.…

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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I need help with this practice problem.

Put the balances from the adjusted trial balance into the T accounts
Create properly formatted income statement and balance sheet for the year and the balance sheet as of 12/31.
Create the closing entries.
Post the results of the closing entries into the T account
Draw off balances for the T accounts.
Create the post-closing trial balance

Eat GTP Inc.
Adjusted Trial Balance
December 31, 2024
Account Title
Cash
Accounts Receivable
Prepaid Rent
Supplies
Inventory
Notes Receivable
Interest Receivable
Office Equipment
Accumulated Depreciation -- Office Equipment
Accounts Payable
Salaries Payable
Notes Payable
Interest Payable
Deferred Rent Revenue
Common Stock
Retained Earnings
Dividends
Sales Revenue
✔Rent Revenue
Interest Revenue
Cost of Goods Sold
Salaries and Wages Expense
Rent Expense
Depreciation Expense
Supplies Expense
Interest Expense
Advertising Expense
Dr
$ 46,500
35,000
1,200
800
60,000
30,000
1,500
45,000
3,500
$
126,000
51,200
11,800
6,500
1,800
7,900
3,000
Cr
21,500
32,200
6,200
50,000
2,500
1,800
46,000
20,000
244,000
6,000
1,500
Totals $431,700 $ 431,700
The note receivable is due to be paid back in the next six months.
$12,000 of Eat GTP's Notes Payable are due in the next year; the balance
are long-term.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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