Jassim Service Company's adjusted trial balahce at the end of 31 December, its accounting perlod is shown below. Jassim Service Company Adjusted Trial Balance December 31 Debit 17,500 16,000 9,000 28,000 Credit Cash Accounts receivable Office supplies Office equipment Accumulated depreciation- Office equipment Long-term notes payable Jassim, Capital Jassim, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals 3,500 23,500 26,100 1,500 71,960 31,400 17,210 1,750 2,700 $125,060 $125,060 Required: Given the above information, prepare the following: a. The necessary closing entries, Journal entry example: Dr. Office Maintenance expense BD 500 Cr. Cash BD 500 h What is the balance of Jassim. Capital' in the post-closing trial balance? [you MUST show your calcula
Jassim Service Company's adjusted trial balahce at the end of 31 December, its accounting perlod is shown below. Jassim Service Company Adjusted Trial Balance December 31 Debit 17,500 16,000 9,000 28,000 Credit Cash Accounts receivable Office supplies Office equipment Accumulated depreciation- Office equipment Long-term notes payable Jassim, Capital Jassim, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals 3,500 23,500 26,100 1,500 71,960 31,400 17,210 1,750 2,700 $125,060 $125,060 Required: Given the above information, prepare the following: a. The necessary closing entries, Journal entry example: Dr. Office Maintenance expense BD 500 Cr. Cash BD 500 h What is the balance of Jassim. Capital' in the post-closing trial balance? [you MUST show your calcula
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Jassim Service Company's adjusted trial balahce at the end of 31 December, its accounting period is shown below.
Jassim Service Company
Adjusted Trial Balance
December 31
Debit
17,500
16,000
9,000
28,000
Credit
Cash
Accounts receivable
Office supplies
Office equipment
Accumulated depreciation-
Office equipment
Long-term notes payable
Jassim, Capital
Jassim, Withdrawals
Fees earned
Salaries expense
Rent expense
Depreciation expense-Office
equipment
Office supplies expense
Totals
3,500
23,500
26,100
1,500
71,960
31,400
17,210
1,750
2,700
$125,060
$125,060
Required: Given the above information, prepare the following:
a. The necessary.closing entries.
Journal entry example:
Dr. Office Maintenance expense BD 500
Cr. Cash BD 500
b. What is the balance of Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F825ef5ad-ad54-4f3d-b126-85fb8c11ed6e%2Feac1b9de-dc91-4c9f-ad9d-b3787f7c2138%2Fws647vd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Jassim Service Company's adjusted trial balahce at the end of 31 December, its accounting period is shown below.
Jassim Service Company
Adjusted Trial Balance
December 31
Debit
17,500
16,000
9,000
28,000
Credit
Cash
Accounts receivable
Office supplies
Office equipment
Accumulated depreciation-
Office equipment
Long-term notes payable
Jassim, Capital
Jassim, Withdrawals
Fees earned
Salaries expense
Rent expense
Depreciation expense-Office
equipment
Office supplies expense
Totals
3,500
23,500
26,100
1,500
71,960
31,400
17,210
1,750
2,700
$125,060
$125,060
Required: Given the above information, prepare the following:
a. The necessary.closing entries.
Journal entry example:
Dr. Office Maintenance expense BD 500
Cr. Cash BD 500
b. What is the balance of Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]
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