Journalize the closing entries. Extend the worksheet for the closing entries and the post-closing trial balance. Prepare the income statement, statement of changes in equity and balance sheet.
Journalize the closing entries. Extend the worksheet for the closing entries and the post-closing trial balance. Prepare the income statement, statement of changes in equity and balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Journalize the closing entries.
- Extend the worksheet for the closing entries and the post-closing
trial balance . - Prepare the income statement, statement of changes in equity and
balance sheet .

Transcribed Image Text:EXPRESS HANDLING AND DELIVERY
Adjusted Trial Balance
December 31, 2020
Cash
Accounts receivable
Supplies
Prepaid insurance
Land
531,400
650,800
55,000
56,000
1,200,000
2,116,000
Building
Accumulated depreciation - building
Equipment
Accumulated depreciation - equipment
Accounts payable
Wages payable
Interest payable
Unearned service revenue
339,000
700,000
327,400
770,000
25,400
20,000
44,000
2,000,000
1,177,200
Long-term debt
M. Express, Capital
M. Express, Withdrawal
Service revenue
904,000
2,587,800
Wages expense
Utilities expense
Depreciation expense - building
Depreciation expense - equipment
Supplies expense
Insurance expense
480,400
180,200
148,000
77,400
69,600
64,000
58,000
7,290,800
Interest expense
7,290,800
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