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. EXPRESS HANDLING AND DELIVERYAdjusted Trial BalanceDecember 31, 2020CashAccounts receivableSuppliesPrepaid insuranceLand531,400650,80055,00056,0001,200,0002,116,000BuildingAccumulated depreciation - buildingEquipmentAccumulated depreciation - equipmentAccounts payableWages payableInterest payableUnearned service revenue339,000700,000327,400770,00025,40020,00044,0002,000,0001,177,200Long-term debtM. Express, CapitalM. Express, WithdrawalService revenue904,0002,587,800Wages expenseUtilities expenseDepreciation expense - buildingDepreciation expense - equipmentSupplies expenseInsurance expense480,400180,200148,00077,40069,60064,00058,0007,290,800Interest expense7,290,800

The closing entries are prepared to close the temporary accounts of the business.

Answered: Journalize the closing entries. Extend…

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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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.

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

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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