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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.

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.

FINANCIAL ACCOUNTING
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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  1. Journalize the closing entries.
  2. Extend the worksheet for the closing entries and the post-closing trial balance.
  3. 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
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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