M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Account Name Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
M4 Engineering, Inc. Adjusted Trial Balance For the Year Ended December 31, 2020 Debit Account Name Cash Accounts Receivable Supplies Building Accum. Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Depreciation Expense Rent Expense Utility Expense Totals 15,000 10,000 750 100,000 3,000 2,000 18,000 6,200 154,950 Credit For the year ended December 31, 2020, prepare the Financial Statements, Closing Journal Entries, update the T-Accounts, and prepare the Post-Closing Trial Balance. 15,450 5,000 12,000 25,000 17,500 80,000 154,950
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ch. 4 Classwork - Financial Statements and Closing Entries
Account Name
Cash
M4 Engineering, Inc.
Adjusted Trial Balance
For the Year Ended December 31, 2020
Accounts Receivable
Supplies
Building
Accum. Depreciation
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Fees Earned
Depreciation Expense
Rent Expense
Utility Expense
Totals
Debit
15,000
10,000
750
100,000
3,000
2,000
18,000
6,200
154,950
Credit
For the year ended December 31, 2020, prepare the Financial Statements,
Closing Journal Entries, update the T-Accounts, and prepare the
Post-Closing Trial Balance.
15,450
5,000
12,000
25,000
17,500
80,000
154,950
Transcribed Image Text:ASSETS
Current Assets:
Total Current Assets
Property, Plant & Equipment
Total Property, Plant & Equipment
Total Assets
HELIN
1
2
3
4
9
10
11
12
5
6
7 www!
8
15
16
Journalize the Closing entries.
Proper journal formatting is required:
List all Debits of each transaction first with the Account Name left-aligned.
List Credits of each transaction next with the Account Name indented.
Skip lines between transactions.
Don't include descriptions.
Don't use $.
13
14 HOME
17
18
19
20
Date
21
22
23
24
25
HIL
26
27
28
29
30
M4 Engineering, Inc.
Balance Sheet
-
LIABILITIES
Current Labilities:
Total Current Liabilities
Stockholders' Equity
Total Stockholders' Equity
Total Liabilities & Stockholders' Equity
GENERAL JOURNAL
Description
Post ref
MacBook Pro
Debit
Page
H
Credit
m
TADBIRA
19
BROBI
HOROR
THU
TREK
2
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
HELLO 28
HEARSANESSAN 29
PSHIRE 30
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Balance sheet is the statement which is prepared to depict the financial health of an entity. It is prepared on the basis of the accounting equation.
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