Homework Help is Here – Start Your Trial Now!
Business
Accounting
P4.4 (LO 1, 2, 4), AP Financial Statement Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Rusthe Management Services Worksheet For the Year Ended December 31, 2022 Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable Totals Trial Balance b. Journalize the adjusting entries. c. Journalize the closing entries. d. Prepare a post-closing trial balance. Dr. 13,800 28,300 3,600 67,000 127,000 59,000 22,000 Cr. 6,000 120,000 90,700 29,000 42,000 20.500 19.000 402,200 402,200 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 59,000 22,000 20,500 19,000 1,500 6,600 10,000 418,800 12.500 1,000 120,000 34,000 3,000 3,600 10,000 418,800 $46,400 Complete worksheet prepare classified balance sheet, entries and post closing trial balance Instructions a. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment a Total current assets $44,200 next year.) d. Post closing trial balance $297,200

P4.4 (LO 1, 2, 4), AP Financial Statement Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Rusthe Management Services Worksheet For the Year Ended December 31, 2022 Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable Totals Trial Balance b. Journalize the adjusting entries. c. Journalize the closing entries. d. Prepare a post-closing trial balance. Dr. 13,800 28,300 3,600 67,000 127,000 59,000 22,000 Cr. 6,000 120,000 90,700 29,000 42,000 20.500 19.000 402,200 402,200 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 59,000 22,000 20,500 19,000 1,500 6,600 10,000 418,800 12.500 1,000 120,000 34,000 3,000 3,600 10,000 418,800 $46,400 Complete worksheet prepare classified balance sheet, entries and post closing trial balance Instructions a. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment a Total current assets $44,200 next year.) d. Post closing trial balance $297,200

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 5CP
See similar textbooks
icon
Related questions
Topic Video
Question
Submit it in excel form
d. Prepare a post-closing trial balance. P4.4 (LO 1, 2, 4), AP Financial Statement Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Rusthe Management Services Worksheet For the Year Ended December 31, 2022 Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable Totals Trial Balance b. Journalize the adjusting entries. c. Journalize the closing entries. d. Prepare a post-closing trial balance. Dr. 13,800 28,300 3.600 67,000 127,000 59,000 22,000 42,000 20,500 19,000 402,200 Cr. 12,500 6,000 120,000 144,000 90,700 29,000 402,200 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 59,000 22,000 42,000 20,500 19,000 1,500 6,600 10,000 418,800 Cr. 12,500 1,000 120,000 144.000 90,700 34,000 3,000 3,600 10,000 418,800 Instructions a. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment next year.) d. Post-Closing triat patanice $46,400 Complete worksheet prepare classified balance sheet, entries, and post-closing trial balance a. Total current assets $44,200 d. Post-closing trial balance $297,200
Transcribed Image Text:d. Prepare a post-closing trial balance. P4.4 (LO 1, 2, 4), AP Financial Statement Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office building (Rent Revenue). The trial balance and adjusted trial balance columns of the worksheet at the end of the first year are as follows. Account Titles Cash Accounts Receivable Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Owner's Drawings Service Revenue Rent Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Rusthe Management Services Worksheet For the Year Ended December 31, 2022 Totals Insurance Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Interest Expense Interest Payable Totals Trial Balance b. Journalize the adjusting entries. c. Journalize the closing entries. d. Prepare a post-closing trial balance. Dr. 13,800 28,300 3.600 67,000 127,000 59,000 22,000 42,000 20,500 19,000 402,200 Cr. 12,500 6,000 120,000 144,000 90,700 29,000 402,200 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 59,000 22,000 42,000 20,500 19,000 1,500 6,600 10,000 418,800 Cr. 12,500 1,000 120,000 144.000 90,700 34,000 3,000 3,600 10,000 418,800 Instructions a. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment next year.) d. Post-Closing triat patanice $46,400 Complete worksheet prepare classified balance sheet, entries, and post-closing trial balance a. Total current assets $44,200 d. Post-closing trial balance $297,200
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 7 steps with 9 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS