P4.4A (LO 1, 2, 4) Financial Statement Rusthe Management Services began business on January 1, 2020, 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 Rusthe Management Services Worksheet For the Year Ended December 31, 2020 Trial Balance Cr. Dr. 13,800 28,300 3,600 67,000 127,000 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 Cr. Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance.
P4.4A (LO 1, 2, 4) Financial Statement Rusthe Management Services began business on January 1, 2020, 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 Rusthe Management Services Worksheet For the Year Ended December 31, 2020 Trial Balance Cr. Dr. 13,800 28,300 3,600 67,000 127,000 Adjusted Trial Balance Dr. 13,800 28,300 2,100 67,000 127,000 Cr. Complete worksheet; prepare classified balance sheet, entries, and post-closing trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answers to D and E please

Transcribed Image Text:2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
B
Particulars
Cash
Accounts Receivable
Prepaid Insurance
Land
Buildings
Equipment
Account Payable
Unearned Rent Revenue
Mortage Payable
Owners Capital
Owners Drawings
Service Revenue
Rent Revenue
Salaries and Wages Exp
Advertising Exp
Utilities Exp
Insurance Exp
Depreciation Exp
Acc Dep - Buildings
Acc Dep - Equipment
Interest Exp
Interest Payable
Total
Net Profit
Grand Total
с
Trial Balance
Debit Credit
13800
28300
3600
67000
127000
59000
22000
D
42000
20500
19000
12500
6000
120000
144000
90700
29000
402200 402200
E
G
Complete Worksheet :
Adjustments
Debit Credit
-1500
1500
6600
10000
-5000
5000
3000
3600
Adjusted Trial Balance Income Statement
Debit
Credit
13800
28300
2100
67000
127000
59000
22000
42000
20500
19000
1500
6600
10000
H
10000
16600 16600 418800
12500
1000
120000
144000
90700
34000
3000
3600
Balancesheet
Debit Credit Debit Credit
42000
20500
19000
1500
6600
10000
90700
34000
13800
28300
2100
67000
127000
59000
22000
12500
1000
120000
144000
3000
3600
10000
10000
418800 99600 124700 319200 294100
25100
25100
124700 124700 319200 319200

Transcribed Image Text:P4.4A (LO 1, 2, 4) Financial Statement Rusthe Management Services began business on January 1,
2020, 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
Rusthe Management Services
Worksheet
For the Year Ended December 31, 2020
a. Net income $25,100
b. Total current assets $44,200
e. Post-closing trial balance.
$297,200
Trial Balance
Cr.
4-50 CHAPTER 4 Completing the Accounting Cycle
Dr.
13,800
28,300
3,600
67,000
127,000
Account Titles
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
Totals
Insurance Expense
Depreciation Expense
Accumulated Depreciation-Buildings
Accumulated Depreciation Equipment
Interest Expense
Interest Payable
Totals
Adjusted
Trial Balance
Dr.
13,800
28,300
2,100
67,000
127,000
c. Journalize the adjusting entries.
d. Journalize the closing entries.
e. Prepare a post-closing trial balance.
Dr.
59,000
Trial Balance
Cr.
22,000
Cr.
42,000
20,500
19,000
402,200
Complete worksheet; prepare
classified balance sheet, entries,
and post-closing trial balance.
12,500
6,000
120,000
144,000
90,700
29,000
402,200
Adjusted
Trial Balance
Dr.
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 complete worksheet.
b. Prepare a classified balance sheet. (Note: $45,000 of the mortgage note payable is due for payment
next year.)
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