**Austin Enterprises End-of-Period Spreadsheet****For the Year Ended December 31**This spreadsheet helps to prepare closing entries by showing the unadjusted trial balance, adjustments, and the adjusted trial balance for Austin Enterprises.| **Account Title** | **Unadjusted Trial Balance** | | **Adjustments** | | **Adjusted Trial Balance** ||----------------------------|----------------------------|---------|-----------------|---------|----------------------------|| | **Dr.** | **Cr.** | **Dr.** | **Cr.** | **Dr.** | **Cr.** || Cash | 26,500 | | | | 26,500 | || Accounts Receivable | 5,000 | | 2,000 | | 7,000 | || Supplies | 8,000 | | 7,000 | | 1,000 | || Equipment | 18,500 | | | | 18,500 | || Accumulated Depreciation | | 1,500 | | 3,500 | | 5,000 || Accounts Payable | | 11,000 | | | | 11,000 || Wages Payable | | | | 1,000 | | 1,000 || Don Austin, Capital | | 8,000 | | | | 8,000 || Don Austin, Drawing | 2,000 | | | | 2,000 | || Fees Earned | | 57,500 | | 2,000 | | 59,500 || Wages Expense | 18,000 | | 1,000 | | 19,000 | || Supplies Expense | | | 7,000 | | 7,000 | || Depreciation Expense | | | 3,500 | | 3,500 | || **Totals** | 78,000 | 78

Closing Entries - Closing entries are required to close the temporary accounts after making…

Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Don Austin, Capital Don Austin, Drawing Fees Earned Wages Expense Supplies Expense Depreciation Expense Unadjusted Trial Balance Dr. 26,500 5,000 8,000 18,500 2.000 18,000 Cr. 1,500 11,000 8,000 57.500 Adjustments Dr. 2,000 1.000 7,000 3.500 78.000 78.000 13.500 2 Cr. 7,000 3,500 1,000 2,000 Adjusted Trial Balance Dr. 26,500 7,000 1,000 18,500 2,000 19,000 7,000 3.500 13.500 $4,500 Cr. 5,000 11,000 1,000 8,000 59,500 84.500 SEHERPESON

Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Wages Payable Don Austin, Capital Don Austin, Drawing Fees Earned Wages Expense Supplies Expense Depreciation Expense Unadjusted Trial Balance Dr. 26,500 5,000 8,000 18,500 2.000 18,000 Cr. 1,500 11,000 8,000 57.500 Adjustments Dr. 2,000 1.000 7,000 3.500 78.000 78.000 13.500 2 Cr. 7,000 3,500 1,000 2,000 Adjusted Trial Balance Dr. 26,500 7,000 1,000 18,500 2,000 19,000 7,000 3.500 13.500 $4,500 Cr. 5,000 11,000 1,000 8,000 59,500 84.500 SEHERPESON

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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