Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 26,500 26,500 Accounts Receivable 7,000 7,000 Supplies 1,000 1,000 Equipment 18,500 18,500 Accumulated Depr.-Equip. 5,000 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Common Stock 6,000 6,000 Retained Earnings 2,000 2,000 Dividends 2,000 2,000 Fees Earned 59,500 59,500 Wages Expense 19,000 19,000 Rent Expense 7,000 7,000 Depreciation Expense 3,500 3,500 Totals 84,500 84,500 29,500 59,500 55,000 25,000 Net Income (Loss) 30,000 30,000 59,500 59,500 55,000 55,000 Journal Date Description Post. Ref. Debit Credit

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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Prepare closing entries from the following end-of-period spreadsheet.

Austin Enterprises
End-of-Period Spreadsheet
For the Year Ended December 31
	Adjusted Trial Balance	Income Statement	Balance Sheet
Account Title	Debit	Credit	Debit	Credit	Debit	Credit
Cash	26,500				26,500
Accounts Receivable	7,000				7,000
Supplies	1,000				1,000
Equipment	18,500				18,500
Accumulated Depr.-Equip.		5,000				5,000
Accounts Payable		11,000				11,000
Wages Payable		1,000				1,000
Common Stock		6,000				6,000
Retained Earnings		2,000				2,000
Dividends	2,000				2,000
Fees Earned		59,500		59,500
Wages Expense	19,000		19,000
Rent Expense	7,000		7,000
Depreciation Expense	3,500		3,500
Totals	84,500	84,500	29,500	59,500	55,000	25,000
Net Income (Loss)			30,000			30,000
			59,500	59,500	55,000	55,000

Journal
Date	Description	Post. Ref.	Debit	Credit

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