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Preparing financial statements and closing entries C2 P5 P6 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year. Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 5,000 126 Supplies. 31,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciation-Equipment... $20,000 173 Building..... 150,000 174 Accumulated depreciation-Building. 50,000 183 Land 55,000 201 Accounts payable.. 16,500 203 Interest payable.. 2,500 208 Rent payable... 3,500 210 Wages payable..... 2,500 213 Property taxes payable 900 Wednesday, July 10, 2024 213 Property taxes payable 900 236 Unearned revenue.... 14,500 251 Long-term notes payable..... 60,000 307 Common stock....... 15,000 318 Retained earnings.... 111,400 319 Dividends...... 13,000 403 Services revenue.. 97,000 406 Rent revenue 14,000 409 Interest revenue....... 4,100 606 Depreciation expense-Building........ 11,000 612 Depreciation expense-Equipment....... 6,000 623 Wages expense 52,900 633 Interest expense....... 5,100 637 Insurance expense..... 10,000 640 Rent expense 13,400 652 Supplies expense...... 7,400 683 Property taxes expense.. 5,000 Totals....... $411,900 $411,900

Preparing financial statements and closing entries C2 P5 P6 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year. Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 5,000 126 Supplies. 31,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciation-Equipment... $20,000 173 Building..... 150,000 174 Accumulated depreciation-Building. 50,000 183 Land 55,000 201 Accounts payable.. 16,500 203 Interest payable.. 2,500 208 Rent payable... 3,500 210 Wages payable..... 2,500 213 Property taxes payable 900 Wednesday, July 10, 2024 213 Property taxes payable 900 236 Unearned revenue.... 14,500 251 Long-term notes payable..... 60,000 307 Common stock....... 15,000 318 Retained earnings.... 111,400 319 Dividends...... 13,000 403 Services revenue.. 97,000 406 Rent revenue 14,000 409 Interest revenue....... 4,100 606 Depreciation expense-Building........ 11,000 612 Depreciation expense-Equipment....... 6,000 623 Wages expense 52,900 633 Interest expense....... 5,100 637 Insurance expense..... 10,000 640 Rent expense 13,400 652 Supplies expense...... 7,400 683 Property taxes expense.. 5,000 Totals....... $411,900 $411,900

FINANCIAL ACCOUNTING
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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1. Prepare the income statement and the statement of retained earnings for the current year ended December 31, and the classified balance sheet at December 31. 2. Prepare the necessary closing entries at December 31 of the current year.
Preparing financial statements and closing entries C2 P5 P6 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year. Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 5,000 126 Supplies. 31,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciation-Equipment... $20,000 173 Building..... 150,000 174 Accumulated depreciation-Building. 50,000 183 Land 55,000 201 Accounts payable.. 16,500 203 Interest payable.. 2,500 208 Rent payable... 3,500 210 Wages payable..... 2,500 213 Property taxes payable 900 Wednesday, July 10, 2024
Transcribed Image Text:Preparing financial statements and closing entries C2 P5 P6 The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year. Adjusted Trial Balance December 31 No. Account Title Debit Credit 101 Cash $ 5,000 126 Supplies. 31,100 128 Prepaid insurance 7,000 167 Equipment 40,000 168 Accumulated depreciation-Equipment... $20,000 173 Building..... 150,000 174 Accumulated depreciation-Building. 50,000 183 Land 55,000 201 Accounts payable.. 16,500 203 Interest payable.. 2,500 208 Rent payable... 3,500 210 Wages payable..... 2,500 213 Property taxes payable 900 Wednesday, July 10, 2024
213 Property taxes payable 900 236 Unearned revenue.... 14,500 251 Long-term notes payable..... 60,000 307 Common stock....... 15,000 318 Retained earnings.... 111,400 319 Dividends...... 13,000 403 Services revenue.. 97,000 406 Rent revenue 14,000 409 Interest revenue....... 4,100 606 Depreciation expense-Building........ 11,000 612 Depreciation expense-Equipment....... 6,000 623 Wages expense 52,900 633 Interest expense....... 5,100 637 Insurance expense..... 10,000 640 Rent expense 13,400 652 Supplies expense...... 7,400 683 Property taxes expense.. 5,000 Totals....... $411,900 $411,900
Transcribed Image Text:213 Property taxes payable 900 236 Unearned revenue.... 14,500 251 Long-term notes payable..... 60,000 307 Common stock....... 15,000 318 Retained earnings.... 111,400 319 Dividends...... 13,000 403 Services revenue.. 97,000 406 Rent revenue 14,000 409 Interest revenue....... 4,100 606 Depreciation expense-Building........ 11,000 612 Depreciation expense-Equipment....... 6,000 623 Wages expense 52,900 633 Interest expense....... 5,100 637 Insurance expense..... 10,000 640 Rent expense 13,400 652 Supplies expense...... 7,400 683 Property taxes expense.. 5,000 Totals....... $411,900 $411,900
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