Presented below is the adjusted trial balance of Elvie CPA for the year ended December 31,2020Elvie, CPAAdjusted Trial BalanceDec-19DebitCreditCash in BankP.78,000everse some ofAccounts Receivable35,000countingconsistency.Estimated Uncollectible Account.Office SuppliesOffice EquipmentAccumulated DepreciationAccounts PayableElvie, CapitalElvie, DrawingsProfessional Income48012,50045,000y switches4,50013,00047,500n adjusting15,000180,000Uncollectible Account480Depreciation ExpenseUtilities ExpenseSupplies UsedSalaries ExpenseRent Expense4,50025,0005,000month15,00010,000TOTALP.245,480245,480Requirements:1. Prepare Closing entries2. Post-Closing Trial Balance3. Statement of Financial Position4. Income Statement5. Statement of Changes in Owner's Equity The Statement of Comprehensive Income Section of R. Expanol Travel & Tours worksheet for the monthended January 31, 2020 is presented below:R. Espanol Travel & ToursWorksheetIncome StatementDec-19DebitCreditService Income120,000Uncollectible Account Expense2,500Taxes and Licenses8,000Office Rent10,000Salaries Expense25,000Insurance Expense3,000Depreciation Expense5,000TOTAL53,500120,000Profit66,500TOTAL120,000120,000

Name: Presented below is the adjusted trial balance of Elvie CPA for the ye
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Description: Presented below is the adjusted trial balance of Elvie CPA for the year ended December 31,2020Elvie, CPAAdjusted Trial BalanceDec-19DebitCreditCash in BankP.78,000everse some ofAccounts Receivable35,000countingconsistency.Estimated Uncollectible Acc

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Presented below is the adjusted trial balance of Elvie CPA for the year ended December 31,2020 Elvie, CPA Adjusted Trial Balance Dec-19 Debit Credit Cash in Bank 78,000 Accounts Receivable Estimated Uncollectible Account Office Supplies Office Equipment Accumulated Depreciation Accounts Pay able Elvie, Capital Elvie, Drawings Professional Income Uncollectible Account 35,000 480 12,500 45,000 4,500 13,000 47,500 15,000 180,000 480 Depreciation Expense Utilities Expense Supplies Used Salaries Expense Rent Expense 4,500 25,000 5,000 15,000 10,000 TOTAL 245,480 245,480 Requirements: 1. Prepare Closing entries 2. Post-Closing Trial Balance Statement of Financial Position 3. 4. Income Statement 5. Statement of Changes in Owner's Equity

Presented below is the adjusted trial balance of Elvie CPA for the year ended December 31,2020 Elvie, CPA Adjusted Trial Balance Dec-19 Debit Credit Cash in Bank 78,000 Accounts Receivable Estimated Uncollectible Account Office Supplies Office Equipment Accumulated Depreciation Accounts Pay able Elvie, Capital Elvie, Drawings Professional Income Uncollectible Account 35,000 480 12,500 45,000 4,500 13,000 47,500 15,000 180,000 480 Depreciation Expense Utilities Expense Supplies Used Salaries Expense Rent Expense 4,500 25,000 5,000 15,000 10,000 TOTAL 245,480 245,480 Requirements: 1. Prepare Closing entries 2. Post-Closing Trial Balance Statement of Financial Position 3. 4. Income Statement 5. Statement of Changes in Owner's Equity

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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