Question Completion Status: Jassim Service Company's adjusted trial balance at the end of 31 December, its accounting period is shown below: Jassim Service Company Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Office supplies Office equipment Accumulated depreciation- Office equipment Long-term notes payable Jassim, Capital Jassim, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals 17,500 16,000 9,000 28,000 3,500 23,500 57,120 1,500 40,940 31,400 17,210 1,750 2,700 $125,060 $125,060 Required: Given the above information, prepare the following: (a) The necessary closing entries. Journal entry example: Dr. Office Maintenance expense BD 500 Cr. Cash BD 500 (b) What is the balance of 'Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]
Question Completion Status: Jassim Service Company's adjusted trial balance at the end of 31 December, its accounting period is shown below: Jassim Service Company Adjusted Trial Balance December 31 Debit Credit Cash Accounts receivable Office supplies Office equipment Accumulated depreciation- Office equipment Long-term notes payable Jassim, Capital Jassim, Withdrawals Fees earned Salaries expense Rent expense Depreciation expense-Office equipment Office supplies expense Totals 17,500 16,000 9,000 28,000 3,500 23,500 57,120 1,500 40,940 31,400 17,210 1,750 2,700 $125,060 $125,060 Required: Given the above information, prepare the following: (a) The necessary closing entries. Journal entry example: Dr. Office Maintenance expense BD 500 Cr. Cash BD 500 (b) What is the balance of 'Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Acc112 q16
![Remaining Time: 43 minutes, 21 seconds.
- Question Completion Status:
Jassim Service Company's adjusted trial balance at the end of 31 December, its accounting period is shown below:
Jassim Service Company
Adjusted Trial Balance
December 31
Debit
17,500
16,000
9,000
28,000
Credit
Cash
Accounts receivable
Office supplies
Office equipment
Accumulated depreciation-
Office equipment
Long-term notes payable
Jassim, Capital
Jassim, Withdrawals
Fees earned
Salaries expense
Rent expense
Depreciation expense-Office
equipment
Office supplies expense
Totals
3,500
23,500
57,120
1,500
40,940
31,400
17,210
1,750
2,700
$125,060
$125,060
Required: Given the above information, prepare the following:
(a) The necessary closing entries.
Journal entry example:
Dr. Office Maintenance expense BD 500
Cr. Cash BD 500
(b) What is the balance of 'Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]
CALT+EN610 (Mac)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42f29021-77e8-41a2-a1dc-278a0b5b9554%2Fa6114489-b141-42c5-a537-86f20e6f31a8%2Ftxiph_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Remaining Time: 43 minutes, 21 seconds.
- Question Completion Status:
Jassim Service Company's adjusted trial balance at the end of 31 December, its accounting period is shown below:
Jassim Service Company
Adjusted Trial Balance
December 31
Debit
17,500
16,000
9,000
28,000
Credit
Cash
Accounts receivable
Office supplies
Office equipment
Accumulated depreciation-
Office equipment
Long-term notes payable
Jassim, Capital
Jassim, Withdrawals
Fees earned
Salaries expense
Rent expense
Depreciation expense-Office
equipment
Office supplies expense
Totals
3,500
23,500
57,120
1,500
40,940
31,400
17,210
1,750
2,700
$125,060
$125,060
Required: Given the above information, prepare the following:
(a) The necessary closing entries.
Journal entry example:
Dr. Office Maintenance expense BD 500
Cr. Cash BD 500
(b) What is the balance of 'Jassim, Capital' in the post-closing trial balance? [you MUST show your calculation]
CALT+EN610 (Mac)
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