The following adjusted trial balance is available for PC Company at its year end, December 31, 2016. PC COMPANY Adjusted Trial Balance December 31, 2016 Debit Credit Cash 15,000 Accounts Receivable 10,000 Prepaid Rent 5,000 Equipment 50,000 Accumulated Depreciation – Equipment 12,500 Accounts Payable 7,500 Notes Payable 2,500 Unearned Revenue 1,000 I. Bluestone, Capital 57,000 I. Bluestone, Drawings 5,000 Service Revenue 17,500 Salaries Expense 10,000 Interest Expense 500 Depreciation Expense 2,500 98,000 98,000 Additional Information: Prepaid Rent was purchased January 1, 2019 at $7,500 cash for 3 years. The equipment has a useful life of twenty years Interest on the note payable is 4% and has already been paid. Instructions Journalize the closing entries required with the given adjusted information.
The following adjusted trial balance is available for PC Company at its year end, December 31, 2016. PC COMPANY Adjusted Trial Balance December 31, 2016 Debit Credit Cash 15,000 Accounts Receivable 10,000 Prepaid Rent 5,000 Equipment 50,000 Accumulated Depreciation – Equipment 12,500 Accounts Payable 7,500 Notes Payable 2,500 Unearned Revenue 1,000 I. Bluestone, Capital 57,000 I. Bluestone, Drawings 5,000 Service Revenue 17,500 Salaries Expense 10,000 Interest Expense 500 Depreciation Expense 2,500 98,000 98,000 Additional Information: Prepaid Rent was purchased January 1, 2019 at $7,500 cash for 3 years. The equipment has a useful life of twenty years Interest on the note payable is 4% and has already been paid. Instructions Journalize the closing entries required with the given adjusted information.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following adjusted
|
PC COMPANY Adjusted Trial Balance December 31, 2016 |
|||
|
|
Debit |
|
Credit |
|
Cash |
15,000 |
|
|
|
|
10,000 |
|
|
|
Prepaid Rent |
5,000 |
|
|
|
Equipment |
50,000 |
|
|
|
|
|
|
12,500 |
|
Accounts Payable |
|
|
7,500 |
|
Notes Payable |
|
|
2,500 |
|
Unearned Revenue |
|
|
1,000 |
|
I. Bluestone, Capital |
|
|
57,000 |
|
I. Bluestone, Drawings |
5,000 |
|
|
|
Service Revenue |
|
|
17,500 |
|
Salaries Expense |
10,000 |
|
|
|
Interest Expense |
500 |
|
|
|
Depreciation Expense |
2,500 |
|
|
|
|
98,000 |
|
98,000 |
Additional Information:
- Prepaid Rent was purchased January 1, 2019 at $7,500 cash for 3 years.
- The equipment has a useful life of twenty years
- Interest on the note payable is 4% and has already been paid.
Instructions
Journalize the closing entries required with the given adjusted information.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education