St Leo ACC 201 CH 4 HW # 1.docx - Complete the worksheet by preparing the Income Statement and Balance Sheet columns Be sure to calculate the total

St Leo ACC 201 CH 4 HW # 1.docx - Complete the worksheet by...

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Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Catherine Edgar, CPA Worksheet December 31, 2018 Adjusted Income Trial Balance Statement Account Names Debit Credit Debit Credit Cash $46,500 Accounts Receivable 12,400 Office Supplies 400 Prepaid Rent 2,600 Land 30,000 Building 130,000 Accumulated Depreciation—Building $850 Furniture 27,000 Accumulated Depreciation— Furniture 1,900 Accounts Payable 4,500 Utilities Payable 725 Salaries Payable 3,800 Interest Payable 300 Unearned Revenue 6,900 Notes Payable 16,000 Common Stock 113,000 Retained Earnings 121,475 Dividends 31,000 Service Revenue 93,500 $93,500 Rent Expense 35,400 $35,400 Salaries Expense 27,800 27,800 Supplies Expense 800 800 Utilities Expense 16,000 16,000
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Depreciation Expense—Building 850 850 Depreciation Expense—Furniture 1,900 1,900 Interest Expense 300 300 Total $ 362,950 $ 362,950 $ 83,050 $ 93,500 Net income or loss 10,450 $ 93,500 $ 93,500 Balance Sheet Debit Credit $46,500 12,400 400 2,600 30,000 130,000 $850 27,000 1,900 4,500 725 3,800 300 6,900 16,000 113,000 121,475 31,000
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$ 279,900 $ 269,450 10,450 $ 279,900 $ 279,900 Requirement 2. Prepare the closing entries for
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