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Adjusted trial balance cash

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Reference no: EM133005321

Adjusted Trial Balance Cash: 95.600 (Debit)Notes Receivable (current): 50.000 (Debit)

Prepaid Insurance: 16000 (Debit)

Prepaid Rent: 4000 (Debot)

Equipment: 170,000 (Debit)

Accumulated Depreciation- Equipment: 57,000 (Credit)

Accoutns payable: 52,000 ( Credit)

Long-term notes Payable: 63,000 (Credit)

C. Trout, Capital: 178,500 (Credit)

C.Trout, Withdrawals: 30,000 (Debit)

Repair services Revenue: 180,800 (Credit)

Interest Revenue: 7500 (Credit)

Depreciation expense-Equiment: 28,500 (Debit)

Wages, Expense: 85,000 (Debit)

Rent expense: 48,000 (Debit)

Insurance expense: 6,000 (Debit)

Interest expense: 5,700 (Dbeit)

Total: (Debit) 538,800

Total (Credit) 538,800

Explain each step in the accounting cycle (Hint: There are 10 steps)

2.   Explain why permanent (balance sheet) accounts are not closed

3.   Using the adjusted trial balance for Company Zee, complete the following:

  • Describe the temporary (income statement) accounts for Company Zeeb.   
  • Explain the closing entries that Company Zee will need the end of the accounting period (Hint: There are 4 steps/closing entries required).
  • Explain the purpose of the Income Summary account

Reference no: EM133005321

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