Journalize the closing entries

Assignment Help Financial Management
Reference no: EM132379890

Jarmuz Management Services Worksheet
For the Year Ended December 31, 2020

Accounts Titles

Trial Balance

Adjusted
Trial Balance

Dr.

Cr.

Dr.

Cr.

Cash

Accounts Receivable Prepaid Insurance Land

Buildings

Equipment

13,800 28,300 3,600 67,000 127,000 59,000

 

13,800
28,300

2,400 67,000 127,000 59,000

 

Accounts Payable

 

12,500

 

12,500

Unearned Rent Revenue

 

6,000

 

1,500

Mortgage Payable

 

120,000

 

120,000

Common Stock

 

90,000

 

90,000

Retained Earnings

 

54,000

 

54,000

Dividends

22,000

 

22,000

 

Service Revenue

 

90,700

 

90,700

Rent Revenue

 

29,000

 

33,500

Salaries and Wages Expense

42,000

 

42,000

 

Advertising Expense

20,500

 

20,500

 

Utilities Expense

19,000

 

19,000

 

Totals

402,200

402,200

 

 

Insurance Expense

 

 

1,200

 

Depreciation Expense

 

 

6,600

 

Accumulated Depreciation-Buildings

 

 

 

3,000

Accumulated Depreciation-Equipment

 

 

 

3,600

Interest Expense

 

 

10,000

 

Interest Payable

 

 

 

10,000

Totals

 

 

418,800

418,800

Instructions :

a. Net income $24,900

b. Total current assets $44,500

c. Post-closing trial balance $297,500

Required :

a. Prepare a complete worksheet.

b. Prepare a classified balance sheet. (Note: $30,000 of the mortgage note payable is due for payment next year.)

c. Journalize the adjusting entries.

d. Journalize the closing entries.

Reference no: EM132379890

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