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Preparing a worksheet, financial statements, and closing entries
The unadjusted trial balance of Fugazy Investment Advisers at December 31, 2014, follows:
Account Title
Balance
Debit Credit
Cash
32,000
Accounts Receivable
46,000
Office Supplies
3,000
Equipment
25,000
Accumulated Depredation-Equipment
$ 11,000
Accounts Payable
15,000
Salaries Payable
Unearned Revenue
2,000
Notes Payable (long-term)
19,000
Fugazy, Capital
38,000
Fugazy, Withdrawals
30,000
Service Revenue
97,000
Insurance Expense
Salaries Expense
Supplies Expense
Interest Expense
Rent Expense
9,000
Depreciation Expense-Equipment
Total
S 182,000
5 182,000
Requirements
1. Prepare a worksheet for Fugazy Investment Advisers at December 31, 2014.
2. Prepare the income statement, the statement of owner's equity, and the classified balance sheet in account format. Assume that there were no contributions made by the owner during the year.
3. Prepare closing journal entries.
Learning Objectives:
Total Assets $91,000
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