Reference no: EM133033542
Question - M & M Investment Company reported the following items at December 31, 2020: Cash $32,000; Accounts receivable $46,000; Account payable $15,000; Accumulated depreciation $11,000; Depreciation expense $11,000; Equipment $25,000; Supplies $3,000; Supplies expenses $2,000; Unearned service revenue $9,000; Note payable $39,000, Owners Capital $38,000; Owners withdrawal $50,000; Service revenue $97,000; Salary expense $32,000; Salary payable $5,000; Interest expense $3,000; Rent expense $9,000; Insurance expense $2,000.
Required -
1. Prepare the Adjusted Trial Balance as on December 31, 2020 in a proper format.
2. Prepare the Income statement for the December 31, 2020.
3. Prepare the Statement of owner equity.
4. Prepare the Statement of financial position for the December 31, 2020.
5. Prepare the Closing entries.
6. Prepare the Post-Closing Trial Balance.
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