Question

CIL. Lue UM 1 Saved The adjusted ledger accounts of RD Consulting on December 31, 2019, appear as follows. Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Roger Dye, Capital Roger Dye, Drawing Fees Income Supplies Expense Insurance Expense Depreciation Expense-Equipment Salaries Expense Utilities Expense Balance 8,000 2,400 2,250 800 22,000 4,850 3,600 17,100 4,500 21,300 850 700 650 3,600 1.100 Prepare the Balance Sheet and Income Statement columns of the worksheet. Prepare the closing entries for RD Consulting on December 31, 2019. All accounts have normal balances and adjusting entries have been made. Complete this question by entering your answers in the tabs below. Inc Stmt and Bal St General Journal Prepare the closing entries for RD Consulting on December 31, 2019. of 10 Next

Answer 1

1. Account Name Income Statement Balance Sheet Debit Credit Credit Debit Cash Accounts receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation- Equipment Accounts payable Roger Dye, capital Roger Dye, Drawing Fees Income Supplies expense Insurance expense Depreciation expense- Equipment Salaries expense Utilities expense Totals Net Income $8,000 $2,400 $2,250 $800 $22,000 $4,850 $3,600 $17,100 $4,500 $21,300 $850 $700 $650 $3,600 $1,100 $6,900 $21,300 $14,400 S14,400 S21.300 S21.300 S39.950 S39.950 Prepare jourmal entries as follows:

General Journal Date Account name Debit Credit Dec. 31 Fees income $21,300 $21,300 Income summary (To record the closure of revenue account) Dec. 31 Income summary $6,900 Supplies expense Insurance expense Depreciation expense- Equipment Salaries expense Utilities expense (To record the closure of expense account) $850 S700 $650 $3,600 $1,100 Dec. 31 Income summary $14,400 Roger Dye, capital ($21,300-$6,900) (To record the transfer of income) $14,400 Dec. 31 Roger Dye, capital Roger Dye, Drawing (To close drawings) $4,500 $4,500