Question

Print 5. Cynthia Elmer. CPA, had the following partial worksheet: (Click the icon to view the partial worksheet.) Read the requirements? Requirement 1. Complete the worksheet. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Cynthia Elmer, CPA Worksheet December 31, 2018 Income Adjusted Trial Balance Balance Sheet Statement Account Names Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Rent 46,900 13,300 300 4,700 35,000 125,000 Land $ 1,150 28,000 Building Accumulated Depreciation-Building Furniture Accumulated Depreciation Furniture Accounts Payable Utilities Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Service Revenue 2,000 3,500 710 4,200 500 3,700 15,000 118,000 118,090 29,000 100,000

Answer 1

Worksheet
31-Dec-18
Acc Names	Adj. Trial Balance		Income Statement		Balance Sheet
	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash	46900				46900
AR	13300				13300
Off Supplies	300				300
Prepaid rent	4700				4700
Land	35000				35000
Building	125000				125000
Acc Dep-Budg		1150				1150
Furniture	28000				28000
Acc Dep-Furni		2000				2000
AP		3500				3500
Utilities payable		710				710
Salar payable		4200				4200
Int. payable		500				500
Unearned Rev.		3700				3700
Notes payable		15000				15000
Common Stock		118000				118000
Ret. Earnings		118090			29000	118090
Dividends	29000				29000	29000
Service Rev.		100000		100000
Rent exp.	23300		23300
Salari exp.	32200		32200
Supplies exp.	500		500
Utilities exp.	25000		25000
Dep Ex.-buidg	1150		1150
Dep Exp.-Furrni	2000		2000
Inter. Exp.	500		500
Total	366850	366850	84650	100000
Net Income				15350		15350
Total					311200	311200
Req 2) Closing Entries:
Revenues:
Date	Accounts & Explanation	Debit $	Credit$
31-Dec	Service Revenue	100000
	Income Summary		100000
	(transfer of revenue to Income summary)
Expenses:
Date	Accounts & Explanation	Debit $	Credit$
31-Dec	Income Summary	84650
	Rent exp.		23300
	Salari exp.		32200
	Supplies exp.		500
	Utilities exp.		25000
	Dep Exp.-building		1150
	Dep Exp.-Furniture		2000
	Interest Exp.		500
	(transfer of expenses to Income summary)
Close Income Summary:
Date	Accounts & Explanation	Debit $	Credit$
31-Dec	Income Summary	15350
	Retained Earnings		15350
	(transfer of net income to retained earnings)
Close dividends:
Date	Accounts & Explanation	Debit $	Credit$
31-Dec	Retained Earnings	29000
	Dividends		29000
	(transfer of dividends paid to retained earnings)