Question

S Weygandt, Accounting Principles, 13e Assignment Gradebook ORION Downloadable eTextbook actice nment CALCULATOR FULL SANDHILL COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Account Titles Cash 10,400 Accounts Receivable 8.200 Prepaid Rent 2,400 Equipment 23,000 Accumulated Depreciation Equip. 4,900 Notes Payable 5,800 Accounts Payable 5,200 Owner's Capital 28,440 Owner's Drawings 3.300 Service Revenue 15,600 Salaries and Wages Expense Rent Expense Depreciation Expense Interest Expense Interest Payable Totals 60.000 1.000 50 x Your answer is incorrect. Try again. PO ROZOROW Y SI AL Rights Reserve A Div. of Leinwa

Answer 1

Solution:

No.	Date	Account Titles & Explanation	Debit	Credit
1.	April 30	Service revenue	15,600
		Income summary		15,600
		(To close revenue account)
2.	April 30	Income summary	$12,700
		Salaries & wages expenses		$11,000
		Rent expenses		$ 900
		Depreciation Expense		$ 740
		Interest expense		$ 60
		(To close the expenses accounts)
3.	April 30	Income summary    ($15,600-12,700)	$2,900
		Owner's capital		$2,900
		(To close net income/(loss) )
4.	April 30	Owner's Capital	$3,300
		Owner's Drawings		$3,300
		(To close drawings)

Income Summary 15600 Apr. 30 12,700 2,900 Apr. 30 Apr.30 Beg. Bal Apr. 30 End. Bal Owner's Capital 28,440 3,300 2,900 Apr.30 $ 28,040

Post-closing Trial Balance:

SANDHILL COMPANY Credit Post-Closing Trial Balance Debit Cash 10,400 Accounts Receivable 8,200 Prepaid rent 2,400 Equipment 23,000 Accumulated Depreciaion -Equip. Notes payable Accounts payable Owner's capital Interest payable Total $ 44,000 4900 5,800 5,200 28,0401 60 44,000 $

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