Question

ITK, Inc. has the following adjusted trial balance as of Deoember 31, 2018, the company's year end EEB (Click the icon to view the adjusted trial balance.) Adjusted trial balance a. Prepare the necessary dlosing entries for ITK, Inc. at December 31, 2018. Omit explanations b. Prepare the post-closing trial balance for ITK, Inc. at December 31, 2018 ITK, Ine. Adjusted Trial Balance At December 31,2018 Requirement a. Prepare the necessary closing entries for ITK, Inc. at December 31, 2018. Omit explanations. ( (1) Start by closing revenues Debit Credit Cash Accounts Receivable Prepaid Rent 400,000 7,000 9,900 37,500 December 3 Accumulated DepreoiationEquipment Accounts Payable Wages Payable Common Stock Sales Revenue Rent Expense Wage Expense Usities Expense 2,500 40,000 28,000 18,000 02,200 19,800 288,000 9,000 2,500 17.000 Insurance Expense s790,700 s 790,700 Total Print Done any list or enter any number in the input fields and then click Check Answer input fields and then click Check Answer

Answer 1

* Requirement 'a'

Account	Debit	Credit
Sales revenue	$              702,200
Income Summary		$             702,200
(Revenue account closed)
Income Summary	$              336,300
Rent Expense		$               19,800
Wage expense		$             288,000
Utilities expense		$                 9,000
Depreciation expese Equipment		$                 2,500
Insurance expense		$               17,000
(Expenses closed)
Income Summary	$              365,900
Retained earnings		$             365,900

* Requirement 'b'

Account	Debit	Credit
Cash	$                   400,000
Accounts receivables	$                        7,000
Prepaid Rent	$                        9,900
Equipment	$                     37,500
Accumulated Depreciation Equipment		$            2,500
Accounts Payable		$         40,000
Wages Payable		$         28,000
Common Stock		$         18,000
Retaimed earnings		$       365,900
Total	$                   454,400	$       454,400