Question

Print 6. Houston Veterinary Hospital completed the following worksheet as of December 31, 2018 (Click the icon to view the partial worksheet) Read the requirements Requirement 1. Complete the worksheet for Houston Veterinary Hospital. Complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total debits and credits in each step. Houston Veterinary Hospital Worksheet December 31, 2018 Income Adjusted Trial Balance Balance Sheet Statement Account Names Debit Credit Debit Credit Debit Credit 31,200 10,100 1,225 5,400 27.000 Cash Accounts Receivable Office Supplies Prepaid Rent Equipment Accumulated Depreciation Equipment Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends 1,900 3,400 310 1,075 11.700 41,000 55,690 28,000 37,700 Service Revenue Rent Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense-Equipment 23.600 13,075 275 11,000 1.900

Answer 1

1.

	Adjusted Trial Balance		Income Statement		Balance Sheet and Statement of Owner's Equity
Account Titles	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$              31,200				$          31,200
Accounts Receivable	$              10,100				$          10,100
Office Supplies	$                1,225				$             1,225
Prepaid Rent	$                5,400				$             5,400
Equipment	$              27,000				$          27,000
Accumulated Depreciation - Equipment		$                     1,900				$            1,900
Accounts Payable		$                     3,400				$            3,400
Utilities Payable		$                        310				$                310
Salaries Payable		$                     1,075				$            1,075
Unearned Revenue		$                  11,700				$          11,700
Common Stock		$                  41,000				$          41,000
Retained Earnings		$                  55,690				$          55,690
Dividends	$              28,000				$          28,000
Service Revenue		$                  37,700		$         37,700
Rent Expense	$              23,600		$            23,600
Salaries Expense	$              13,075		$            13,075
Supplies expense	$                    275		$                  275
Utilities Expense	$              11,000		$            11,000
Depreciation Expense - Equipment	$                1,900		$               1,900
Totals	$            152,775	$                152,775	$            49,850	$         37,700	$        102,925	$        115,075
Net Income			$           -12,150			$        -12,150
Totals			$            37,700	$         37,700	$        102,925	$        102,925

Closing Entries

Account Titles	Debit	Credit
Service Revenue	$              37,700
Income Summary		$                  37,700
(To close revenue accounts)
Income Summary	$              49,850
Rent Expense		$                  23,600
Salaries Expense		$                  13,075
Supplies expense		$                        275
Utilities Expense		$                  11,000
Depreciation Expense - Equipment		$                     1,900
(To close expense accounts)
Retained Earnings	$              12,150
Income Summary		$                  12,150
(To transfer loss)
Retained Earnings	$              28,000
Dividends		$                  28,000
(To close dividend account)

Closing Trial

	Post Closing Trial Balance
Account Titles	Debit	Credit
Cash	$              31,200
Accounts Receivable	$              10,100
Office Supplies	$                1,225
Prepaid Rent	$                5,400
Equipment	$              27,000
Accumulated Depreciation - Equipment		$                     1,900
Accounts Payable		$                     3,400
Utilities Payable		$                        310
Salaries Payable		$                     1,075
Unearned Revenue		$                  11,700
Common Stock		$                  41,000
Retained Earnings		$                  15,540
Dividends
Service Revenue
Rent Expense
Salaries Expense
Supplies expense
Utilities Expense
Depreciation Expense - Equipment
Totals	$              74,925	$                  74,925